The Financial Services Authority (FSA) has said it will be looking at the area later in the year to make sure that all who deal in the mortgage market can show they can fulfill their role.
Now the CML has tweaked its guidelines to make sure that lenders are fully aware of the latest interpretations within T&C.
The updated guidelines said: “Whereas you will need to select an ‘appropriate’ examination for those of your staff whom the FSA requires to be professionally qualified, you will have much more flexibility in deciding how to ensure that all your staff are adequately trained and competent to carry out their roles.
“Although the FSA has not required any staff to undergo prescribed ‘top-up’ training, it is clear that all those whose roles will be affected by the new mortgage rules will need to be trained so they are familiar with the rules and the new systems and procedures that you put in place to implement those rules.”
Mark Sismey-Durrant, chief executive at Heritable Bank, believed that training must consist of more than just qualifications. He said: “I agree with the CML that training has to be flexible and it seems a question of applying rather than prescribing training. However, the big question is if it is too much of a formula that you don’t educate. The emphasis must be on learning rather than just showing the staff are qualified.”
Bob Sturges, director of communications at Money Partners, said he could not foresee any problems with implementing the new rules and systems. “Lenders are well used to operating under the T&C regime and they will have the processes and flexibility in place to cope. The culture of T&C is well understood and embedded in our systems so this isn’t a massive change.”
