The SMP is designed to boost professional development and standards, linking the CII’s existing mortgage-related examinations and the online competency tool mortgage ASSESS, with additional technical support through seminars, workshops and guidance notes.
The CII have recruited Richard Fox, currently compliance director at the MCCB, to become the SMP’s chief executive with effect from 1 November and has established an advisory board comprising nine leading figures including AMI director Chris Cummings and Skipton Building Society’s chief executive John Goodfellow.
The CII has confirmed that the 1,000-plus eligible mortgage advisers who become part of the Personal Finance Society at launch will be exempt from paying the £30 fee which applies to all other members of the CII who want to join the SMP.
Members of the LIA and SOFA are to vote on their proposed merger in October. If it goes ahead the new body, the Personal Finance Society, will be looking to carry out a number of joint initiatives with the SMP.
LIA director-general Mark Ommanney said: “There is a growing overlap between financial advisers in general and mortgage specialists. This offer of SMP membership is a simple, tangible benefit, in recognition of LIA members’ interests.”
Rod Murdison of Murdison & Browning said: “The question that needs to be asked is ‘What’s in it for me?’ There are so many bodies now out there acting in the interests of advisers it’s getting slightly peripheral. There was the LIA, then SOFA, then AMI. I’m going to lose track of what they all stand for. I am in favour of just having one body representing mortgage advisers. This free membership is not something that entices me.”
