What is CPD for mortgage advisors?
September 18, 2020 by Brendan O'Neill
Mortgage Advisors
If you have finished your CeMAP mortgage advisor course, it can be easy to slip into thinking that your study days are over. However, the financial services industry is one where regulations change frequently, which is where continuous professional development (CPD) comes in.
What is CPD?
As the name suggests, CPD is the ongoing process of educating yourself on the latest developments within your chosen sector, so that you can continue to provide the best possible service to your clients. It is also vital to keep sharpening your knowledge and skills through CPD if you want to progress in your career and improve your earnings.
Do you have to do CPD?
Regulations have been imposed by the Financial Conduct Authority that make CPD a mandatory part of the working lives of anyone advising on mortgages and insurance. If you are employed by a lender, they will be required to show that you are meeting the yearly CPD requirement to demonstrate competence. If you are freelance, it is still something you must do.
The rules are different depending on whether you offer general insurance alongside mortgage services. If you do, you must complete at least 15 hours of CPD, covering areas like business ethics and claims processes. There is no minimum requirement for those who offer just mortgage advice, but advisors usually aim to complete 35 hours of CPD per year.
Among the options for completing CPD are attendance at industry conferences, completion of exams and participation in educational seminars.
Written by
Brendan O'Neill
You may also interested in:
Nearly half of older borrowers anticipate post-retirement mortgage payments
New research shows that nearly half of all older borrowers think that they will still be paying off their
Simplybiz Mortgages and Air to offer later life training
Simplybiz Mortgages has announced that it is joining forces with the later life platform Air to train its advisors in
