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- Apply to become a mortgage broker
First published: Last updated: 15/11/2023
If you want to engage in regulated activities as a mortgage broker, you need to be authorised by us. Find out how to apply for authorisation.
On this page 
- What to read first
- Prepare your application
- Application fee
- Final check and submit
1
Read everything listed below
Start with our main 'how to apply' page for all applicants
2
Prepare your application
Include your business plan and other supporting material
3
Pay the application fee
You must pay this in order to apply
4
Submit your application
You'll do this on our Connect system
Mortgage brokers must either be authorised by us orbecome an appointed representative of another firm that has the relevant permissions.
You'll need to demonstrate that you can consistently deliver good outcomes for retail consumers.
What to read first
The application process
Ourhow to applypage explains:
- ourexpectations of all firms
- the application process
- how to avoid delays with your application
You must read this page in full before submitting your application through ourConnectsystem.
Supporting material
Along with your application form, you'll need to provide a range of supporting documentation including your:
- business plan
- financial forecasts
- required policies andother relevant forms on Connect
Check whatsupporting materialyou need to include before you start your application.
Our letters to your sector
We expect you to make our Consumer Duty a top priority.Read our portfolio letterthat sets out our view of the main risks of harmand the action we expect firms to take.
You should also review the correspondence for insurance intermediaries and credit brokers if you're proposing to carry out these activities as well.
Ourhow to applypage explains:
- ourexpectations of all firms
- the application process
- how to avoid delays with your application
You must read this page in full before submitting your application through ourConnectsystem.
Along with your application form, you'll need to provide a range of supporting documentation including your:
- business plan
- financial forecasts
- required policies andother relevant forms on Connect
Check whatsupporting materialyou need to include before you start your application.
We expect you to make our Consumer Duty a top priority.Read our portfolio letterthat sets out our view of the main risks of harmand the action we expect firms to take.
You should also review the correspondence for insurance intermediaries and credit brokers if you're proposing to carry out these activities as well.
Prepare your application
You'll submit your application through ourConnectsystem, so make sure youregister.
Your application must include your:
- application form
- business plan
- financial forecasts– use the financial analysis template forincorporated firmsorunincorporatedfirms and sole traders(whichever is relevant to you)
- other relevant forms andsupporting material
Below are some of the specific things we expect to see if you're a mortgage broker – providing this information will help you todemonstrate that you can meet our expectations.
We know we're asking for lots ofinformation, but if you submit everything required in sufficient detail it'll help us assess and determine your application without delays.
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'llcarry 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 andwhere they're located
- clearly set out the experience of senior managers at your firm and explain why you believe they have the necessary skills, experienceand 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 theMCOB 4.4A.1 rulesin 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 supportyour 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
You must answer all questions on the application honestly, including on Form As, and provide us with full information regarding any disclosures you make, including details about any removals you've had from lender or product providers’ panels.
If in doubt, let us know as much as possible, even if it may not seem relevant.
If you don't disclose something, we take this very seriously and may consider it to be evidence of dishonesty and/or lack of integrity.
Application fee
You have to pay a fee to submit your application.The fee is non-refundable.
Your fee falls into pricing category 4, which will be £2,500.
Find out more about ourauthorisation fees, including our pricing categories and how to pay.
Final check and submit
Before you submit everything on Connect, give it one more check to be sure you've included everything.
Ourhow to applypage has 3 top tips to ensure your application goes smoothly, and explains what happens after you've submitted it.
If you need more help
Please contact us on 0300 500 0597.We'reopen Monday, Tuesday, Wednesday and Friday 9am to 5pm, and Thursday 9.45am to 5pm.
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On this page
- What to read first
- Prepare your application
- Application fee
- Final check and submit
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