Copy article

Importance of broker qualifications

Journalist: Jake Carter, Mortgage Introducer

ended 01. March 2024

What is lacking in terms of broker qualifications at the moment? How can this be improved?

What works well with regard to broker qualifications presently?

What are your expectations for the development of broker qualifications moving into 2024 and beyond?

7 responses from the Newspage community

Copy all

Copy

Editor
Michelle Lawson
Director at Lawson Financial
Rather than broker qualifications, I would like to see more in the way of admin/support staff qualifications for staff at lenders, insurers and brokerages. I am seeing an uptick in incorrect info being given out by staff with no understanding of the bigger picture or impact this can have. Brokers are usually well qualified and either have experience or are monitored to get to a set level. Admin staff can start straight away with no prior industry knowledge.
Copy

Editor
Samuel Mather-Holgate
Independent Financial Adviser at Mather and Murray Financial
The mortgage certificate required to give advice is woefully simple and lacks nuance. Requiring advisers to be diploma qualifed will raise the bar and ensure that the calbre of those giving advice is set at a suitable level. I think that the CPD requirements need to be considered y the regulator too.
Copy

Editor
Stephen Perkins
Managing Director at Yellow Brick Mortgages
Whilst it is a regulatory requirement, the mortgage qualifications mean absolutely nothing to someones ability to do the role as 95% of the material learned is completely irrelevant to being an effective mortgage broker. What matters is the experience of the broker, and the adviser's reputation backed up by reviews to show the level of service they provide.
Copy

Austyn Johnson
Founder at Mortgages For Actors
Brokers need to be qualified to actually give advice, not just pass the tests that show they know the history of the FCA. CeMAP is a good start, but there should be one that shows you are competant at taking the fact find meeting and then successfully finding a product that meets that clients needs. In some areas of the industry, there are some huge failings on advice and the industry could do with some better training in that area. If clients are treated like a ticket to be worked and then discarded, it creates an 'uncared for' atmosphere thats hard to break down when clients need further advice. If the new brokers are qualified in the above, it may mean better outcomes for thousands more people.
Copy

David White
Chief Operations Officer at Simply Lending
The CeMAP qualification, achievable through a two-week course, falls short of preparing individuals to provide appropriate advice in real-world situations. A better approach would integrate these exams with a 6-12 month on-the-job accreditation, obtained while working closely with an established firm.
Copy

Rhys Schofield
Brand Director at Peak Mortgages and Protection
When you ask a room full of brokers these days about their biggest compliance headaches and social media ranks pretty highly. So my suggestion would be to but all that rubbish about unit trusts and open ended investment companies in the bin (we never use it) and include some marterial on what we can and can't do on social media and advertising. After all, 50% of the job is doing the job and 50% is finding people to do the job to.
Copy

Anil Mistry
Director and Mortgage Broker at RNR Mortgage Solutions
Earning a CeMap or Advanced CeMap is just the start; it doesn't guarantee compliance or effectiveness on the job. The FCA must urgently reform these qualifications to ensure they don't just certify individuals but also thoroughly prepare them for real-world challenges and competent advising. My experience has shown that numerous brokers, despite holding these credentials, flounder when it comes to practical application.