The Chartered Insurance Institute has confirmed that the 1,000-plus eligible mortgage advisers who become part of the Personal Finance Society at launch will be exempt from paying the £30 fee, which applies to all other members of the CII who want to join the Society of Mortgage Professionals.
So far, mortgage advisers are lining up to join the Society of Mortgage Professionals' ranks, with membership being open from mid November. SMP's purpose is to be a centre of technical excellence and good practice for mortgage brokers, linking the CII's existing mortgage-related exams with additional support through seminars, workshops and guidance notes.
The Society of Mortgage Professionals is currently establishing an advisory board of nine major industry figures, which will include AMI director Chris Cummings and Skipton chief executive John Goodfellow.
Members of the LIA and SOFA are to vote on their proposed merger in October. If it goes ahead the Personal Finance Society will be looking to carry out a number of joint initiatives with the Society of Mortgage Professionals.
Mark Ommanney, director general of the LIA, says: ”Clearly there is a growing overlap between financial advisers in general and mortgage specialists. This offer of SMP membership is a simple, tangible benefit, in recognition of LIA members' interests.”