Eoghan Murphy (Dublin South East, Fine Gael)
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Question 115: To ask the Minister for Finance if existing legislation allows for regulation of debt management and debt advice services companies. [23718/11]

Eoghan Murphy (Dublin South East, Fine Gael)
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Question 116: To ask the Minister for Finance his plans to regulate debt-management and debt-advice services companies. [23719/11]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 115 and 116 together.

The Government is committed to having in place an effective regulatory system for debt-management and debt-advice companies. To that end, my officials are in consultation with the Central Bank in examining what legislative proposals would be appropriate in this area.

Eoghan Murphy (Dublin South East, Fine Gael)
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Question 117: To ask the Minister for Finance his plans to protect those who had their finances managed by a company (details supplied). [23720/11]

Michael Noonan (Limerick City, Fine Gael)
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Following the collapse of Home Payments Ltd (HPL) last month, the Central Bank commenced an investigation into the matter. This investigation is on-going and I await the final report from the Bank. However, I can confirm that the Central Bank has informed me that, as HPL was not authorised or licensed by the Bank, clients are not eligible for a compensation scheme/deposit protection scheme and, in addition, clients of HPL do not have recourse to the Financial Services Ombudsman. Since the collapse, the Central Bank has worked with the National Consumer Agency and with regulatory and industry bodies to provide assistance to customers of HPL who are at a financial loss. The Bank has also informed me that it is undertaking a review of all firms in the State which appear to offer customers debt advice and/or debt management type services.

The Government is committed to having in place an effective regulatory/supervisory system for those firms providing a household budgeting and bill payment service, a debt management service and/or a debt advice service. The findings of the investigations by the Central Bank into HPL and into the other firms will inform what regulatory/supervisory system should be put in place for firms providing these services - whether provided separately or bundled together - or, alternatively, what amendments to the current regulatory/supervisory framework may be required.