Our Later Life Lending Advice Standard (LLLAS) is designed for advisers committed to giving the best equity release and later life mortgage advice.
What is the Later Life Lending Advice Standard?
By becoming a SOLLA Later Life Lending adviser, you receive an endorsement of your skills and experience in providing later life lending and equity release advice. This externally accredited award, that goes beyond the normal regulatory requirements, demonstrates understanding regarding client care that supports older and potentially vulnerable clients. It’s a reassurance for clients, professional connections, and other trusted consumer organisations that you have reached a higher standard of advice skills and applied knowledge.
The LLLAS award aims to evidence the adviser has:
- Regulatory qualifications and permissions, and is actively providing Equity Release advice
- Ongoing CPD relevant to Later Life Lending advice
- An understanding of the additional needs and considerations required when delivering advice to older and vulnerable clients and the longer-term impact of advice given
- An understanding of the potential physical and cognitive limitations that may affect the way advice is delivered, the importance of good interpersonal communication and engagement skills
- Completed and passed the Later Life Lending Advice online training and assessment
You will receive 1.5 hours CPD for completing the learning resource and assessment.
See below information about the Standard, including minimum requirements, the four standards, benefits, ongoing requirements, the syllabus, application fee, the application process and what to consider before you apply.
Minimum requirements
In order to apply for the Later Life Lending Advice Standard, you must:
- Be qualified and have the requisite FCA permissions to give Equity Release financial advice
- Be actively advising on equity release
- Undertake training covering advising older and vulnerable clients
The Standards
The Later Life Lending Advice Standard consists of four parts:
Standard 1: Technical Knowledge (qualifications)
Evidence of appropriate regulatory qualifications and regulatory permissions, plus evidence of consumer vulnerability training:
- Equity Release qualification certificate
- Mortgage qualification certificate
- Consumer Vulnerability training evidence *
* If you have not undertaken any vulnerability training, we would recommend the Consumer Vulnerability in Later Life online training (provided by Just with content created by SOLLA). This free comprehensive interactive online training module is free, and takes around one hour to complete: https://societyoflaterlifeadvisers.co.uk/training/Consumer-vulnerability-training
Standard 2: Supportive Environment
Evidence of a supportive environment* to demonstrate that the environment that you work in supports and assists you in acquiring, maintaining and improving your ongoing knowledge and advice skills in the area of later life lending advice, plus evidence of their Older and Vulnerable client care procedures. Read our Supportive Environment Guidance Notes for more information about requirements.
Standard 3: Maintenance of Competence (CPD)
Evidence of ongoing CPD related to later life lending, by providing CPD records for the previous 12 months. Your CPD must demonstrate it covers both the technical knowledge and understanding the longer-term impact of equity release and later life mortgage advice. (Your CPD log should be uploaded as a PDF, in whatever format they are maintained in)
Standard 4: Application of Knowledge and Soft Skills (online resource module and assessment)
Completion of the online training resource material and passing a final assessment.
Benefits for standard holders
SOLLA support with a range of benefits and resources to help you stay up to date and connected with later life advice:
- A clear demonstration of having achieved a higher standard with the SOLLA LLLAS badge and designation
- Your details will be available on the SOLLA website, making your services accessible
- Use of the SOLLA LLLAS logo for your marketing purposes, an endorsement of your expertise in later life advice
- Regular newsletters, communications and information about the Later Life Market to keep you up to date, including industry and legislative updates, social care, health and welfare issues
- Access to free CPD training on older client matters
- Access to your local SOLLA regional group, for networking and peer support
- Access to the members area of the SOLLA website, for additional information, resources and support
- Ongoing support to ensure better conversations with your clients for a gold standard of advice
- The Later Life Lending Advice Standard is recognised by the LiBF as Accredited CPDand is a great contribution to your CPD and SPS requirements.
Ongoing responsibilities
- Maintain your later life lending technical knowledge by evidencing you relevant CPD annually
- Adapt your advice and communication processes for older and vulnerable clients allowing for any potential physical and cognitive limitations that may affect the way advice is delivered
- Inform SOLLA of any change of firm details
- Renew your LLLAS licence annually
LLLAS Syllabus
1. The adviser client relationship
1.1 How does the client's capacity affect advice
1.2 Dealing with third parties under lasting powers of attorney
1.3 Vulnerable and older client safeguarding
1.4 Confidentially in relation to third parties and the client's family
2. Understanding the impact of later life lending advice
2.1 Cost v flexibility - appropriate cash reserves
2.2 Retirement interest only (ROI) and lifetime mortgages
2.3 Changes in circumstances
3. Lending for long-term care funding
3.1 Care at home v residential care funding
3.2 The family home - means testing and asset deprivation
3.3 Local Authority Deferred Payment Agreements (DPAs)
3.4 Later Life Lending and other property issues
4. Cognitive decline and the importance of older & vulnerable client communications
4.1 Cognitive decline and the effects of ageing and age-related conditions and symptoms
4.2 The importance of good engagement skills when advising the older and vulnerable client
4.3 Appointments - timing, environment and meeting length
Application fees
Initial application: £200 plus VAT
Annual renewal: £150 plus VAT
SOLLA Accredited advisers: As a member benefit, there is a reduced cost of £50 plus VAT, with an annual renewal of £40 plus VAT.
Application process
To apply for the SOLLA Later Life Lending Advice Standard:
Step One: Application
Complete and submit the application form - you can save this and return to it before submitting.
Step Two: Review
Your application will be subject to an administrative review to ensure that the documentation and information supplied is satisfactory.
Step Three: Online resource material and assessment
Once your application has passed its review you will be sent a link to the LLLAS online training module, which includes resource material to read, and a multiple-choice assessment to complete. This will take around an hour to complete. Once you receive your login details you will be given a deadline of two weeks by which you must complete the assessment. If your session is disrupted or your need to pause and come back to it, it should return to where you left off.
Step Four: Confirmation
When you have completed the assessment your results will be available immediately. The pass mark is 80%. If you do not achieve the pass mark you will be given a second attempt to complete the assessment.
Once you have passed the online assessment you have achieved the SOLLA Later Life Lending Advice Standard. You can then also download the certificate for this module, for your CPD records. You will be sent confirmation of your achievement along with your certificate, and details of how to update your website directory listing and how to make the most of your SOLLA standard within a few days. Your pin badge will follow shortly.
Before you apply
Webinars
SOLLA provide two free one-hour webinars on the topic of Later Life Lending which we would highly recommend you listen to before applying:
Introduction to the Later Life Lending Advice Standard - Jane Finnerty
This webinar covers an introduction and background to the LLLAS, the requirements to apply, and information about the online assessment syllabus.
Later Life Lending Advice Considerations - Simon Chalk
This webinar covers the more advanced advice considerations that are essential for the equity release adviser.
For more details about these webinars and to book, visit the SOLLA Events and Training page.
What information will I need to apply?
Full details of what is required can be found by reading the application form. We would encourage you to familiarise yourself with the questions before beginning the process of application. During the application you will need to upload the following items:
- Photo ID (passport/driving license)
- Equity Release qualification certificate
- Mortgage qualification certificate
- Consumer Vulnerability training evidence
- Older and Vulnerable clients statement (or summary of procedures) for your firm
- CPD log for the twelve months, having highlighted items directly related to advising older clients on later life lending.
Queries or questions?
If you have any questions or require any further information before applying, please contact us on admin@societyoflaterlifeadvisers.co.uk and 03330 2020 454.