SEQUAL has appointed its first head of education following ASIC concerns over reverse mortgage intermediaries.
SEQUAL is looking to improve understanding in reverse mortgage products with the appointment of Kevin Conlon to the new role of head of education.
The move comes in the wake of the Australian Securities and Investment Commission criticism of intermediaries, such as financial planners and mortgage brokers, for misleading advertising within a market that grew by 80 per cent last year.
"Brokers and financial advisers need to understand this new product category, how their clients might benefit from reverse mortgages, and how to best manage them as part of the client's total financial position," SEQUAL executive director Kieren Dell said.
According to a SEQUAL/Deloitte Trowbridge report, currently 47 per cent of reverse mortgages settlements occur through brokers, compared to 38 per cent in 2005 and 17 per cent in 2004.
"Kevin is highly regarded for his ability to combine technical knowledge with strong communication skills and he will make a significant contribution to professional development across the entire market" Dell said.
Conlon was previously head of education for the Mortgage and Finance Association of Australia, where he designed and delivered the SEQUAL-accredited 'Understanding Equity Release Plans' course and was the chair of the Council of Mortgage Lenders Group.
SEQUAL also announced that the Over Fifty Group has become the third SEQUAL accredited educational course available in the marketplace.
"SEQUAL's Reverse Mortgage Consultant (RMC) accreditation allows retirees to identify properly-trained mortgage brokers and financial advisers. It is important for all market practitioners to understand these somewhat unfamiliar products so they can always act in the best interest of their clients," Conlon said.
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