Gerry is a builder who introduces purchasers to Marley Mortgage Brokers and receives remuneration. Which statement is most accurate?

• A. Gerry must be authorised by the Competition and Consumer Protection Commission
• B. Gerry must be authorised by the Central Bank
• C. Gerry must be authorised as a mortgage guarantor
• D. Gerry can only introduce purchasers of properties he built to one mortgage intermediary. Otherwise, he must be regulated as a mortgage introducer

Answer: (B)

The key point is that introducing mortgage business for remuneration is a regulated financial service. In Ireland, anyone who introduces borrowers to a mortgage broker or lender and receives payment for it falls under Central Bank regulation as a mortgage intermediary. That means Gerry needs authorisation from the Central Bank to perform this activity. The CCPC doesn’t grant authorisation for financial services, so that option isn’t correct. Being authorised as a mortgage guarantor isn’t relevant to his role as an introducer, and there isn’t a blanket rule that he can only introduce to one intermediary; the crucial requirement is Central Bank authorisation for this activity.