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The main route the majority of our brokers opt for is the Certificate in Mortgage Advice and Practice (CeMAP). This consists of CeMAP 1, CeMAP 2 and CeMAP 3. Registered with Ofqual in the Regulated Qualifications Framework (RQF), this is the industry benchmark and you cannot advise without this qualification.
Other study routes include the Chartered Insurance Institute (CII). This consists of the CF6 and CF1 or R01. The CII Level 3 certificate is the final qualification needed to confirm you have opted for the CII route.
Another alternative is the Financial Planning Certificate (FPC). This consists of FPC 1, FPC 2 and FPC 3 plus MAQ or CeMAP bridge.
CeMAP 1 – UK Financial Regulation
This course will give you an overview of what the financial services market looks like in the United Kingdom. There are two units: unit one looks at tax, investments, savings and pensions as well as mortgages; unit two covers regulation on everything from money laundering to data protection. Because the subject is so broad many students find this exam the hardest. This is a 1-hour exam with 50 multiple-choice questions on each paper and you need a pass rate of 70% for each unit.
CeMAP 2 – Mortgages & CeMAP 3 – Assessment of Mortgage Advice Knowledge.
These two exams cover the same subjects, so they are usually studied and assessed at the same time. The first is divided into four subjects: mortgage law, applications, repayments and issues post-completion. Whilst they are both multiple- choice, CeMAP 3 involves assessing case studies.
This is a 30-minute exam for CeMAP 2 with 25 multiple-choice questions. CeMAP 3 is a 2-hour test with 6 case studies, each with 10 multiple choice questions.
Some people can get the qualification in 2 months, others can take 2 years. It really depends on your commitment to your study and the time you have available.
The official exam board estimate that the whole qualification will take 200 hours to complete.
There are over 150 different test centres around the UK, and you can take your test at any time that suits you. You can also take your test online now which is a new introduction since Covid-19.
The tests are typically done on a computer and usually take place at the same centres that are used for driving tests. The exams take place in the same way whether you decide to study independently or sign up with a training provider.
The exams cost £185 per module, £555 in total*. The registration fee includes your examination fee, as well as your online and hard copy study texts for Modules 1 and 2. It also includes online access to an information booklet and a free synoptic paper relating to Module 3. Costs may vary if you choose an alternative route of training (ie CII or FPC).
You will also get access to a student-led discussion forum, study tip videos, a weekly study planner and syllabus updates. The different priced study options can be found below.
*please note these prices are subject to change
The exams cost £185 per module, £555 in total*. The registration fee includes your examination fee, as well as your online and hard copy study texts for Modules 1 and 2. It also includes online access to an information booklet and a free synoptic paper relating to Module 3. Costs may vary if you choose an alternative route of training (ie CII or FPC).
You will also get access to a student-led discussion forum, study tip videos, a weekly study planner and syllabus updates. The different priced study options can be found below.
*please note these prices are subject to change
PLEASE NOTE: You will need to pay for the examination fees directly with The London Institute of Banking & Finance alongside the price of a course. Therefore, good advice would be to order this and see if you feel you will need more support.
Appointed representative (AR) – appointed to a Network which provides FCA governance (usually with compliance support)
Directly Authorised (DA) – directly appointed to the FCA, responsible for your own compliance support
Employed, working within a business – either an AR or a DA
Self employed, running your own individual business, this can be as a sole trader, or as a Registered Individual within AR or within a DA
Limited company – again, either as an AR or as a DA
CAS status is when you are classed as a competent advisor, and it means you can work independently with minimal supervision. It can be reached when you have 5 mortgages graded as suitable and a suitable live observation done over a video call.
You will need:
