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In the UK mortgage brokers have to go through very tough controls and are continually monitored by a regulatory body called the Financial Services Authority.

If you are applying to become a mortgage broker you have to go through exams which usually can take over a year and longer to complete.Once you have passed these mortgage broker or mortgage adviser exams you have to then become competent by way of between 6 - 12 months of supervision before you can deal with any mortgage case on your own.

If becoming a self employed mortgage broker, most normally work through an umbrella company who usually cover many of the business needs, your public liability insurance plus you have regular competency logs each month and many exams or seminars required to stay competent.There is a requirement for a money laundering officer and you have to report to plus a raft of other requirements before you are allowed to work through these parent companies.They also investigate your complete financial history and require the prospective broker to declare their finances.This includes credit cards, loans, bank accounts building society accounts, shares, bills and each and every transaction they had in the prior three months of their finances.What, where and why any money paid in or out your bank account, down to the last penny, must be explained.

As any reader will notice the story here is 'lets hammer the small guy' and it looks good as if the authorities are vigilant in their government remit.What really happened is they focused so much on the small mortgage broker, they didn't see the big picture, 'can't see the wood for the trees' and the large institutions got away with what suited them - PROFIT! - the driving force of capitalism.

Jim Mathieson