What CeRER Is
CeRER stands for the Certificate in Regulated Equity Release. It is a Level 3 qualification awarded by the London Institute of Banking & Finance (LIBF), the same body that awards CeMAP, and it is registered with Ofqual on the Regulated Qualifications Framework.
Its purpose is narrow and practical. The Financial Conduct Authority requires advisers to hold an appropriate qualification before they can advise on equity release products, and CeRER is the LIBF route to meeting that standard. Without it, an adviser cannot give regulated advice on lifetime mortgages or home reversion plans, and a firm cannot offer equity release advice at all.
How CeRER Relates to CeMAP
This is the part most candidates get wrong, so it is worth being precise.
CeRER is not a separate qualification that sits alongside CeMAP. The official qualification specification defines CeRER as four modules: the three modules that make up CeMAP, plus one additional module covering equity release.
| Module | Units | Part of CeMAP? |
|---|---|---|
| Module 1: Financial Services, Regulation and Ethics | FRE1, FRE2 | Yes |
| Module 2: Mortgages | MRT1, MRT2 | Yes |
| Module 3: Assessment of Mortgage Advice Knowledge | ASEW | Yes |
| Module 4: Equity Release | FOER, EQRS | No, this is the CeRER addition |
The practical consequence is straightforward. If you already hold CeMAP, you have completed three quarters of CeRER. You need one further module, made up of two units, to finish it.
There are no formal entry requirements to start studying CeRER. You do, however, need CeMAP or an equivalent Level 3 mortgage advice qualification in order to achieve it, so in practice almost everyone taking CeRER is already a qualified mortgage adviser.
What the Equity Release Module Covers
The module is split into two units, and they test quite different things.
FOER: Fundamentals of Equity Release
FOER is the knowledge unit. It covers what equity release is and how the two product types work:
- The regulatory definitions of a lifetime mortgage (a loan secured against the home, where the customer keeps ownership) and a home reversion plan (a sale of all or part of the property, where the customer keeps the right to live there)
- The FCA and MCOB rules that govern equity release, and the Equity Release Council standards that sit alongside them
- Who equity release is aimed at, and the circumstances in which it is appropriate
- How releasing equity affects tax, means-tested state benefits, and local authority funded long-term care
- What happens at the end of a plan, including early repayment charges and qualifying termination events
The exam is one hour of 50 stand-alone multiple-choice questions.
EQRS: Equity Release Solutions
EQRS is the applied unit, and it works the same way CeMAP's Module 3 does. You are given a client's circumstances and asked to reach a defensible recommendation. That includes deciding whether equity release is suitable at all, which alternatives should have been considered first, which product fits, and what long-term risks the client needs to understand before proceeding.
The exam is one hour of 3 case studies, each with 10 linked multiple-choice questions.
Grading
Both units are pass or fail at 70%, so 35 out of 50 for FOER and 21 out of 30 for EQRS. Each unit can also be passed at Merit (80%) or Distinction (90%), which is worth knowing if you want a reason to keep practising once you are safely above the pass mark. The overall qualification itself is graded pass or fail.
Practicalities
Exams are sat online through the LIBF's Brightspace platform with remote invigilation, and you can take them on demand without booking in advance. Registration lasts twelve months. If you fail a unit, you are limited to three attempts in a week and ten attempts in any twelve-month period, and a resit fee applies.
Is It the Right Qualification For You?
CeRER is worth considering if you already advise on mortgages and expect to see later-life lending work. Equity release is a growing part of the market, and a firm needs qualified advisers before it can serve those clients at all.
If you are still deciding between qualifications rather than adding to one you already hold, our comparison of CeMAP, CeRER and CF6 covers the alternatives in more detail.
When you are ready to start practising, our CeRER question bank covers both units across all 24 topics, with explanations on every question.