IMLA voices its concern over qualification numbers

The Intermediary Mortgage Lenders Association has voiced concern at the alarming level of apathy among intermediaries over the mortgage advice qualifications.

Current MCCB rules require that mortgage advisers should have passed either the CeMAP or the MAQ qualification by December 31 2002 but IMLA&#39s research indicates advisers are not completing their qualifications.

IMLA suggests confusion over the changes made to the regulatory regime by the MCCB and the government, concern at returning to academic study after many years and overconfidence are key reasons for remaining unqualified.

Tony Ward, chairman of IMLA (pictured), says: “This is a worrying situation for lenders, intermediaries and their clients. Over 47,000 advisers remain unqualified at present with just 21 weeks to go. This represents more than half of the industry. If these unqualified individuals have not made significant progress towards qualification already there is little chance of them doing so by the deadline.”

The Institute of Financial Services has warned advisers not to be complacent about obtaining the qualification. Some 47,334 registered advisers have yet to sit the exams but the IFS says that flawed preparation, rather than limited capacity at test centres, is the biggest threat to advisers.

IFS spokesman Simon Ashmore says: “We have the capacity to test people but the one fear we do have is that people won&#39t structure their studies properly.

“We will meet the five-day booking request and anybody who wants to meet the December 31 deadline will be able to do so.”

•See training, page 16