As NAMBA said: “This year the minds of mortgage advisers have been focused on keeping up with high volumes of business and pressures of work may have taken precedence over the need to achieve the mortgage qualification. Some firms and individuals may be debating the necessity for this given that their staff can continue to give advice after 31st December if supervised by a qualified adviser.”
However, NAMBA has pointed out that one of the consequences of ignoring this issue is added expense. The MCCB rules are clear that even though you can continue to give advice in January, to do so, you will need to act in the capacity of a Trainee Adviser and be supervised. Supervision is an expensive business and not an option if you are a sole trader.
The MCCB has warned on several occasions over the last year that it regards the 31st December 2002 deadline as non-negotiable. Its November newsletter stresses the requirement for supervision for unqualified staff giving advice after the deadline. NAMBA’s message is that if you have not achieved the qualifications by the deadline make sure you have supervision in place for January - make sure you can prove it and focus on passing as soon as possible in 2003.