UK FCA charges Shaun Lawrence over unauthorised mortgage broking
→Mortgage networks must verify authorisation before regulated arranging
Change
The UK FCA charged Shaun Lawrence with allegedly arranging regulated mortgage contracts without authorisation while banned from financial services.
Why it matters
The FCA treated unauthorised mortgage arranging as a criminal enforcement issue. Mortgage networks that do not verify authorisation and prohibition status before referrals risk unauthorised regulated activity.
Implications
- → Mortgage-broking firms must verify FCA authorisation before regulated arranging — unauthorised activity can trigger criminal enforcement.
- → Mortgage intermediary compliance teams must screen banned individuals before appointment — prior prohibitions remain enforceable against regulated activity.
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Source
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