Insiders suggest advisors should have more education

February 28, 2024 by Brendan O'Neill

CeMAP Syllabus

A combination of post-pandemic economic turbulence and changes to regulations such as Consumer Duty has made the mortgage market more complicated over the past few years – so in what areas could advisors be provided with additional education to help them navigate it?

One sector that has been cited by insiders like The Mortgage Hut founder Chris Schutrups is protection. Many experienced advisors switch to an emphasis on protection when the purchase market is slower, but some of those who are entering the business having just completed their CeMAP courses do not have the specific know-how to offer protection advice.

Schutrups points out that there is a sizeable gap between the volume of mortgages agreed and the volume of protection products sold. If brokerages, protection providers and regulatory bodies get together to provide training schemes for new mortgage advisors covering this area of the market, it could help to close that gap.

A second area is that of legal issues connected to property transactions. Release Freedom director Simon Bridgland has argued that even fully qualified mortgage advisors can find themselves stumped by the complex legalities involved in them. At the moment, many will direct their clients to specialist legal advice in that situation, but this means that they lose out on a potential income stream and a chance to showcase their worth to clients across multiple areas.

If they were given the chance to learn more about these legal matters it would save time and money for clients and boost the professional reputations of advisors.