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FCA set to overhaul mortgage CeMAP qualification

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The Financial Conduct Authority is looking to overhaul the CeMAP qualification for mortgage intermediaries, Money Marketing sister-title Mortgage Strategy understands.

The regulator, which oversees financial exam standards, wants to update the qualification to reflect the modern mortgage market, taking into account new regulation and tax changes, according to sources.

This could involve changing exam scenarios and terminology, neither of which have been updated since 2011. For example, the current CeMAP wording still refers to the former FSA regulator.

The FCA is currently talking to trade bodies, mortgage firms and exam providers to get ideas for tweaks.

The regulator is not currently looking to change the CeMAP qualification from its current level three standing.

The FCA wants to bring out a formal consultation paper in the summer, and will follow that with either new exam rules or more consultation papers on specific aspects of the CeMAP.

Any changes to the CeMAP syllabus will be implemented by the Institute of Financial Services.

An IFS spokesman says: “These standards have been in place for some time now and we would certainly see benefit in them being updated to reflect recent developments in the sector. If any changes were to be made, we think it would be very unlikely that existing CeMAP holders would be affected.”

The FCA would not comment.

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  1. This sounds reasonable for new entrants and I am glad to see the FCA recognise the mortgage world has changed. Isn’t it a pity that the have yet to acknowledge the pension world has changed and that they need to change their own views on how best this new world advice sector needs a different, more appropriate regulatory stance.

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