The latest figures from the examination bodies show of those qualified, nearly 8,600 have taken the Bridge route.
The Chartered Institute of Bankers in Scotland (CIOBS) report 5,500 registrations with 1,900 completions to date, with the CII reporting similar high growth in activity with 3,617 MAQ completions and 2,307 advisers registered to take the exam at a future sitting.
David Hollingworth, mortgage specialist at London & Country Mortgage Advisers, said: “We have been ahead of the game with getting brokers qualified. All new advisers do CeMAP 1 as part of their induction. They cannot do any advising until they have sat the exam. We have a requirement for our advisers that they must pass each paper in two goes. It’s something we feel is absolutely right. If people are expecting professional advice, they should be given so by qualified professionals.”
The rise in completions follows the introduction of the Mortgage Code Compliance Board’s (MCCB) Fitness and Competence requirements as part of the revised Registration Rules which came into force on 1 May 2001, completion of one of the accredited professional qualifications is compulsory for mortgage advisers providing full advice and recommendation after December 2001.