Simon Harris (Wicklow, Fine Gael) | Oireachtas source

No, the essence of what the Minister said was to ensure there is a regulated entity, somebody is answerable and there is consumer protection. The owner bank is responsible for everything the credit servicing firm does. Somebody is responsible at all times, therefore the consumer is protected. The practice currently takes place. As it stands, the regulated financial service provider is the responsible entity and must ensure the company it is using for its credit servicing is behaving correctly towards the consumer. There is no evidence to suggest that the arrangement is not effective. If there were such evidence, I would welcome it. The Bill will not change the arrangement, given that the Minister feels the consumer is adequately protected when one of the entities dealing with the credit is regulated and, therefore, subject to the supervision of the Central Bank and responsible for behaving in a manner that is not a prescribed contravention. The Bill is being introduced to ensure that, at all stages, one entity is responsible to the Central Bank and the consumer is protected. It is already the case and there is no evidence to suggest it is not an effective way of doing it.