Brokers could work unqualified throughout their careers under Markets in Financial Instruments legislation.
This warning comes from the Association of Mortgage Intermediaries over the Financial Services Authority’s implementation of MiFID.
The concern is that MiFID will remove the requirement for brokers to pass exams within a specified time, which in theory means they might never need to qualify.
Rob Griffiths, associate-director at AMI, says: “This proposal would remove the requirement for mortgage and general insurance advisers to pass exams such as CeMAP within a specified time.
“This seems to be a step backwards for an industry which has worked hard to raise the professional standing of advisers through qualifications.”
But Robin Gordon-Walker, spokes-man at the FSA, says: “MiFID does not allow us to set a time limit for exams. But at the moment we see the vast majority of firms requiring staff to complete their exams before the required deadline as it benefits them to have qualified advisers who don’t need to be supervised.”