Poll
A guide to why second charge advisers need to be fully CeMAP qualified
A financial adviser has declared that it is “imperative” for all second charge mortgage advisers to be adequately qualified.
Earlier this month, Fluent for Advisers stated that all client-facing staff at second charge master brokers and distributors should be CeMAP qualified by now.
Fluent revealed that all of its client-facing staff had passed CeMAP 3 two years ahead of the requirement date set by the Financial Conduct Authority (FCA).
The FCA wants anyone who sells or advises on second charge mortgages to obtain a relevant level 3 qualfication by 21st September 2018.
Since second charge mortgages came under the same regulatory regime as first charge mortgages on 21st March this year, it has been appropriate to apply consistent training and competency standards across both markets.
“There is a transitional period for advisers within second charge firms to attain the Level 3 qualification and any advisers not yet qualified will currently be under supervision,” the Association of Mortgage Intermediaries explained to Loan Talk.
“As supervisors need to be fully competent, they should already be Level 3 qualified.”
The Loan Partnership has been one such master broker which has made sure its team is already CeMAP qualified.
In March, The Loan Partnership revealed that its entire team had passed the CeMAP 1-3 qualifications.
Andy Pelley, director at The Loan Partnership, said it wanted to make sure all its staff were CeMAP qualified as it would help ensure it provided its customers with the best outcomes, as well as enhancing its credibility with first charge mortgage advisers who wished to refer their clients to seconds products.
“Our experience has been very positive.
“Our advisers and our business is a better place for having everybody CeMAP qualified, and supported by our own training and monitoring plan, we feel we are better equipped to service our clients and our introducers with the benefit of the training and qualification CeMAP provides.”
Martin Stewart, director at London Money Loans, felt that although CeMAP improved standards, qualifications weren’t everything.
“It’s not always about having a piece of paper to prove you can do the job.
“I have met some highly qualified people without an ounce of common sense.”
Sebastian Riemann of Libra Financial Planning, meanwhile, said felt that the limited impact the credit crunch had on the UK finance and housing markets was largely down to the regulations in place at the time.
“Thus it is imperative for all second charge advisers to be adequately qualified, especially if this business sector is going to fall in line with first charge lending.
“This will clearly set out the regulatory path of the industry and positively contribute [to] its development in the future.
“For a measured and sustainable growth of [the] second charge loans market, and to be able to lose the negative tag sometimes associated with these loans and the advisers, it leaves few alternative options.”
Martin also agreed qualifications helped raise the standard of the industry, adding: “It raises the bar by bringing in a uniform standard for everyone.
“That should help the client experience and improve the chances of them not only getting a loan but, more importantly, the right loan for their circumstances.”
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