Copy article

What more could CeMAP offer

Journalist: Jake Carter, Mortgage Introducer

ended 07. September 2023

What more does CeMAP need to offer prospective brokers? What exactly does it need to teach brokers?

How can the qualification be improved upon? Could the use of a practical module assist the qualification? What would this practical option include?

Does CeMAP need to cover more specialist areas of the market? How could this work?

5 responses from the Newspage community

Copy all

Copy

Editor
Stephen Perkins
Managing Director at Yellow Brick Mortgages
CeMAP currently covers so many legal elements around taxation, pensions unit trusts etc. which has no relevance or benefit as a mortgage broker. There is also a huge focus on endowments which largely have not been sold for 20+ years. So firstly the qualification needs updating to relevant technical and industry knowledge, incorporate things like vulnerable clients and consumer duty, but then focus on what makes good advice principles. Such as recommending the cheapest overall deal based on overall cost including fees over the tie-in period, and recommending the shortest affordable term to reduce long-term interest costs. I think an expanded case study module would be key, and whilst mortgage-based, it needs to cover how to position, discuss and the importance of protection insurance. I believe add-on modules for specialist lending would be a good expansion.
Copy

Premium
Chris Targett
Director at Social For Brokers
When speaking to advisers the majority of them refer to the CeMAP as an expensive piece of paper. They believe that the real learning starts when they speak to their first client, or try to generate business for the very first time.

With the new introduction of the Consumer Duty, I think it would be very valuable if it contained a section on the do's and don'ts when it comes to advertising, especially in the digital marketing sector.
Copy

Scott Taylor-Barr
Principal Adviser at Barnsdale Financial Management
CeMAP, even back in the dim and distant past when I did it, was behind the times. I remember having to learn and answer lots of questions about endowments and unit-linked life assurance - both classes of products that had exited the mainstream market many years before. When I did my DipMAP several years later little had improved, with one case study being about a couple looking to buy a property in Spain, with lots about Spanish tax implications. I would hope that in the years since the question sets and case studies that students are asked to work with are more up-to-date and relevant to the mortgage world we live in; questions about regulation, the role of the FSCS and FOS, or MCOB rules around stress testing and of course, Consumer Duty and Vulnerable Customers are going to be much more useful to a would-be practitioner.
Copy

Austyn Johnson
Founder at Mortgages For Actors
CeMAP should be better suited to the actual job and also cover some of the advising techniques. Training to be an actual adviser would really benefit people who have decided this is the route for them.
Copy

Christian Duncan
Managing Director at Manchester Mortgage Centre
In my opinion, CeMAP is an exam you need to pass to step foot in the industry. Straight after CeMAP you are by no means ready to start advising clients and writing business.

It gives you the foundations to start building. A little bit like passing your driving test, you only really start to learn once you're on the road. You really are only as good as where you start in this industry. Ensuring you have the right CPD and mentorship is important!

It would be great to see the CeMAP process change. An improvement would be introducing a portfolio during the process. Ensuring a student has worked alongside a broker and given some advice in a supervised environment would be a great way to demonstrate a higher level of competency from the start.

It might also improve the new entrants into the industry.