Over 50,950 advisers gained the appropriate qualifications before the Mortgage Code Compliance Board’s (MCCB) stipulated examination requirements came into force at the end of last year.
The board estimates the total number of advisers in the country to be 55,000.
Luke March, chief executive of the MCCB, said: ‘After so many knock-backs to the financial services industry in 2002, it is great to start the new year with such a positive message.
‘The MCCB is hugely encouraged by the commitment of the industry to raise standards through the adoption of our Fitness and Competence Requirements and through gaining professional qualifications.’
Following the deadline, the MCCB will now focus its attention on policing the new standards, and is set to undertake checks for evidence of qualification, supervision arrangements and reviews of sales processes.
Under the requirements, advisers had to gain the Certificate in Mortgage Advice (CeMAP), or have the Financial Planning Certificate (FPC) or the Certificate of Financial Advice (CeFA), and also pass the CeMAP Bridge Paper or the Mortgage Advice Qualification (MAQ) by 31 December 2002.
l Seeing regulation as an opportunity, many lenders and advisers are beginning to offer training programmes to those still looking to pass the exams, or bring new recruits up to the required level.
Lender, First Mortgage Options, will offer enrolment on its training programme from tomorrow on a weekly basis.
Locations will be across England and Alan Hill, managing director of First Mortgage Options, said: ‘By taking this strategy we can improve our own and our lender partners’ business levels.’