Approved Qualifications - Lending, Credit and Finance Rules, 2023

Summary

This document sets out the qualifications that the Guernsey Financial Services Commission recognises as sufficient for individuals to give home finance (mortgage) advice or to advise on and approve equity release agreements under the Lending, Credit and Finance Rules. It functions as a technical schedule of approved qualifications rather than a standalone set of conduct requirements.

• Approved Home Finance Qualifications: Lists qualifications from the Chartered Banker Institute, Chartered Insurance Institute, Financial & Legal Skills Partnership, and The London Institute of Banking & Finance (and predecessor bodies) that individuals may hold to advise on or approve home finance/mortgage agreements.
• Approved Equity Release Qualifications: Lists a separate set of qualifications from the same bodies that individuals may hold to advise on or approve equity release agreements.
• Cross recognition: An individual who holds an approved equity release qualification does not need to separately hold a home finance qualification when advising on or approving equity release agreements.
• Historic qualifications: Several qualifications are only recognised if obtained before or after specific historical dates (e.g. pre 16/09/2004, pre 31/10/2004, post 01/11/2004), reflecting when predecessor qualifications were phased out or renamed.

Firms and individuals engaged in lending, credit and finance business in Guernsey should check this list to confirm that staff giving relevant advice or approving relevant agreements hold a qualification recognised by the Commission.

Key obligations

• Individuals providing advice on, or approving, home finance (mortgage) agreements on behalf of a licensee must hold one of the qualifications listed under Approved Home Finance Qualifications (or a historically recognised equivalent).
• Individuals providing advice on, or approving, equity release agreements on behalf of a licensee must hold one of the qualifications listed under Approved Equity Release Qualifications (or a historically recognised equivalent), unless already holding a home finance qualification that covers this per the stated exception.

Applies to

licensees under the Lending, Credit and Finance Rules, banks and other lenders providing home finance or equity release products, individuals providing mortgage or equity release advice