Results 30,821-30,840 of 35,932 for speaker:Pearse Doherty

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Pearse Doherty: I saw the three safeguards suggested by the Financial Services Ombudsman and I have an issue with none of them. I do have an issue with setting the number of complaints at three, and even two is inadequate. This legislation has a double lock. One of these is the threshold of three complaints in one year, but the most important is that the Financial Services Ombudsman must decide it is in...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Pearse Doherty: Section 44 allows the courts to issue an order to an individual to stop doing something or to carry out a particular act. Does the order expire once the individual complies with it or after a particular period has elapsed? In other words, if a court orders a person not to engage in a particular transaction, at what point will the order expire?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Pearse Doherty: Are we discussing the Minister's amendments to the section? I wish to make a couple of points.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Pearse Doherty: Amendments Nos. 73 and 87 to 94, inclusive, are being discussed together.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Pearse Doherty: Yes. They are the Minister's amendments.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Pearse Doherty: I am lost.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Pearse Doherty: The Minister's proposals are included in amendments Nos. 87 to 94, inclusive.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Pearse Doherty: No problem. I welcome the Minister's amendments and wish to ask some short questions to seek clarification. There will be "excepted persons" under the new section 48. For example, a number of established groups - New Beginning, the Irish Mortgage Association, IMA, etc. - fall within the definitions of giving advice on the discharge of debt and negotiating with creditors. Do they also fall...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Pearse Doherty: I will ask the question in another way. Is it the intention to regulate organisations such as the IMA or New Beginning which give free advice to persons in mortgage distress?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Pearse Doherty: The Minister's definition of "no remuneration for the giving of advice" would not necessarily allow persons to attain charitable status.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Pearse Doherty: Nowhere in the relevant subsections is it stated an organisation that is not a charity will be exempt.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Pearse Doherty: My second query is on the fees to be applied by debt management agencies. Under this regulation, will that database be held centrally by the Central Bank and will the information be published to support consumer protection and the process of transparency?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Pearse Doherty: The fees and charges applied by debt management companies must be authorised by the Central Bank, but will there be a public register?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Pearse Doherty: There are public registers of the fees other entities can charge, particularly agencies that provide short-term loans. That database is available on the Central Bank's website. Will the Minister consider something along these lines for debt management agencies in order that people might be empowered to know who is charging the highest fees?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Pearse Doherty: My final question is on something that is missing from the section - debt collection. While debt management agencies are included, debt collectors remain unregulated. Did the Minister consider this matter while developing the legislation?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Pearse Doherty: If the Minister for Justice and Equality was present, he would probably claim that it was a financial service and could be legislated for like any other financial service. Between the two Ministers-----

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Pearse Doherty: Debt collection is not licensed or regulated.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Pearse Doherty: It is fair to suggest debt collection legislation should fall to be dealt with by the Department of Justice and Equality, but the problem is that it has been thrown about between the two Departments. The matter should fall to the Department of Finance and debt collectors should be regulated like any other financial entity, yet this sector is unregulated and unlicensed. I take it from the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Pearse Doherty: I am happy with the section, but we are moving at a fast pace. I have no problem with this, but I would like to raise something in retrospect with regard to the disclosure of a whistleblower.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Pearse Doherty: Section 18 sets out convictions and fines for any person who impedes the work of the reviewer. I am not objecting to these provisions but the focus is on the financial institutions or individuals who may be obstructing the reviewer or providing misleading information to an inquiry. What if the reviewer provides misleading information, however? This is a very small country and many of the...