The Society of Mortgage Professionals (SMP) has introduced an Associate Firm scheme to allow firms within the mortgage sector to publicly demonstrate their alignment to the professional standards and code of ethics set by the sector’s professional body.

SMP says Associate Firms will enjoy a closer association with the body as part of a ‘united’ approach to build public trust in the sector helping to elevate the importance and value of professional mortgage advice and services.

Firms applying to be an Associate Firm must commit to a set of core professionalism principles, which include acting in the best interests of their clients as well as investing in the development of staff.

As Associate Firms, businesses must commit to complying with the spirit as well as the rules of both regulations and employment law.

Firms must have a clear diversity and inclusion policy, for both staff and clients, in addition to having a policy covering their approach to corporate social responsibility.

Associate Firms will be able to display the Associate Firm logo, including an aluminium plaque, to demonstrate their commitment to the principals. They will also be listed and linked from the Society of Mortgage Professionals website.

David Thomas, chair of the Society of Mortgage Professionals, said: “Associate Firm allows firms to demonstrate they are united with us in building a better, more unified profession that is trusted by the general public.

“Those committing to the core principals can publicly hang a badge with pride that shows their commitment to professional standards and can be used to help differentiate them from competitors who have not made the same pledge.”