The mortgage industry has criticised the Chartered Institute of Insurance (CII) for only accrediting the Mortgage Advice Qualification (MAQ) and not the Certificate of Mortgage Advice and Practice (CeMAP), for the Advanced Financial Planning Certificate (AFPC)
Many mortgage IFAs are studying for either CeMAP or MAQ to meet the Mortgage Code Compliance Board’s (MCCB) regulatory requirements ahead of the 2002 deadline. However, those who sit the Institute of Financial Services’ (IFS) CeMAP or CeMAP bridge paper cannot gain any credits for the AFPC.
Paul Newton, compliance manager at Castlegate Financial Management IFAs, said it is unfair that CeMAP is not accepted by the CII at a time when the industry is demanding more professionalism through the acquisition of recognised qualifications.
He said: ‘The CII will accept MAQ as a half credit for the AFPC but not the CeMAP qualification, although both are accepted by the MCCB for mortgage qualification.’
The MCCB, however, is powerless to intervene. Brad Baker, head of communications at the MCCB, said: ‘We have accredited both qualifications and given them equal status. But although we cannot get involved with the AFPC, we have raised the concerns of our registered brokers with the CII.’
Robert Clifford, managing director at mortgageforce, said the industry should be encouraging mortgage IFAs to gain more professional qualifications. He said: ‘It is a disappointing side effect that the CII and ifs are commercial rivals. If the MCCB accepted CeMAP, it might encourage more practitioners to sit the AFPC. There are 20,000 brokers with CeMAP qualifications who might study for the AFPC if they were accredited for the CeMAP qualification.’
However, Tony Tudor, director of quality and standards at the CII, said IFAs with CeMAP would not necessarily be discriminated against if they submitted an application for AFPC accreditation.
‘If advisers are looking for credits towards the AFPC, we would look at their qualifications and see if they stack up against MAQ. If they make a submission detailing their qualifications we will look at it,’ said Tudor.