Mortgage advisers could fall under a single framework of qualifications for the financial services industry that is being developed by the Financial Services Authority (FSA), once consultation on the regulation of mortgage advice is complete.
The new measures, announced by the FSA, are aimed at reassuring consumers that advisers have the right qualifications under their belt and making it easier for individuals to move jobs within the sector.
Although mortgage advisers will not be included under the regime immediately, it seems logical, once FSA regulation is in place, that mortgage advice qualifications will also be included under the framework.
Jackie Blyth, spokesperson for the FSA, said: ‘Until we have consulted on regulation for mortgage advice, we do not know whether mortgage advice will fall into the framework ‘ it will be consulted on separately in due course.’
The new framework will set standards for the development of a single, modular exam system to ensure consistency and flexibility. The FSA also aims to streamline current exams and develop internationally recognised standards to make it easier for advisers to work abroad. It will ask that advisers demonstrate they are keeping up-to-date with market developments.
David Jackman, FSA head of industry training and business ethics adviser, said: ‘A single qualifications framework, will benefit everyone ‘ consumers, employees and firms.’