The Association of Mortgage Intermediaries is lobbying to include a better assessment of bridging, second charge mortgages and further advances if an updated CeMap qualification is introduced.
The Association of Mortgage Intermediaries is lobbying to include a better assessment of bridging, second charge mortgages and further advances if an updated CeMap qualification is introduced.
Robert Sinclair, chief executive of AMI, said the examination standards – now more than 10 years old – needed to reflect the changes in the market bringing these products more into scope of advisers.
He said: “AMI has joined other interested parties in early work with the Skills Council to arrive at an informed consultation in changes to the examination standards.
“We hope that this will lead to removal of some of the more historic aspects of the standards and the addition of a better assessment of bridging, second charge mortgages and further advances.”
He added: “The new standard will hopefully reflect the market that will exist after the impacts of the Mortgage Market Review and the upcoming Mortgage Credit Directive.
“As the core standards are more than a decade old, they merit a refresh.”
It is understood that the Financial Conduct Authority is engaging with trade bodies, the Institute of Financial Services and other interested parties to understand how to improve the relevance of CeMap.
It is expected to publish a consultation paper in the Summer.
Writing in this month’s Mortgage Introducer Rob Jupp, chief executive of Brightstar, said: “When looking at it in terms of treating customers fairly and doing the right thing by the client, how can an intermediary possibly do the right thing if they do not know what other loans are available and when they should be used?
“This exposes the gaping hole left by the lack of education and training where more specialist lending options are concerned.
“It reinforces the fact that there should be at least one module in the CeMap, or another specialist qualification, in areas such as bridging so that intermediaries can at least become more aware of the value that such loans can offer and the circumstances in which they can be used.”
Jupp added that the MCD will prove to be “an absolute game changer” if it succeeds in its aim to compel intermediaries to become more aware of more specialist lending options.
