The web-based mortgage ASSESS facility will be available from February, well in advance of the introduction of statutory regulation on 31st October 2004. It is intended to enable advisers (including MAQ and CeMAP holders), administrators, support staff, supervisors and managers to comply with the developing regulatory regime, to provide them with the tools they need to develop their knowledge and ability as mortgage advice professionals and to meet their ongoing competence needs.
mortgage ASSESS has been developed as part of ed., the leading education, assessment and competence system for the financial services industry. It provides a total solution to maintaining competence for advisers (both IFAs and mortgage brokers) and for bancassurers and mortgage providers. Modular in structure, it covers all aspects of mortgages and the mortgage processes, including regulation, the buying process, repayment vehicles, protection and general household insurances. Developed in consultation with the industry which included contributions from lenders, IFA networks and mortgage software providers, mortgage ASSESS will be continuously developed and updated to support the T&C compliance needs of the industry.
Key features of mortgage ASSESS include:
- Knowledge assessment system: testing users knowledge levels and identifying gaps
- Tutorials/technical learning modules: covering eight key subject areas
- Key Facts: bullet point summaries of key learning points
- Robust management information system/company reporting
- Resource centre: offering a range of complementary learning and competence tools
- CPD recording for individuals
- T&C evidence reporting for companies.
At a time when many mortgage brokers remain worried and undecided over how they will meet the new regulatory demands, the mortgage ASSESS sponsors have created a clear and easy to follow programme that will assist with achieving compliance. It is designed to ensure that the 55-60,000 individuals who have already passed the CeMAP and MAQ exams keep their knowledge up to date. Post-regulation, the programme will help anyone who provides mortgage advice keep abreast of regulatory and market developments. It will support employers to ensure compliance with regulatory requirements and that learning keeps pace with client service needs.
Priced at only £95 per year, mortgage ASSESS will offer a comprehensive, co-ordinated range of training and compliance tools that will enhance users’ skill set and help keep them up to speed with regulatory requirements.
Mark Ommanney, Director General of the LIA said:
“While regulation is widely welcomed, it will cause significant disruption to thousands of businesses. In addition, whilst many are transfixed by the challenges of meeting FSA statutory regulation in October 2004, mortgage ASSESS also addresses the longer term, ongoing, competence issues.
“mortgage ASSESS will give advisers the information they need, to maintain the knowledge that they must have, to continue to advise their clients and run their businesses.”
Keith Trower, CII Director of Corporate Relations said:
“The self assessment/study structure is already well proven and popular in the financial advice and planning market sector The joint venture partners pool a vast range of knowledge and experience in the financial markets, this has already been used to good effect to deliver financial ASSESS. We are confident that mortgage ASSESS will be as successful and are offering a free 14 day trial so that companies and individuals can judge for themselves.”
Chris Rexworthy, Head of Themes and Industry Training, Investment Firms Division, FSA said:
“The FSA requires individuals giving mortgage advice to:
- achieve competent status
- remain competent at work they do; and
- be regularly reviewed as to their competence.
This requirement impacts on individuals, their supervisors and the controllers of their firms alike. We therefore support any arrangements which will assist this process and welcome the work which the CII, LIA and SOFA are doing through mortgage ASSESS to promote consistent training and competence standards to the marketplace”
For further information about mortgage ASSESS, or to enrol for a free trial, call 020 8530 0817, visit www.mortgageassess.co.uk or email [email protected]
