The Financial Conduct Authority (FCA) has found that there is still room for improvement within the mortgage market, than is currently being provided by mortgage professionals.
In April 2014 they FCA undertook a review of the mortgage market called the Mortgage https://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpget Review, and following their findings a number of changes to mortgage regulation were implemented.
Criteria for lending became tighter, and face-to-face mortgage sales emerged as a requirement. It is following these changes that the FCA has found that there is still scope for additional improvements, ensuring all lending requests are completed transparently and honestly, and that lenders are ensuring that they prove the borrowers can comfortably afford to maintain the repayments being two.
It was found that in just under than 40% of cases, it was unable to determine the suitability of the advice given, as the reporting was unclear. On a positive note, unsuitable advice was only found in less than 5% of the cases.
FCA’s acting director of supervision Linda Woodall said that whilst many mortgage lenders had greatly improved their levels of mortgage advice, there was still room to make it even better. She said:
“Although we welcome the considerable work of those firms delivering advice for the first time, and particularly those that have proactively identified issues within their own processes, there is still scope for improvement.”
As a mortgage professional who has qualified after passing their CeMAP training and exam, you will be trained to comply with all current regulation as well as procedures set by your employer.