The Council of Mortgage Lenders has produced a flexible online training package to familiarise lending staff with the new requirements of FSA regulation.
Costing around £50 per customer, the package has been designed to help lenders and intermediaries deliver tailored training for a variety of job roles and aims to give students a good understanding of the practical requirements of the FSA rulebook.
Produced in conjunction with online specialists, Absolutely Training Ltd, the new package is web-based, allowing users to study when they like and at their own pace. It consists of a range of modules covering various aspects of the FSA's conduct of business rules.
Questions are randomly generated, so it is impossible for users to “learn” or memorise the answers without a full understanding of the course content. The package also offers a performance monitoring and reporting system, helping firms to assess their compliance with training and competence requirements.
Kate Main, senior policy adviser at the CML and author of much of the course content, says: “Online training is the ideal way for busy people to get to grips with the new FSA requirements. This package is user-friendly and offers real flexibility, as users can tailor-make their own training and focus on the modules relevant to their jobs.
Modules currently in development include a short course for mortgage intermediaries, a course on lifetime mortgages, and a module on business lending.
The course for intermediaries has been divided up into three modules and will be formally launched on May 18 and 19 to coincide with the Manchester Mortgage Expo.
Pink Home Loans has become one of the first to sign-up. Elliott Stoneham, commercial and IT director at Pink, says: “Pink has certainly been sold on the package. At the moment training and compliance takes about three days. But because of the demand we foresee in the future we think we'll have to do a great deal of training. This will make it much quicker.”