Industry welcomes FCA exam review

In addition to mortgages, the FCA will examine benchmark standards in a variety of financial advice sectors, including securities and pensions transfer, with the Society of Mortgage Professionals and parent body, the Chartered Insurance Institute, set to be represented at all the relevant meetings.

SMP head of professional development, Lee Travis, commended the initiative, saying that it had been long-anticipated by the society.

He said:

“Indeed, we were ahead of the curve in supporting our members when we introduced our Certificate in Advanced Mortgage Advice in August 2014 in response to adviser demand for an option to improve their qualifications without regulatory intervention.

“The FCA are not looking to make changes to mortgage qualification requirements and have not confirmed any intention to move from level 3.

“However, an increasing number of self-motivated mortgage professionals are taking the initiative and upgrading to a level 4 qualification of their own volition."