TC TP 4 Home Reversion Plans: Assessments of competence before 6 April 2007 in relation to lifetime mortgages1

14.1

R

(1)

This rule applies in respect of an individual employed by a firm at 6 April 2007, if that individual had before that date been assessed as competent by the firm in relation to:

(a)

advising on lifetime mortgages;

(b)

designing scripted questions for use in non-advised sales to customers of lifetime mortgages; or

(c)

overseeing non-advised sales of lifetime mortgages.

(2)

An individual in (1) is exempt from the examination requirements in this sourcebook in relation to activities carried on concerning home reversion plans that correspond to those in (1) provided that:

(a)

the individual has been assessed as competent to apply the knowledge and skills necessary to carry on the relevant home reversion activity before 6 April 2007;

(b)

the home reversion activity which the individual carries on continues to be the same, or substantially the same as that which the individual carried on immediately before 6 April 2007; and

(c)

the individual had not experienced any significant break in employment since the last employment in respect of which the individual had the benefit of an exemption under this rule.

4.2

R

If an employee of a firm is exempted from an examination requirement under TC TP 4.1R and any other firm subsequently employs the individual, that exemption continues to apply in respect of that subsequent employment on the same basis provided that:

(1)

the conditions in TC TP 4.1R(2)(b) and (c) are met; and

(2)

the firm assesses the individual to be competent in accordance with TC 2.1.1 R.

4.3

R

TC TP 4 does not apply to an individual in TC TP 4.1R(1) after 6 April 2009 unless the individual passes an appropriate home reversions top-up examination before that date.