Alan Shatter (Dublin South, Fine Gael) | Oireachtas source

I thank Deputy Mac Lochlainn for raising this point. There is substantial merit in this proposal and it would appear sensible to add this provision in regard to approved intermediaries. I am advised by the Parliamentary Counsel that it would be prudent to await the final determination of the regulatory approach to personal insolvency practitioners which may lead to further adjustment of this particular section. I intend to address this matter when the Bill is going through the Seanad and I ask the Deputy whether this assurance is sufficient for him to withdraw the amendment.

Amendments Nos. 154 and 194 relate to the regulation standards, conditions and conduct of personal insolvency practitioners in the operation of the new debt settlement arrangement and the personal insolvency arrangement. I have received the approval of the Government that the insolvency service will be responsible for the direct regulation of the personal insolvency practitioners. I wish to make it clear in response to the many representations I have received in this regard that we will not impose any particular restrictions on the type of professions of persons who will be licensed to perform this function. Normally, looking at the experience in other countries, such insolvency practitioners tend to be accountants or lawyers. They can also be other professionals from the broad financial services sectors. Many of these will be regulated as appropriate by the Central Bank for the provision of other financial services. This is the approach I intend to take. Suitable persons meeting the normal fit and proper criteria and having indemnity insurance will be able to apply for registration on an individual and not on a corporate basis.

I will bring forward a new Part when the Bill goes through the Seanad to replace the current Part 5. The new Part will, by its nature, contain an extensive number of sections. I expect, subject to our consultations with the Parliamentary Counsel, that many of these regulatory provisions exist in our legislation and can be utilised and adapted appropriately to persons undertaking the work of personal insolvency practitioners. Deputies may wish to withdraw their amendments on the assurance they will be taken into account in preparing the final text.

I very much appreciate the proposals made in the amendments because they are assisting in the process in which we are engaged. I had hoped to have for Report Stage the amendments required for the personal insolvency practitioners, but a substantial amount of work had to be undertaken with regard to their formulation and certain policy decisions had to be made which required consultation with the Central Bank. We were very anxious to ensure we made progress in order that the legislation is enacted before the end of the year, and we are probably ten days or so away from the Office of the Attorney General finalising the required amendments. We will bring forward to the Seanad the amendments required, and after the Bill has completed its passage through the Seanad, it will revert to this Chamber afford Members an opportunity to consider the provisions that are be made.

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