It is important to be aware of the potential risks that come with working with introducers. Introducers, sometimes referred to as “savvy fixers”, are individuals who may introduce potential applicants to weak, greedy, or lazy firms. These individuals may have a client bank and are often former advisers themselves.

While introducers can be a valuable source of new business, it is important to exercise caution and conduct proper due diligence before working with them. Firms that fail to do so may find themselves unwittingly dealing with fraudulent clients or applications.

Clients introduced by an introducer may have been coached for areas such as back door residential or buy-to-let properties. They may also have obtained fraudulent documentation such as pay slips and bank statements with the help of the introducer. Such activities can have serious legal and financial consequences for the firm.

To mitigate these risks, it is important to complete an application form for any new introducer. These forms can typically be obtained through the adviser portal. By completing these forms, firms can ensure that they have properly vetted and approved any new introducers before working with them.

While introducers can be a valuable source of new business for mortgage brokers, it is important to exercise caution and conduct proper due diligence before working with them. Completing an application form for any new introducer is a key step in ensuring that the firm is protected from potential fraud and legal issues.