The aim of the fund is to drive up standards in the industry by paying to fully educate prospective brokers to ensure they can deliver good quality advice to future clients.
The issue of new blood within the industry has become increasingly important in recent months and Richard Fox, chief executive of the Society of Mortgage Professionals (SMP), believed it was important to ensure the next generation of advisers had the skills to flourish in the marketplace.
“The mortgage sector has avoided all the major financial services scandals over the last few years and while other sectors, such as pensions, have lost the confidence of the public, the mortgage market has continued to grow. This shows that public confidence remains high but in launching this initiative, we are trying to ensure that if someone goes to an adviser, they are guaranteed good quality financial advice.”
Under the plan, the CII has reduced the cost of training for CF1 (UK financial services, regulation and ethics) and CF6 (mortgage advice) and a year’s membership of the SMP from £413 to £250.
Lenders or brokers must supply at least 50 participants to qualify for the discount.
David Mead, managing director at Flexible-mortgage.net, commented: “Any resources going into attracting and developing people in this industry is a good thing and is welcomed. Most firms pinch advisers from somewhere else which doesn’t sit well in terms of relationships and ultimately you might not end up with the right person. It takes a long time to get advisers up to standard, so firms need to make the investment.”
