The Money Guidance Competency Framework
Technical knowledge domains

3. Borrowing

It is important that you are aware of where the regulated boundaries are and do not go beyond them (please refer to ‘The boundaries of the service and of your role’ and the description of advice). Guidance should provide information and/or options on customers’ choice of borrowing method (e.g. credit card, loan etc.) without making an explicit recommendation.

3.1.1Awareness of main sources of credit and lending and the differences between them
3.1.2Awareness of sources of illegal or informal money lending, such as loan sharks, family and friends
3.1.3Awareness of the sources of affordable credit available those with poor credit history, such as credit unions
3.1.4Awareness of how to work out the costs involved in borrowing
3.1.5Awareness of the difference between secured and unsecured borrowing
3.1.6Awareness of the process of buying a home (e.g. securing a mortgage; valuation and surveys; removals etc.)
3.1.7Signpost or refer customers to appropriate sources of information on loans and other products, including price comparison sites
3.1.8Awareness of scams and what to do if a customer has been the subject of a scam
3.2.1Knowledge of how guarantor loans operate
3.2.2Knowledge of credit scores, how they can be affected (including how they can be improved) and how they are used
3.2.3Knowledge of how to correct incorrect information on a credit file
3.2.4Knowledge of the range of sources of credit and borrowing
3.2.5Knowledge of the types of products that are available to individuals with poor credit history
3.2.6Knowledge of sources of guidance for calculating interest and repayments, such as online calculators
3.2.7Knowledge of credit reference agencies and organisations
3.2.8Knowledge of how to use price comparison sites, calculators and other tools, and advise customers on their use
3.2.9Knowledge of the typical costs involved in moving home (e.g. removal, storage; furnishings and decoration etc.)
3.2.10Knowledge of the up-front and ongoing costs involved in home-ownership (legal fees; stamp duty/land transaction tax; maintenance etc.)
3.2.11Knowledge of the factors that are taken into account by lenders when making a mortgage offer
3.2.12Knowledge of government and other low-cost buying and ‘assist-to-buy’/assisted home ownership schemes (including shared ownership)
3.2.13Knowledge of the different types of mortgages (e.g. interest-only; variable rate; tracker etc.)

Here you will find further information to help meet the competencies in the framework and in doing so your customers too.

It includes relevant training and qualifications to the particular domain (identified by a mapping exercise carried out in 2019). These links are provided for your information and should not be interpreted as approval or endorsement of the materials.

It also includes links to further information on a range of relevant domain topics. Many of these links go to the MAS website, where you can get up to date information on most of the topics along with links to other organisations and sources of support.

This information is by no means exhaustive but our intention is that it will strengthen and grow over the course of the future programme.

We have put together a directory of further information to help you meet the competencies in the framework that will also support the people you help too.

It includes relevant training and qualifications for each domain (identified by a mapping exercise carried out in 2019).

The links to training and qualifications are provided for your information and should not be interpreted as approval or endorsement of the materials. Before signing up, it is important to check the credentials of the organisation if you are not familiar with them.

Things to think about include:

  • Will you get professional or recognised accreditation?
  • Can you get recommendations from your network?
  • Could you negotiate discounts by grouping together with other practitioners?

There are also links to further information on a range of relevant domain topics. Many of these links go to the MAS website, where you can get up to date information along with links to other organisations and sources of support. You can signpost people to these sources or use them as a basis for direct guidance. This information will be very useful for supporting your skills and knowledge in Tiers 1 and 2 technical domains.

Bear in mind this information is intended as a starting point and we plan to add further resources as we become aware of them to create a comprehensive database that will strengthen and grow as the programme develops.

Please do let us know of any training, qualifications or information resources that you use and think would help other practitioners by sending an email to MoneyPractitioners@MaPS.org.uk.

Qualifications

CII Level 3 Certificate in Mortgage Advice

LIBF Level 3 Certificate in Mortgage Advice and Practice

CII Level 4 Certificate In Advanced Mortgage Advice

You and Your Money (DB125)

Training

The Money Advice Trust – Wiseradviser – Introduction to money advice (England & Wales)

The Money Advice Trust – Wiseradviser – Introduction to money advice (Northern Ireland)

The Money Advice Trust – Wiseradviser – Introduction to money advice (Scotland)

Institute of Money Advisors – High Cost Credit

Institute of Money Advisors – Mortgage Possession Proceedings: Preventing Homelessness

Advice NI – Savvy borrowing

Money Advice Trust – Wiser Advisor – Consumer Credit Act

Money Advice Trust – Wiser Advisor – Credit Referencing: The essentials!

Money Advice Trust – Wiser Advisor – Introduction to student loans

Money Advice Trust – Wiser Advisor – Payday loans: The Facts

Money Advice Trust – Wiser Advisor – The essentials! Financial Conduct Authority and Consumer Credit

Information and guidance sources of support

The Money Advice Service – Credit files

The Money Advice Service – Comparison sites

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