View more on these topics

SMP says level 4 must be the minimum for loan brokers

The Society of Mortgage Professionals has called for an industry drive to make QCF level 4 the minimum standard for mortgage brokers.

Chief executive Richard Fox says there is not currently a qualification relevant to mortgage advice at QCF level 4 but argues that one should be developed in order for mortgage brokers to “hold their heads up high” alongside IFAs in the post-retail distribution review market.

Fox’s comments come after Council of Mortgage Lenders director general Michael Coogan provoked outrage from the bro-king community in a speech last week criticising small brokers for behaving like “salesmen”. He called for the RDR to be applied to the mortgage market as soon as possible.

Fox says: “It is time for mortgage brokers to think about moving upwards again after M-Day and in light of the RDR. The drive for CeMap really came from the industry and I would like to see that happen again so that brokers reach the same qualification level as investment and other advisers are going to have to reach.”

Fox does not believe it will push mortgage brokers out of the industry, arguing that the good ones will rise to the challenge.

But Brentchase Financial managing director Mike Fitzgerald says: “It is important there is a minimum qualification level for brokers but now that we have CeMap, that is enough and experience is more important.

“City traders and many of the people who took too many risks in the run-up to the crisis were extremely highly qualified with MBAs and so on. We have to be careful not to drive more people out of the industry.”


Liontrust reveals Euro absolute return details

Liontrust has announced that its European long/short absolute return retail fund will be launched at the end of June, subject to Financial Services Authority (FSA) approval.The Liontrust European Absolute Return fund, managed by Gary West and James Inglis-Jones, will use the same investment strategy as their existing long-only Continental Europe fund. Called the Cashflow Solution, […]

Strong start for L&G three

Legal & General has underlined its commitment to the investment philosophy that helped its three multi-manager funds outperform in a challenging first year.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm