New letters of appointment issued or existing letters of appointment withdrawn or terminated
In accordance with Section 119(1) of the Consumer Credit Act, 1995 (as amended), immediately after the holder of a mortgage intermediaries authorisation (a) ceases to act on behalf of an undertaking specified in the authorisation, or (b) begins to act as a mortgage intermediary on behalf of an undertaking not specified in the authorisation, that holder shall, in writing, notify the Bank of the event, and shall deliver the authorisation to the Bank.
When a letter of appointment has been withdrawn the Mortgage Intermediary should advise the Financial Regulator of the reason for the withdrawal/termination.
Non-compliance with the requirement to notify the Financial Regulator of changes to the appointments held may result in the Financial Regulator initiating Administrative Sanctions Procedures against the intermediary in question.
Change or addition of address
In accordance with Section 116(8)(c) of the Consumer Credit Act, 1995 (as amended), a mortgage intermediary’s authorisation must contain the address of the business premises of the intermediary. Please ensure that any changes to the principal business address of the intermediary are notified to the Financial Regulator immediately. The original document of the intermediary’s authorisation must be returned to the Financial Regulator for amendment. Similarly, if the intermediary wishes to use an additional address not noted on its authorisation, the authorisation should be returned to the Financial Regulator for amendment.
Change or addition of legal or trading name
In accordance with Section 116(8)(a) and (b) of the Consumer Credit Act, 1995 (as amended), a mortgage intermediary’s authorisation must contain both the correct legal name of the holder and any trading name(s) that the holder wishes to use.