The Mortgage Board is warning that more than a quarter of mortgage brokers are in danger of missing the deadline to get qualifications which allow them to continue advising.
The warning comes as IFAs say the Chartered Insurance Institute is being “grossly unfair” in giving its own mortgage advice qualification priority over the Chartered Institute of Bankers' certificate in mortgage advice and practice.
The MCCB says time is running out for the 10,000 brokers yet to register to sit Cemap and Maq exams which they must pass by next December to continue giving advice. It is urging brokers to sign up for the qualifications within two months or risk missing the deadline.
Over 37,000 advisers have registered for Cemap exams, while 6,300 are signed up with the CII for Maq, with 2,900 successful completions.
Mortgage Board chief executive Luke March says: “The deadline of December 2002 may seem a long way ahead but leaving it late in the day will put advisers under a great deal of pressure.”
This month, the CII said it will accept Maq as a half credit to the Advanced Planning Certificate but will not accept Cemap on the same terms.
IFA Castlegate Financial Management office compliance manager Paul Newton wrote to the MCCB saying: “I believe this to be grossly unfair and ask the MCCB to take this matter up with the CII with the objective of obtaining the same recognition for the Cemap qualification”.
MCCB legal and policy director Sue Scott says: “We will make enquiries with the CII,but our remit is mortgage advice. The AFPC is not directly related to this and it is not our role to tell institutions what they should do.”
The CII says it has not yet received a formal request to look into this matter.