Mortgage Brokers and the FSA
In order to qualify as a mortgage broker in the UK an individual must pass a series of exams offered by one of two training institutions. In addition, the prospective broker will be required to receive a satisfactory level of on-the-job training and experience within the financial services industry.
The financial services industry in the UK is regulated by the Financial Services Authority (FSA). A mortgage broker who wishes to advise their clients on mortgages for residential properties will fall under the stewardship of the regulator. The FSA has determined that mortgage brokers who practice within this area of financial services must first complete an approved qualification and receive training and guidance from other qualified advisors before being signed off as a competent mortgage broker.
Once a mortgage broker is authorized, they may advise their clients in all matters relating to mortgages. The mortgage broker may then work within a bank or building society, a mortgage brokerage, an estate agency, or they may establish their own practice and work on a self-employed basis.
Studying to become a Mortgage Broker...
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