General
The supervision process for mortgage intermediaries mirrors the general supervision approach of the Financial Regulator.
This general supervision approach seeks to ensure that all regulated financial services providers meet their responsibilities to have strong management, internal control and compliance procedures in place, and have people of integrity and competence at all levels in their organisations.
All Irish authorised financial service providers are expected to implement best practice.
Governance and Systems
Firms should have appropriate corporate governance in place. Firms should also have systems and policies in place to mitigate risk and monitor compliance with their internal policies.
Supervisory Process
Our supervisory process is carried out by way of
- Regular correspondence and engagement with firms under our supervision
- Inspections
Fitness & Probity
A sound and effective fit and proper test is a critical component of the regulatory regime. To ensure the proper discharge of their responsibilities, it is important that individuals have the relevant skills to act as a mortgage intermediary.
“Fitness” requires that a person appointed as a Director or Manager has the necessary qualifications, skills and experience to perform the duties of that position. “Probity” requires that a person is honest, fair and ethical.
Persons listed as directors/managers/principals in the Application for Authorisation as a Mortgage Intermediary may also be requested to complete and return a Garda Vetting Application Form (a hard copy will be forwarded), when it is intended to carry out a Garda check.
Consumer Protection Code
The Consumer Protection Code was fully implemented in July 2007. It is a set of general principles and detailed requirements covering many aspects of a financial services provider’s relationship with a consumer. It covers areas such as:
- Providing financial products and services to consumers
- Giving information and advice to consumers
- Advertising financial products and services
- Handling complaints
Download the 
Consumer Protection Code.
Minimum Competency Requirements
These Requirements are designed to establish minimum standards across all financial services providers from which consumers seek advice on, or seek to purchase, retail financial products.
The Requirements apply to the staff of mortgage intermediaries who:
- Provide advice to consumers on retail financial products
- Arrange or offer to arrange retail financial products for consumers
- Undertake certain specified activities
Download the Minimum Competency Requirements
Conduct of Business Supervisory Process
We monitor compliance with the Consumer Protection Code and other conduct of business requirements by way of:
- Advertising monitoring
- Themed inspections
- General inspections
- Mystery shopping
Consumer focussed inspections of mortgage intermediaries are carried out in accordance with the Protocol for Consumer Focussed Intermediary Inspections.