Mr. Ger Deering:

The good news is that, under the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015, everything travels with it. In other words, if a bank sells a loan on to any organisation, we can still consider a complaint in that regard. Indeed we have dealt with some complaints in such situations and we have ended up with two separate complaints. There might be a complaint about the conduct of the bank before it sold the debt or in respect of how it sold the debt. For example, I have come across situations where banks have sold loans without even telling the consumer. The first the consumer knew of it was when someone new turned up. That behaviour is completely unacceptable. We can also examine the entity that takes on the loan because all the same codes and protections apply. Whatever the contract states, the arrangements continue to apply. The new owner of the debt cannot unilaterally change the contract. Second, all the consumer codes apply because of the Consumer Protection (Regulation of Credit Servicing Firms) Act.