Stay focused on competence

Mortgage intermediaries have been urged not to lose focus on meeting fitness and competence standards as they train to meet the MCCB&#39s December 31 mortgage advice qualification deadline.

The MCCB has reaffirmed its commitment to upholding standards in the New Year, with statutory rules making it compulsory for brokers to establish a fitness and competency regime in addition to obtaining a mortgage advice qualification.

Richard Angliss, managing director of compliance outfit Home Buyer Systems, says: “This issue has faded into the background with the furore over the qualification deadline but it would be a huge irony if advisers pass their exams only to get caught out for insufficient compliance systems.

“Brokers will have to prove that they are maintaining and testing their level of competence, and will also need a personnel system covering employees &#39histories.”

Angliss adds that proprietors should establish compliance statements, including regular assessments of those not yet fully qualified.

MCCB spokesman Brad Baker says: ” Under the new rules, we will be focusing activity in these areas, and monitoring of all other areas of the Mortgage Code.”