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Policing fears on loan exams

Lenders and brokers are calling for reassurance that the Mortgage Code Compliance Board will put measures in place to effectively police whether brokers have attained the necessary qualifications from the end of the year.

After the deadline of Dec-ember 31, advisers must have passed Cemap or Maq but the industry says it is confused about who will take responsibility for ensuring that those who claim to have qualified have done so.

Broker club and trading platform Mortgage 2000 director Sean Hornsby says he is not aware of any MCCB initiatives and is warning that unqualified brokers could slip through the net until April when they must renew their MCCB registration.

But broker franchise Mortgageforce believes lenders must take some responsibility as the MCCB relies on them to help police the industry.

Intelligent Finance sales and marketing director Ian Jeffery says: “I am confused about who will be responsible for policing this. Lenders have a commercial relationship with intermediaries but we do not own or control them. I am most concerned about how the public is going to be protected.”

MCCB spokesman Brad Baker says: “There will be a range of measures and monitoring processes in place but we are not ready to announce them yet. The responsibility will not be on lenders and anyone unqualified giving advice will be in breach of our rules.”

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