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Society of Mortgage Professionals welcome FCA exam review

Press Release

The Society of Mortgage Professionals have expressed confidence in the FCA's announcement of a review of examination standards across a broad range of regulated activities - including mortgages - to ensure they remain fit for purpose.

SMP head of professional development, Lee Travis, commended the initiative, saying that it had been long-anticipated by the society. "Indeed, we were ahead of the curve in supporting our members when we introduced our Certificate in Advanced Mortgage Advice in August 2014," he commented, "in response to adviser demand for an option to improve their qualifications without regulatory intervention.

"The FCA are not looking to make changes to mortgage qualification requirements and have not confirmed any intention to move from level 3," he continued. "However, an increasing number of self-motivated mortgage professionals are taking the initiative and upgrading to a level 4 qualification of their own volition.

"Our level 4 certificate gives mortgage brokers the opportunity to raise the bar voluntarily and study to a higher level - improving their professional standing and giving consumers greater confidence when making what, for the majority of them, will be the biggest financial decision of their lives," he added.

In addition to mortgages, the FCA will examine benchmark standards in a variety of financial advice sectors, including securities and pensions transfer, with the Society of Mortgage Professionals and parent body, the Chartered Insurance Institute (CII), set to be represented at all the relevant meetings.

As part of their on-going campaign to offer the highest standards of professional development and industry-relevant CPD, the SMP recently confirmed a 10-strong schedule of mortgage & protection roadshows for 2016. The first series of five, in Q1, begins on 8 March in Newcastle.


Ends

For further information please contact:

Keith Richards, chief executive
keith.richards@thepfs.org
Office: 0207 417 4474
Mobile: 07786 023033

Lee Travis, head of professional development
lee.travis@thepfs.org
Office: 0207 417 4454
Mobile: 07584 390477

Notes to Editors:

Society of Mortgage Professionals

In 2005 the Chartered Insurance Institute created the Society of Mortgage Professionals (SMP) to provide focus and momentum for the professional development of all those working in the mortgage market, across lending, administration, advice, broking, and associated support functions. The SMP provides a broad portfolio of services to help organisations nurture the development of their staff within a culture of professional excellence.

The Personal Finance Society

The Personal Finance Society is the leading professional organisation for financial advisers and those in related roles. With more than 36,000 members, it promotes the highest standards of professionalism by setting the standards for technical knowledge, customer service and ethical practice across the entire financial planning community. To achieve its aims, the society provides its members with access to a programme of continuing professional development, relevant qualifications, learning materials, support services and other practical benefits.

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