The Chartered Insurance Institute is setting up the Society for Mortgage Professionals in its effort to raise professional standards across the financial services industry.
The society will link the CII's existing mortgage-related examinations and the online competency tool mortgage Assess along with additional support through semin-ars, workshops and guidance notes.
Richard Fox, the current compliance officer at the MCCB, will become the society's chief executive on November 1. An advisory board has been put together to ensure the society reflects the needs of the mortgage industry. An internet site is being set up for mortgage advisers to express their views on what the society could represent and offer.
Membership of the society will provide access to seminars, a dedicated website, a quarterly newsletter and access to CII membership services including the online information services facility.
The CII is seeking feedback from mortgage advisers at seminars held in October to help determine the nature of the services to be provided. Members will be admitted in mid-November.
Society of Mortgage Professionals chief executive designate Richard Fox says: “The mortgage arena is a fundamental and very significant part of the retail market that the Chartered Insurance Institute perhaps did not focus on as much as it would have wished to. This is a separate faculty of the CII which hopes to focus on the needs of people in the business.”
CII director general Dr Sandy Scott says: “Advisers have already clearly shown their desire to adopt the highest levels of professionalism through their positive response to meet the new regulatory requirements for formal qualifications.
“The Society of Mortgage Professionals will enable them to build on and demonstrate their commitment to the benefit of the consumer and to the reputation of the industry.”