Regardless of the strength of up-and-coming economic behemoths, such as China and the emerging markets of, for example, Brazil, it is still the US that leads.

In a mortgage sense, you might point to the emergence of the sub-prime market in the US as being a good example of this ‘follow my leader’ attitude.

Certainly, here in the UK we embraced the concept whole-heartedly before realising, far too late, that it was far from what it was cracked up to be.

This moment in time graphically demonstrated that perhaps the special relationship (certainly in the mortgage market) was perhaps not worth pursuing.

Not everything that works in the States (or rather doesn’t work) should be taken on here in the UK. And don’t we know this now.

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This was brought home to me this summer when I spent an interesting time in the good ole U.S. of A looking at the mortgage market and, in particular, the intermediary sector there.

The contrast between the market and the regimes we have here in the UK and what is going on in the US couldn’t be more starkly different.

While I would not suggest that we are paragon of virtues when it comes to all the intermediary fraternity, compared to some of the operators in the US, we are the mortgage equivalent of the late Mother Teresa.

Speaking to some key figures at US-based lenders, it appears that fraud is rife and the cause of significant levels of that fraudulent activity is brokers.

While our intermediary sector is regulated to within an inch of its life, US brokers are not so weighed down with regulatory scrutiny.

Indeed, I was told that regulation of mortgage brokers is almost non-existent.

Add into this market some key issues, such as a very regionalised sector with too many banks and little or no product innovation, and you wonder why we look across the pond for inspiration in such areas.

I realise that I’m in danger of sounding like Jim Bowen to unsuccessful contestants on Bullseye – ‘Come and have a look at what you could have won’ (as the screens peel back to reveal a speedboat).

However, in terms of the market we have and the level of professionalism and service we deliver, while adhering to the strictest of regulatory regimes, I believe we should start to pull back from beating ourselves up.

There is business out there – perhaps not as much as we would like – and those that are still working are more than likely to be streamlined, efficient and still making profit.

There is something to be said for the intermediary sector’s fortitude and entrepreneurial zeal, and we are fortunate to have a far broader and more innovative sector than many other countries.

At times, you might think this is not enough.

However, a quick comparison with many other countries around the globe should hopefully show you that working in this market is far from the booby prize we could have ended up with.

Richard Adams is managing director of Stonebridge Group