Brian Lenihan Jnr (Dublin West, Fianna Fail)

The effect of this amendment would be to exclude a major category of mortgage introducers from the new definition of "mortgage intermediary" on page 188 of the Bill. The Director of Consumer Affairs originally indicated that the practice of using mortgage introducers, namely, persons who, though not authorised as mortgage intermediaries in their own right, introduce clients to authorised intermediaries in return for a commission, was on the increase and that the lack of regulation gave scope for abuse. With the establishment of the regulatory authority, this became a matter for it rather than for the Director of Consumer Affairs. In particular, as the regulation of mortgage introducers is being introduced in this Bill on the recommendation of the Director of Consumer Affairs, the Minister is not disposed to creating such an exclusion.