Education, education, education.
Since the Certified Practitioner in Specialist Property Finance (CPSP) qualification launched in May, around 50 people have already passed as the training programme gathers momentum.
In our latest blog, Black & White Bridging’s Director of Intermediaries Adam Tyler, who has been heavily involved in the creation and delivery of the CPSP, tells us more about what it is, who it’s for and why it can be a useful tool for the industry.
What is the CPSP?
The CPSP is the Certified Practitioner in Specialist Property Finance and is an educational programme, assessment and qualification from the London Institute of Banking & Finance (LIBF) written in conjunction with the Financial Intermediary & Broker Association (FIBA) & the Association for Short Term Lenders (ASTL) and covers:
Bridging Loans
Development Finance
Commercial Mortgages
Specialist Buy to Let
Why was the CPSP created?
There are several factors, but a few stand out; firstly, there are more and more people with a regulated background coming into the specialist lending space looking for additional knowledge. Most already hold the Certificate in Mortgage Advice (CeMap) qualification, and in addition, lenders now have huge businesses, and the scrutiny is much more intense and there is a will, not just to show the regulator that we are looking after our own industry, but because now is the time to show how our professional standards have risen and will be maintained.
Who is the CPSP for, and why?
Everyone involved in the industry and further afield, both brokers and lenders of all types of experience and also those with none who are looking to work in specialist short term lending. The aim is for everyone to share knowledge and participation in this programme, and it will really help those with less experience in the industry, it is not compulsory and can be taken by those who are not working in specialist property finance.
What are the benefits of the CPSP?
As it is not compulsory, it is not required by the lenders to introduce business, but in an industry that is seeing regulation creep every year, the latest being Consumer Duty, we must ensure that the customer is at the heart of all we do. Therefore, investing time in learning more about the industry and being part of ongoing learning is going to benefit the customer and the industry as whole. It will also allow new participants to enter and help us grow the sector in the correct way.
When did the idea for the CPSP first come about?
The origins began 18 years ago when I first started looking after the Certificate in Commercial Mortgages (CeCm) which at the time was a module of CeMap. My first dealings with the London Institute of Banking and Finance came a few years later, when we completely reviewed the syllabus to reignite interest – it was then the Institute of Financial Services. Unfortunately, after another five years or so, the CeCm was withdrawn and replaced by a generic exam.
Another few years passed and two Trade Bodies, one being the ASTL, went back to the LIBF to enquire about a programme for the short-term market. This gained a certain amount of interest, and some progress was made, but ultimately the momentum needed was not there. At the end of 2021, we really began to build so much more momentum and enthusiasm that it was difficult to harness and manage and that is when the build of the CPSP really started.
Why should someone consider completing the CPSP?
This is the only educational programme that covers those unregulated sectors of the property lending market and for those wishing to work in specialist finance, it covers everything you need to know to get started. For those with experience, displaying the badge when you have passed the assessment shows that as an Industry, we are promoting best practice.
If you’d like to discuss the CPSP in more detail, Adam can be reached on 0117 937 4333 or by email: adam.tyler@blackandwhitebridging.co.uk.
