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Extra sittings for mortgage exam

The Chartered Insurance Institute is introducing three extra mortgage advice qualification examination sessions to help intermediaries obtain the qualification by the end of 2002.

By December 31, 2002 anyone providing mortgage advice and recommendation to clients must possess Maq or its equivalent to meet the Mortgage Code Compliance Board&#39s requirements.

The move by the CII means advisers can sit the exam in January, April,

July, September, October, November or December next year.

It says there are currently 3,617 holders of Maq with

a further 2,307 advisers registered to take the exam.

The combination of Maq with the Financial Planning Certificate also qualifies as a half-credit towards the Advanced Financial Planning Certificate which the CII says is ideal for advisers wanting to embrace and demonstrate high standards of professionalism.

Maq is a three-hour exam in two parts with the first part comprising 50 mult-iple-choice questions and the second part consisting of two case studies and

covering the servicing of existing mortgages.

CII director of production Kate Clayden says: “We want to give advisers the opportunity to complete Maq and to select the most suitable time to take the examination.

“Our advice, however, is not to leave it until the last minute. This just puts the advisers under unnecessary pressure.”

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