For or Against Treating Customers Fairly Regulations
July 31, 2008
During your CeMAP training, you will learn about the Treating Customers Fairly (TCF) initiative instigated by the Financial Services Authority (FSA), the regulator for the financial services industry, including CeMAP qualified mortgage advisors.
TCF is designed to ensure that mortgage advice companies put their customers first, look more closely at how they treat their customers and ensure they meet the minimum requirements. If they do not, then they face the burden of being supervised by the FSA.
In the argument for the TCF, it means that the mortgage advisor has to Read more
FSA Unveils New Mortgage Advisor Documents
July 30, 2008
The Financial Services Authority (FSA) has issued new disclosure documents to replace the existing initial disclosure document (IDD) and menu documents that mortgage advisors use. The FSA wants mortgage advisors to use the new documents from next month. During your CeMAP training, you will learn about the use of these documents.
Mortgage advisors can use the new documents from the 6th August and it combines both the old IDD and menu forms. The idea is to make the disclosure of services and costs more simple by combining all the information together in one document. Read more
Financial Advisor or Mortgage Advisor?
July 29, 2008
If you have decided you want to get into the financial industry, it can be difficult to know where to start and you will probably have many questions.
- Should you become a mortgage advisor or become a financial advisor?
- What is the difference?
- Where or how do you start and what qualifications are required?
If you want to become a mortgage advisor, then you will need to get your CeMAP qualification. There are many different CeMAP training courses available in many different locations nationwide across the UK. There are some great CeMAP training courses in Leeds,
Manchester,
Birmingham,
Liverpool,
London, Newcastle and many more. There are also different CeMAP courses in
Scotland and if you are considering doing either your mortgage advisor or financial advisor training and then working in Scotland, then check that the course is tailored specifically to Scottish Law, as Read more
Which? Find Mortgage Advice Errors
July 28, 2008
When you do your CeMAP training, you learn about several key pieces of information, which must be given to potential borrowers so that they understand the sort of products you advise on and so that they can be clear about the terms and conditions of their mortgage.
Regular readers of our articles will know that the Financial Services Authority (FSA) has been banning several mortgage advisors this year for fraudulent activity, such as faking consumers salary details, and failing to comply with serious errors such as failing to comply with data protection requirements.
Now, consumer group Which? has been testing CeMAP qualified mortgage advisors, in places like banks, estate agents, independent mortgage advisors and posing as would-be borrowers. Read more
Tips for beating CeMAP exam related stress
July 27, 2008
Taking your CeMAP exam can be very stressful, as all that you’ve been working towards on your CeMAP training course comes down to one moment, and how you perform on that exam will decide your success.
Feeling stressed and under pressure when the exam comes around is only natural, but there are a few things you can do to relieve that pressure somewhat. Read more
Demand for CeRER Qualification
July 26, 2008
When taking the CeMAP exam, delegates register for the exam with the ifs School of Finance. Once delegates have their CeMAP qualification, many go on to become mortgage advisors, some working for a mortgage broker firm and others for themselves.
A good extension to the CeMAP qualification is the CeRER qualification (Certificate in Regulated Equity Release). The CeRER is the specialist qualification that mortgage advisors need if they want to be able to advise on equity release mortgages and according to the ifs School of Finance, demand for the CeRER qualification has been ‘incredibly strong’ in recent weeks.
This news comes soon after the equity release trade body Read more
Mortgage Fraud Case
July 25, 2008
If you choose to become a mortgage advisor after your CeMAP training course (and subsequent CeMAP qualification), your actions can have significant consequences for those you take on as clients. For one London mortgage advisor, the temptation of fraud obviously proved too much.
Thanks to a South London based mortgage advisor, one police constable faced a disciplinary investigation by his police force. According to the officer’s mortgage application, he earned £68,000 and worked part time as a security consultant. Yet neither was true.
According to the FSA’s (Financial Service Authority) case papers, this un-named police office was Read more
FSA Proposal For More Protection For Retail Depositors
July 24, 2008
On the 10th July, we wrote an article about how the FSA (Financial Services Authority) would be proposing an increase to the level of deposits protected by the Financial Services Compensation Scheme.
This scheme, and its current level of protection, is something on the CeMAP syllabus and is taught in the CeMAP training. It is something that mortgage advisors should be aware of.
Now, the FSA and the Bank of England have published their proposal to strengthen the UK’s financial stability and to further protect depositors.
Subject to a period of consultation, their proposals could be made into new legislation this autumn.
Their key objectives are to Read more
Mortgage Brokers Urged To Check Compliance
July 23, 2008
Within our articles section, we aim to publish news and information of relevance to those not just looking for CeMAP training but also for those who may have already achieved their CeMAP qualification and wish to stay up to date. In the last few weeks, we have published several news articles highlighting recent fines imposed by the FSA (Financial Services Authority) on mortgage brokers and intermediary firms.
Now, MS2M, a compliance specialist, has also highlighted these and is urging mortgage brokers to ensure they have the fundamental systems in place to ensure they can avoid a similar fate.
Julie Alderson, director of MS2M, stated Read more
Alliance & Leicester to merge with Abbey
July 22, 2008
As a CeMAP-qualifed mortgage advisor, news like this is something you will be particularly interested in.
The Santander company has Abbey within its portfolio, so when its bid for Alliance and Leicester was accepted last week, this means that when the takeover is finalised Alliance and Leicester will merge with Abbey. The deal is apparently worth £1.26 billion.
Santander is a Spanish banking group and currently is the second largest bank in Europe – in terms of market capitalisation – second only to HSBC.
This merger will be good news to the FSA Read more
