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    • twistershoot
    • By twistershoot 11th Jul 18, 12:20 PM
    • 17Posts
    • 2Thanks
    twistershoot
    brokerage conviction
    • #1
    • 11th Jul 18, 12:20 PM
    brokerage conviction 11th Jul 18 at 12:20 PM
    Is there a possibility to open a Mortgage Brokerage with a criminal record? I have the quals

    I recieved a suspended sentence a year ago which is over now. But the conviciton isn't spent yet (until 4 years). (its not a dishonesty or fraud related).

    Any opinions would be appreciated.
Page 1
    • amnblog
    • By amnblog 11th Jul 18, 2:30 PM
    • 10,831 Posts
    • 4,313 Thanks
    amnblog
    • #2
    • 11th Jul 18, 2:30 PM
    • #2
    • 11th Jul 18, 2:30 PM
    A Network desperate for numbers might take you on.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • ACG
    • By ACG 11th Jul 18, 2:32 PM
    • 17,827 Posts
    • 9,612 Thanks
    ACG
    • #3
    • 11th Jul 18, 2:32 PM
    • #3
    • 11th Jul 18, 2:32 PM
    I suppose it would depend on the offence (im not hinting at details there BTW). Depending on the offence, some lenders/insurers may not allow you to open agencies with them.

    You would probably need to speak to the FCA and/or some Mortgage Networks.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • twistershoot
    • By twistershoot 12th Jul 18, 11:37 AM
    • 17 Posts
    • 2 Thanks
    twistershoot
    • #4
    • 12th Jul 18, 11:37 AM
    • #4
    • 12th Jul 18, 11:37 AM
    thanks guys for your responses.
    Even if it was my own brokerage as self emplpyed, or I was working for a brokerage in someone elses name , do lenders request DBS ?

    I have never been on a network before, can you tell me a few so I can contact them?
    • ACG
    • By ACG 12th Jul 18, 12:12 PM
    • 17,827 Posts
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    ACG
    • #5
    • 12th Jul 18, 12:12 PM
    • #5
    • 12th Jul 18, 12:12 PM
    Gary Watts at Which Network - give him a shout.

    There is no information to go off on here to tell you if you are wasting your time. I can only assume if it is showing on a DBS check it is quite serious.

    Lenders will not ask for a DBS check, but they will ask about criminal convictions. If you lie and get found out, that is the end of your career.

    When I went Directly Authorised, I declared a crime I had been done for - on paper, it went down as fraud (which being in financial services is as bad as it gets), but in practice I jumped on a train and did not get a ticket as the train pulled in just as I got there. I intended on getting a ticket on the train as I did all the time but the rail company made an example of about 50 people that day (I was one of them). I was completely open about it and also provided a DBS check (which did not have the crime listed). The FCA did not ask me anything more beyond my initial explanation. So it is not necessarily the end of the world, but it will depend on what you have done, how recent and so on.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • twistershoot
    • By twistershoot 25th Jul 18, 12:03 PM
    • 17 Posts
    • 2 Thanks
    twistershoot
    • #6
    • 25th Jul 18, 12:03 PM
    • #6
    • 25th Jul 18, 12:03 PM
    Hi ACG, I've contacted Gary, who said a network wouldn't allow me atm but adviced me to look at getting directly authorised.

    I have spoken to FCA, who said a criminal record wouldnt stop me getting authorised. Each case is based on its own merit.

    Can I ask why the DBS didnt have your crime listed? is it cus it was spent? how long after the 'crime' commited did you get authorised?

    Also what would be the fundemental differences between being directly authorised and working for a network?

    P.S I am glad it worked out well for you at the end.
    • ACG
    • By ACG 25th Jul 18, 12:49 PM
    • 17,827 Posts
    • 9,612 Thanks
    ACG
    • #7
    • 25th Jul 18, 12:49 PM
    • #7
    • 25th Jul 18, 12:49 PM
    No idea why the crime was not listed.
    It may be because it was minor in the grand scheme of things but could be because it was about 5 years prior but I genuinely do not know.

    It was about 5 years to join a Network and another 2 years before I went DA.

    If you are not currently a broker then I can not see you being allowed to go DA. I would speak to the FCA. You have to pay a non refundable fee of 1000 on application and then wait 5-6 months before they decide if they will allow you to proceed or not. So speak to the FCA and maybe even a company like Simplybiz to get their thoughts.

    As a network you have everything set out for you and roadmap of what needs to be done for compliance and someone checking your cases. As a DA firm you decide on your processes. There is a LOT more work being DA, but I think it is worth it as we have grown quicker and have our processes in place which allows us to be slicker on each case.

    But the flip side is, if there is a case you are not sure about, you do not always have someone to run it by why may have already seen something similar. Maybe find a DA firm to see if you can joint them?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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