The specialist finance industry is long overdue a similar qualification to CeMAP. In my view, customers would feel more assured when dealing with complex loans, like bridging and commercial facilities, if the adviser has a relevant and recognised qualification.
Also, it will help make the transition for advisers more comfortable, encouraging them to offer a wider range of financial solutions with confidence. I think it ultimately raises our industry standards and achieves better customer outcomes.
The benefits stretch beyond brokers, customers and lenders. Solicitors and valuers will also benefit from the raised standards.
This qualification from the London Institute of Banking & Finance – Certified Practitioner in Specialist Property Finance (CPSP), has been driven by valuable work from the ASTL and FIBA who have listened to the market and responded.
Many of their members have supported the qualification with their time and resources and I believe the outcome is a game changer for the specialist finance industry. Speaking as a lender, and based on our product offering, I feel this qualification is just as suited, if not more suited, for many of UTB’s employees than the traditional CeMAP qualification and I am certain many other lenders will also see it this way.
We have had strong initial interest in the qualification as we have, quite rightly, promoted the course to our staff as a development opportunity. We would like all members of the ASTL and FIBA to do likewise and make it part of their business culture for staff. The benefits are clear and significant, and the fact that it includes regulation and Consumer Cuty as a module is very important, with the obvious changes that impact the whole market being imminent.
UTB strongly believes in the importance of developing and supporting its staff and we encourage them to build their knowledge and confidence as they progress their careers.
This qualification is an excellent way for people working in specialist lending to do that. Add that there will also be more knowledgeable and confident brokers in the sector, and this really is a positive initiative for the whole specialist finance industry.
Sundeep Patel is director of bridging at United Trust Bank
