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IFS switches on electronic exams to beat deadline

The Institute of Financial Services is warning that time is running out for mortgage advisers who have failed to obtain the Mortgage Code Compliance Board minimum standard qualification.

It says with only eight months to go before the regulatory cut-off date of December 31, up to 20,000 advisers have still failed to take the Certificate in Mortgage Advice and Practice and are running out of time to do traditional paper based-exams.

To help advisers, the IFS has made all its papers available electronically at 150 testing centres around the UK.

Anyone wanting to sit an exam can book five days in advance and will find out whether they have passed on leaving the centre.

It says the paper-based exam process takes each adviser between 16 and 30 weeks without allowing for resits, and timing is a problem because of having to register in advance for specific exam sittings.

IFS head of PR and Marketing Timothy Fox says: “Eight months is a tight timescale and, if the possibility that the student may not pass the paper and will have to resit is taken into account, this is a big issue.”

•As part of the countdown to the deadline, each month until September Money Marketing&#39s Mortgage Brief will track the progress of Gros-venor Financial Consultants partner Charles Helfferich who is preparing to sit the Cemap bridge paper. He realised the urgent need to tackle the exam when he discovered the failure rate of 51 per cent.

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