Speaking at the Association of Short Term Lenders (ASTL) conference, Khadr noted that while an exam qualification for bridging advisers would be beneficial, there was far more to be done before it was feasible.
“You’ve got to start slowly. We didn’t go to a fully regulated mortgage market in day one, these things take time, I think there are massive gaps [in the market],” she said.
Khadr (pictured) emphasised that being able to conduct and evidence product research needed to happen before an exam would be practical.
“This is not only about personal education and CPD, this is about technology that simply does not exist to allow you to see whether one bridging lender is going to be cheaper than the other or not,” she continued.
“Until that changes I don’t think you can insist on the examination process because if you are not able to source bridging loans in the way you are residential mortgage enquiries, compare costs, compounding interest, hugely expensive fees… are you really providing the best advice for your client.
“Without research tools that cover this area, examination qualifications, while nice to have, there are other things that are more urgently required,” she concluded.
Fellow panellist Ray Cohen, managing director of Jackson Cohen, noted the ASTL worked with the regulator and Chartered Insurance Institute on an exam but despite interest from the Financial Conduct Authority it was not pursued.