According to the Intermediary Mortgage Lenders Association 47,000 of the UK's 80,000 mortgage advisers are yet to pass the required qualifications.
Under new regulations, people that give mortgage advice must pass one of two qualifications by the end of the year. If they do not pass, they can no longer give advice, unless supervised.
There are worries that unqualified advisers will find loopholes letting them advise clients but submitting the mortgages through other qualified advisers. This again does nothing to promote public confidence in financial advice and something needs to be done about it.