The FSA (Financial Services Authority) is proposing changes to how mortgage-related exams and other qualifications in the financial services sector are studied.
The proposals mean that any individual recruited into a role will have a deadline of 30 months in which to complete the required qualifications for that role. The changes would also remove any transitional provisions that allow an individual to work without qualification.
The consultation period will complete on the 6th September.
The Association of Mortgage Intermediaries (AMI) director of policy, Andrew Strange, stated:
“This raises a number of questions, and the industry will have to take time to consider the proposals.”
He commented that if a university graduate had only 30 months to complete their study and acquire the qualifications then the move may put off young and bright industry recruits. Strange also added that any stipulations for the mortgage industry should equal that of accountancy and other professions.
Brendan O’Neill, director of Beacon Financial Training specialising in CeFA and CeMAP training courses for financial and mortgage advisors respectively, added:
“The current CeFA and CeMAP exams should be no problem to achieve within the 30 month timescale.
“Naturally those studying and working full time will usually find study more difficult but there are good home study courses available for both the CeFA and the CeMAP. With the right training methods and a course that encourages understanding rather than memorising, these changes should not cause any undue pressure within the industry.”
