When asked about the need for a qualification, similar to CeMAP, for the specialist finance market an expert panel was split on whether such a need actually exists.
The panel consisted of Gavin Diamond of United Trust Bank, Roz Cawood from Hope Capital, Chris Waind of Central/Mercantile Trust, Adrian Moloney from One Savings Bank and Adam Tyler of FIBA.
Waind, said he saw value in such a qualification, which could be similar to CeMAP and believed it could prove useful in improving professionalism.
He added: “It [a qualification] would drive good practice in the industry and we end up with a more streamlined, professional market on the whole.
“We don’t want to limit transactions and we don’t want something so arduous as this is still an unregulated industry – it’s about increasing professionalism.”
However, Tyler, executive chairman of FIBA, said that increased education would be his preferred way of moving professionalism forward.
He outlined details of current discussions he is currently undertaking with The London Institute of Banking & Finance (LIBF) to create a learning course.
He said: “I think going all the way down the route of having a qualification is wrong. There is no regulation and no need to for brokers to do it.
“One of the things we do need though is better education. We are in discussions with the LIBF about looking at a formal training scheme.”
That scheme would consist of nine modules covering certain aspects of the specialist finance sector. Tyler added that more details would be revealed in the near future.
On the topic of education the panel was unanimous in its belief that more was needed to maintain, and indeed increase, professionalism in the sector.
The panel was speaking at the Mortgage Business Expo at the Business Design Centre in London today (14 October).