Mortgage Code Compliance Board (Mortgage Board) has warned advisers that if they register late and fail, then there may not be enough to re-take their papers before the deadline.
Luke March, chief executive of the Mortgage Board, said: "Although 250 days might seem quite a long time, we strongly recommend that advisers who have yet to register for the exams, do so quickly. This should then leave them just enough time to study and re-take the exams, if necessary. Any further delay, and they risk limiting their options unnecessarily.
"Past research indicates that fully trained and qualified sales people are more likely to provide a better, more professional service to customers. It is therefore essential for the industry that we all maintain the momentum in raising standards"
The most recent figures from the Mortgage Board have revealed that 55,400 advisers have now registered with the Institute of Financial Services (ifs) to sit either the CeMAP or CeMAP ‘Bridge’ paper, and almost 21,000 of these have now passed.
The Chartered Institute of Bankers in Scotland (CIOBS) have reported 6,523 registrations and 2,409 completions for the Certificate in Mortgage Advice and Practice.
And, the Chartered Insurance Institute (CII) has confirmed that over 12,000 registrations have been received for the MAQ paper, and 5,760 advisers have now qualified.
In total, there are around 74,000 individuals registered with one of the three institutes, of which 29,000 have now passed.