Over 80% of advisers have now passed the professional qualification exams necessary to provide mortgage advice in the new year, according to the Mortgage Code Compliance Board.
The regulator says 44,535 mortgage advisers have passed the exams, with a further 10,000 due to sit them in December.
Luke March, chief executive of the Mortgage Code Compliance Board, said: ‘We are encouraged by the response from the mortgage industry, which has resulted in so many advisers becoming qualified to provide advice on mortgages as we enter 2003.
‘But the 10,000 advisers who have yet to qualify risk losing out on business, which could be potentially harmful to them in the long term, as only qualified individuals will be allowed to give mortgage advice unsupervised.’
The MCCB’s compliance teams will begin to inspect the new fitness and competence requirements in January.
Although they will continue to check compliance with the Code and Registration rules, Mortgage Code Compliance Board compliance teams will focus in particular on training and competence in the coming months.
Most brokers have opted for the CeMAP qualification rather than the similar MAQ format.