Saturday 11 December I t is as easy as one, two, three to become a currency dealer and take cash from the public in exchange for foreign money. All you need is a spare bedroom, a computer, and a broadband connection.

You can hide your location behind a maildrop and a non-geographic phone number. Some of Britain's plus small currency dealers operate at this level. There is a "fit and proper" person test but, as this is designed to prevent money laundering, it is easy to pass, although bankrupts, those banned from holding company directorships, and those convicted of certain offences, including money laundering, will fail. However, critics suggest there is little scrutiny, given the low fee.

HMRC is not interested in the business model, only that you won't launder money.

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It is far less onerous than the full authorisation required for bigger firms, which involves solvency checks, probes on directors and a business model, including segregated accounts. As an SPI, you won't need any of these.

The form is simplicity. You tick a box to say you are not a criminal and your turnover will stay under the monthly average. The FSA will not say how many checks it makes but, again, the small fee rules out major probes. Those in the business suggest that once registered, you are on your own.

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This will ensure you have no personal liability if you hit trouble. Now all you need is a bank, or other currency supplier, plus a website, and you are in business. Mark Bodega of authorised firm HiFX says: A vast number who display the FSA and logos are only registered, and anyone could run a firm like this from home.

There may well be other companies collapsing. How many more failures will we need before the rules are tightened? Please choose your username under which you would like all your comments to show up.

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