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

These amendments deal with the new Part 5, which makes provision for the regulation, supervision and discipline of personal insolvency practitioners. The insolvency service will be responsible for the direct regulation of personal insolvency practitioners. We will not impose any particular restrictions as to the types of professions of persons who will be licensed to perform this function. Normally, looking at experience in other jurisdictions, such insolvency practitioners tend to be accountants or lawyers but can be also other professionals in the broad financial services sector. Individuals trained as mediators who have financial experience may well prove to be very effective personal insolvency practitioners. In the context of existing professionals, many of these will be already regulated, as appropriate, by the Central Bank, where they are financial intermediaries for the provision of other financial services. This is the approach I intend to take. Suitable persons meeting the normal fitness to practise and competence criteria, who have indemnity insurance, which is important, and meet the other requirements in the legislation will be able to apply for registration on an individual rather than corporate basis.

I will now address the detail of the new Part 5. Amendment No. 202 proposes the insertion of section 147, which provides for the interpretation of certain items used in the new Part.

Amendment No. 203 proposes the insertion of section 148. This new section provides that it will be an offence for a person to act as a personal insolvency practitioner who is not entitled to do so by virtue of this legislation.

Amendment No. 204 proposes the insertion of section 149. This section gives the insolvency service the power to make regulations to provide for matters such as procedures governing the authorisation of persons to carry on practice as personal insolvency practitioners, the standards to be observed by personal insolvency practitioners, qualifications and requirements as to competence, information to be provided to the insolvency service by personal insolvency practitioners and the circumstances and purpose for which a personal insolvency practitioner may charge fees or costs.

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