Apply to become a mortgage broker

Make sure you:

• state the aims and objectives of your firm and why you're applying for authorisation
• detail the full range of activities your firm will undertake, including activities that we don't regulate
• explain why the permissions applied for are needed for your business
• explain in full how you'll source customers, including details of:
  • any introducers or lead generators you'll use
  • the due diligence you'll carry out on introducers
• provide details of any website or social media advertising – find out how to ensure that your financial promotions and adverts comply with our rules
• include an organisation chart that shows your key staff, roles and where they're located
• clearly set out the experience of senior managers at your firm and explain why you believe they have the necessary skills, experience and regulatory knowledge to lead an authorised firm
• if you employ multiple advisers, including any self-employed advisers, explain how they're to be remunerated and the how their advice is overseen and supervised

For the Initial Disclosure Document (IDD) that you provide, we want to see the actual document(s) that you intend to provide customers to meet your initial disclosure requirements.

If you don't intend to issue an IDD, you'll need to set out how you'll otherwise comply with the MCOB 4.4A.1 rules in our Handbook.

You must be familiar with our Consumer Duty and comply with our rules.

When we assess your application, we'll review:

• the processes and controls you have in place to ensure the products you'll recommend are suitable for your customers' needs
• whether your fees and charges represent fair value, and whether you have processes in place to check that providers have carried out a value assessment of their product and charges
• how your communications (eg suitability letters) with your customers will aid their understanding of the products you're selling, and how you'll evaluate the effectiveness of these communications
• how you'll support your customers through the sales process, with a particular focus on customers with characteristics of vulnerability
• how you'll monitor customer outcomes, including details of the management information you'll collect to do so, and how you'll use this to improve your service – you should set this out in your business plan