A professional recognition programme for mortgage advisers has been launched by the London Institute of Banking & Finance.
Dubbed ‘Certified Mortgage Adviser’, the endorsement is designed to help advisers stand out in the mortgage and equity release sector.
The creation of CMA status, available to advisers from this month onwards, follows LIBF’s decision earlier in June to formally recognise practical investment planning as a specialist unit for the advanced diploma in financial advice.
“In an increasingly complex world, it’s important for advisers to be able to demonstrate their credibility,” said John Somerville, LIBF’s financial services and professional education head.
“As the awarding body for CeMAP – the benchmark qualification in the mortgage advice sector – CMA status will really help advisers stand out.”
Those adviser’s eligible to become CMAs must hold an appropriate LIBF qualification to advise on mortgages or equity release, such as CeMAP or CeRER.
They must also be actively advising clients, listed on the Financial Conduct Authority’s register as “giving regulated mortgage advice” at the point of application, and a member of LIBF - which costs £82 a year.
The award, which will be renewed annually, comes in the form of “a secure digital badge”.
In September last year, LIBF launched a protection qualification to fill the “gap” in the advice sector.
Prior to this, there was no requirement for protection advisers to be qualified.
But unlike the protection qualification, which takes 130 hours on average to complete, the CMA will be awarded to advisers automatically if they meet all the relevant criteria.
ruby.hinchliffe@ft.com
