Paradigm chief executive Bob Hunt last month said mortgage brokers should consider taking level four qualifications to protect themselves against any future requirement changes and to get ahead of the competition.
More than a third of advisers (38%) in our poll agreed and said they were planning to take level four qualifications while a further 14% said they had already reached DipMAP status.
The remaining 48% of respondents said they were happy with their current level three CeMAP qualification.
“Whilst I’m certainly not advocating a mandatory rise in qualifications above the existing level, surely it will only be a matter of time before mortgage advisers are asked to go beyond CeMAP?” Hunt wrote in a blog for Mortgage Solutions.
He said by taking additional qualifications mortgage brokers would be showing their long-term commitment to the industry.
“Having talked to many lenders on the matter of industry standards (and providers too) there is a common (if not openly publicised) view that advisers need to continually show their ongoing competence and that a move to level four, or even a higher standard, would be one way of achieving this.
“Indeed, from a compliance and client peace of mind view there appears to be no downside to an adviser showing both their ongoing commitment to the profession and that they are highly skilled and competent to carry out a changing job.”
On the wider subject of level four qualifications, some Mortgage Solutions users were unsure whether the extra time and effort was worthwhile.
“Additional qualification will not make me a better broker or provide an improved service to my clients,” said reader HW. “Mortgage advice is not rocket science, and anyone who thinks it is, is either deluded or tuppence short of a shilling. I can see no correlation between additional qualifications and a rise in professional standards, you either have them or you don’t. Somewhat worryingly, for once I am in agreement with the FCA.”
A fellow user added: “I have recently obtained one of these level four qualifications via the IFS – Diploma in Mortgage Advice and Practice. Whilst being more in depth than CeMAP it is certainly not difficult. The difference is mainly that the course focuses heavily on ethics.
“Frankly I am of the opinion that it ethics are built in to the human psyche. Taking an exam and knowing the answers is not going to change people’s behaviour.”
