The marketing of MPPI has come under severe criticism in recent months from the FSA, with the regulator currently producing a report on trading standards within the industry for MPPI.
With the FSA highlighting a lack of education and understanding as key faults among both lenders and intermediaries in the selling of MPPI, the SMP has produced a new online learning tool to help the industry provide better service in the area.
Richard Fox, chief executive of SMP, said: “This online learning tool helps to explain to sellors what they need to know about MPPI. The Insurance Institute has always had an education programme but traditionally people had to study for an exam. Now someone who wants to learn about MPPI can just pick up the material and do everything online.”
The module, which is being marketed through the Council of Mortgage Lenders (CML) and the Association of Mortgage Intermediaries (AMI), contains both the learning material and an accreditation tool so that the adviser can take tests and then produce assessments to show the FSA they are competent in the field.
Fox hopes that the tool, which costs £30 per person, will help improve standards in the industry.
“Hopefully, by using the tool, you’ll have a greater understanding of MPPI and you’ll be able to do a better job and give your customers a better service. Often, especially for smaller brokers, they want to know about a different service but don’t have the chance to access the necessary information. Being online, everyone has the chance to just pick it up when they want and help bridge the knowledge gap,” he added.
