Just a couple of weeks ago, we discussed the FSA’s plans to make CeMAP training compulsory for everyone associate in the sale of a mortgage, whether they were a mortgage advisors or a call centre worker.
Sheila Nicoll, the FSA’s Director of Conduct Policy revealed the news at the Mortgage Business Expo, saying:
“All mortgage sellers, not just advisers, will need to hold the Level 3 mortgage qualification. We expect this, in conjunction with the approved persons proposals, to have a positive impact on professional standards.”
If these plans are put into action, then some mortgage lenders may be reluctant to invest in their staff who may leave once they pass the exam. Others may alter the structure of their mortgage lending departments or turn towards qualified mortgage advisors instead.
The FSA proposals are likely to mean a large rise in the number of people looking for cheap CeMAP training courses or alternative methods, such as doing their CeMAP by distance learning, studying at home. This method is often the cheapest and the easiest way to avoid taking time off work, but it is important to make sure the study materials are up to date and easy to understand. Preferably, a home study course should also include some form of tutorial support for those who want it or perhaps want a point explaining in a different way.
No matter what happens, there are plenty of changes coming for the CeMAP training industry and good course providers will be able to meet those challenges.