FCA ·

FCA charges individual over unauthorised mortgage broking

Mortgage firms must verify FCA authorisation before regulated mortgage arranging

Financial Services
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The FCA charged Shaun Lawrence with allegedly arranging regulated mortgage contracts without authorisation while banned from financial services.
Why it matters
The charge turns unauthorised mortgage arranging into a live criminal-enforcement control issue. Mortgage firms, intermediary networks and introducer arrangements must verify FCA authorisation, permission scope and prohibition status before allowing anyone to arrange regulated mortgage contracts.
Implications
  • — Mortgage-broking firms must verify FCA authorisation and permission scope before allowing individuals to arrange regulated mortgage contracts.
  • — Mortgage intermediary compliance teams must screen banned or previously authorised individuals before appointment, referral handling or customer-facing activity.
  • — Appointed representative and introducer networks must define role boundaries before referrals because arranging regulated mortgage contracts requires FCA permission.

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