Becoming a Mortgage Advisor - Any advice?

dunstonh

Somewhere along the line this client is not disclosing some of his income to the Inland Revenue.

I take it that, as a Mortgage Adviser, you have no liability in this at all? You would not be required to disclose this information to anyone?

You should report him under money laundering rules. Speak with your money laundering reporting officer for guidence on how you should proceed.

You can face imprisonment if you dont (worst case). Struck off and/or fined tend to be more common if you just fail to do it and it turns out to be money laundering or fraud.

Mr_helpful

dunstonh wrote: »

You should report him under money laundering rules. Speak with your money laundering reporting officer for guidence on how you should proceed.

However this guy might just have a BTL portfolio worth millions coming up for remortgage and you have gone and got him put away. Lifes a !!!!!
Reporting customers is not good for business LOL

shameless-about-money

Thanks MrH and DH.

I start my Induction Week 23rd April.

I did think that this would have to be reported but I wasn't certain.

I do still work as a Clinical Hypnotherapist - the rules are the opposite of an MA - if I have a client who tells me that he has committed a murder/rape/robbery, I am not allowed to tell anyone. Having said that, if I had had a man telling me he was a paedophile, the police would have found out about it.

shameless-about-money

dunstonh wrote: »

You should report him under money laundering rules. Speak with your money laundering reporting officer for guidence on how you should proceed.

You can face imprisonment if you dont (worst case). Struck off and/or fined tend to be more common if you just fail to do it and it turns out to be money laundering or fraud.

In the real world do you actually get folks who are blatantly on the fiddle like this?

MortgageMamma

shameless-about-money wrote: »

In the real world do you actually get folks who are blatantly on the fiddle like this?

Yes, all the time, I've just hung up on one.

Mr_helpful

Yes I had a mobile hairdresser who tried to claim her net profit was 60K. Or another a builder claimed 80K though bank stats over 3 months showed 9K in and 14K out.
Fake payslips are more difficult to spot and theres quite a few out there

MortgageMamma

@ HWIC,

I'm not going to quote your latest reply to me because its long and labourious.

I have taken some of your points on board but please be assured, I was not implying that I AS A PERSON am any better than anyone else. I still don't like sesame and for my own reasons never will. I still think Pink is better than sesame, I cannot guarantee I will always think that btu thats my current thoughts.

Like DH says this is not a thread about thrashing out who has the best network and who is the most compliant of us all. I was simply trying to stress to my fellow advisers that they should be careful about documenting things correctly and in as much detail as possible to prevent the compensation vultures taking a swoop. The buck always stops with the adviser.

Call me paranoid if you want. Disect or twist my every word. Rip me to shreds. Floor me publicly on the forums -I dont care - I stand by my viewpoint that fact finds and suitabilities should be signed and there is no excuse for slack compliance. Perhaps I'm in the wrong job and Ishould just go be a compliance officer somewhere. I'm used to being unpopular so I will likely do it well.

shameless-about-money

Mr_helpful wrote: »

Yes I had a mobile hairdresser who tried to claim her net profit was 60K. Or another a builder claimed 80K though bank stats over 3 months showed 9K in and 14K out.
Fake payslips are more difficult to spot and theres quite a few out there

Some folks don't know what Net Profit actually means. Even though they are completing self-assessment forms!

Fake payslips???? I have never seen a kosher payslip never mind a fake one -I've always been self-employed!

shameless-about-money

MortgageMamma wrote: »

Yes, all the time, I've just hung up on one.

I take it that the prospective client actually told you that the Tax Office don't know the true earnings figures?

MortgageMamma

shameless-about-money wrote: »

I take it that the prospective client actually told you that the Tax Office don't know the true earnings figures?

No, their actual income was 22k but wanted to declare income of 48k for mortgage purposes. I don't do a lot of self cert for this very reason. Someone will call me paranoid for that