In May the Financial Conduct Authority published a paper on ‘Access to Financial Services in the UK’ in which it concluded that consumers need better access to “holistic advice and guidance”.
The Society of Mortgage Professionals has called for more continuing professional development for advisers to go with qualifications to make the advice process more joined up.
In May the Financial Conduct Authority published a paper on ‘Access to Financial Services in the UK’ in which it concluded that consumers need better access to “holistic advice and guidance”.
In response Lee Travis, the SMP’s head of professional development, said: “Twinning them [qualifications] with continued professional development could be an effective solution
“On-going CPD would equip mortgage advisers with the broader skillset the FCA seem to be looking for.
“A balanced programme, enabling advisers to keep abreast of the latest market changes, would represent a practical, workable solution.
“Currently there is no annual regulatory requirement for mortgage and protection advisers to complete CPD, whereas their IFA counterparts have to, in order to gain a statement of professional standing.”
He added: “The Society of Mortgage Professionals promote CPD activity to ensure advisers have the requisite knowledge to deal with a range of mortgage-related matters, such as the implications of mortgage terms that extend into retirement.
““This is to ensure that advisers can continue giving consumers correct advice, whilst identifying and making appropriate referrals to a suitably qualified adviser for any needs that go beyond mortgages.
“Our members already carry out CPD and if structured accordingly across the sector, the FCA could be assured that mortgage advisers could provide the holistic expertise and guidance they are seeking.”
