A CML spokeswoman said different advisers are unlikely to have mortgage and investment qualifications so it’s important to ensure handovers and collaboration between advisers is seamless.
Having different qualifications for mortgage and independent financial advisers has a disjointed impact on later life advice, the Council of Mortgage Lenders has told the Financial Conduct Authority.
A CML spokeswoman said different advisers are unlikely to have both mortgage and investment qualifications so it’s important to ensure handovers and collaboration between advisers is seamless.
The CML paper read: "The current regulatory framework, which identifies two types of advice qualification; mortgage and financial, creates a disjoint in the provision of holistic advice."
The trade body said its own research has revealed that there is a "very limited cohort" of advisers who can cover both residential and lifetime mortgages in addition to investment advice.
The council was responding to the FCA’s consultation paper ‘Ageing population and financial services’.
It also told the FCA to promote digitisation of services for those who want it, and the trade body backed Which?’s view that Pension Wise should be expanded to take into account mortgage and housing debt issues.
