The Society of Mortgage Professionals (SMP) has received a “huge" number of enquiries and applications for the Associate Firm status launched last month.
The society said it received a significant number of enquiries within the first week of the launch from mortgage and protection firms, lenders and distributors, with 16 firms already approved.
Associate Firm membership was launched by the Personal Finance Society last month in a bid to build public trust in a "united advice profession".
The status promises a "closer relationship" with the professional body and will require firms to provide evidence of how they are meeting certain standards under the membership if asked by the PFS.
Laura Gauden, national account manager at The Society of Mortgage Professionals, said: “Customers really need professional advice, so it’s never really been more important than now for advisers to be able to show the value of their professional advice that they’re already giving.”
Relaunched with a number of updates in December, the Society of Mortgage Professionals aims to raise professional standards among mortgage brokers.
Ms Gauden said the society’s plans for the year ahead included increasing its membership base with those specifically in the mortgage and protection sector.
She noted: “We’ve got a wide range of members at the moment, from those that deal a little bit in mortgages, to those that specifically focus on it. So we will be looking specifically to those that are the mortgage and protection professionals.”
Ms Gauden encouraged brokers to engage with the society and ensure their knowledge is up-to-date in the later life and equity release spaces.
She said: “Engage with us and talk to us about how you see your business, where your challenges are, and let us help you to find the best and most effective way specific to your business to ensure that you’re moving forwards and continually growing and developing, and ensuring that you’re maintaining those high customer standards that you already have.”
chloe.cheung@ft.com
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