As many as 20,000 unq-ualified mortgage brokers may be offering advice to unsuspecting customers and abusing public trust, according to Campbell Dallas Financial Services.
The Scottish firm is warning of “rogue advisers” giving mortgage advice without having the minimum Cemap or Maq qualification they should have gained by December 31 under Mortgage Code Compliance Board rules.
It says nearly 45,000 mortgage brokers got the professional qualification by the December 31 deadline but this leaves 10,000 to 20,000 yet to pass an exam. Campbell Dallas is concerned that there is nothing to stop unqualified brokers from handing out advice on a mortgage.
But it says there will be no hiding place for brokers who have ignored the Dec-ember deadline from April 1, when they have to renew their MCCB registration.
Managing director Gavin Hutchison says: “Advisers have been given two years to pass what is a relatively straightforward exam and anyone who has failed to gain the qualification before the deadline has absolutely no excuse.”