At least 10% of mortgage advisers remain unqualified following the Mortgage Code Compliance Board’s (MCCB) examination deadline of 31 December 2002.
Just over 10,000 intermediaries had not passed the exams at the beginning of December, and a spokesman for the MCCB said 5,000 alone had sat the exam in December.
He said exact figures on those who had passed would be released before the end of the month. The estimated total mortgage adviser population is 55,000.
Also expected during this month is a decision over whether membership renewal (from 1 May this year) to the MCCB will be granted for a period of 18 months, rather than the normal one year, to take firms up to the proposed handover to the FSA in October 2004. If this happens, membership fees will be adjusted accordingly to include the extra six months.
However, if the period is going to be longer than 18 months, the MCCB spokesman said renewals would be for usual yearly period.
For firms renewing membership, the MCCB is demanding to see the professional indemnity insurance certificates, and not just for those applying for the first time. The spokesman said the measure was a double check that all firms were complying with the MCCB’s insurance requirements. In the past, firms have been able simply to confirm the fact that appropriate insurance was in place. The spokesman denied this was due to a fear of advisers not holding the appropriate insurance.