Just over two-thirds of those who voted (67%) said the qualification was adequate.
Some areas included in the Certificate in Mortgage Advice and Practice (CeMAP) may not be relevant to an adviser’s day-to-day role in the current market, said All Types of Mortgages (AToM) managing director Dale Jannels.
According to findings by the Institute of Financial Services (Ifs) published earlier this month, the number of people studying to become mortgage brokers increased by 16% in 2014, compared to the previous year.
Jannels said while it was positive that the mortgage industry had a quality recognised qualification, it was probably ‘overdue a refresh’.
“It is multiple choice, and as we all know, a customer is not a tick-box. Some of the areas covered may not be relevant to our role day-to-day in the sector and it’s probably overdue a refresh.”
He added: “Some of my team are already studying the level 4 DipMAP. This is a lot more in depth and comparable to our day-to-day roles and covers a written element with fact find and recommendations. Much more relevant to finding the workings and thoughts of the adviser over a tick-box answer sheet.”
Jannels suggested that more requirements could be built in to the standard CeMAP qualifications so trainee brokers did not need to take a number of additional examinations.
“Although I’m sure level 4 will be made mandatory at some point, having had the implementation of MMR last year and next year’s EU Mortgage Credit Directive casting a shadow over us, it would be nice just to have a few years where we can all just help the customer and write some business before being required to sit further examinations,” he said.
Personal Touch Financial Services sales and marketing director David Carrington said: “I think CeMAP is a good starting point and gives a good recognised qualification. A network like Personal Touch then builds on this by giving the more practical knowledge that an exam syllabus can’t. I don’t see CeMAP as an issue here, newcomers accept that qualifications are important.”
Ifs University College, which provides CeMAP training, explained that it regularly reviewed all of its qualifications and that the examination met standards set out by the Financial Conduct Authority.
