Mortgage Intermediaries that intend to provide services to Irish consumers must be authorised in accordance with Section 116 of the Consumer Credit Act, 1995 (as amended).
A mortgage intermediary is defined as “a person (other than a mortgage lender or credit institution) who, in return for commission or some other form of consideration
(a) arranges, or offers to arrange, for a mortgage lender to provide a consumer with a housing loan, or
(b) introduces a consumer to an intermediary who arranges, or offers to arrange, for a mortgage lender to provide the consumer with such a loan”
It is an offence for a person to engage in the business of being a mortgage intermediary unless
- he/she is the holder of an authorisation granted for that purpose by the Financial Regulator; and
- holds a letter of appointment in writing from each undertaking for which he/she is an intermediary.
The Financial Regulator is responsible for the authorisation and supervision of over 2,000 mortgage intermediaries.
Many mortgage intermediaries also operate as retail investment intermediaries (Multi-Agency Intermediaries or Authorised Advisors) or insurance intermediaries. For further information on investment intermediaries, please go to the Investment Intermediaries or the Insurance/Reinsurance Intermediaries sections.