IMLA’s latest study of mortgage intermediaries reveals that almost all mortgage advisers in eight out of ten mortgage firms, had some type of mortgage qualification pre M-Day, with 95% of mortgage advisers, 91% of company representatives and 88% of IFAs expected to be fully qualified by the 31st October 2004.
John Maltby, IMLA Chairman says, ‘This is encouraging and demonstrates that mortgage intermediaries have embraced regulation. However, we must not forget that regulation is a way of life and in this spirit encourage all those operating within the industry to maintain ongoing training and competence standards in line with the five commitments set out by the FSA.’
When questioned about training, qualifications and competence, the most likely qualification to be held by mortgage advisers is the CeMAP Bridge Paper with more than half of respondents (54%) saying that this qualification is held by some advisers in their firm. Other qualifications held by the respondents were split between CeMAP (IFS) 33%, CeMAP (CIOBS) 10%, MAPC Bridge Paper 4% & MAQ (C11) 37.2%. When asked if they would encourage staff that do not have to be qualified to undergo training, 53% said their firms would encourage it whilst a almost 30% said they would not.
The methods in which firms intend to demonstrate that their staff are maintaining their competency levels are:
- 20 % Ongoing training
- 10% Supervision & assessment
- 8% Case sampling and testing
- 6% External compliance
- 6% T&C framework
- 10% Regular testing & exams
- 11% CPD
- 18% Utilise Networks/Principles
