Written answers
Wednesday, 5 October 2011
Department of Finance
Financial Services Regulation
9:00 pm
Michael Colreavy (Sligo-North Leitrim, Sinn Fein)
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Question 51: To ask the Minister for Finance his plans for the regulation of home budgeting services including the form such regulation will take and the estimated date when the necessary legislation will be brought before Dáil Éireann. [27673/11]
Michael Noonan (Limerick City, Fine Gael)
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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 Central Bank has informed me that it is undertaking a review of all firms in the State which appear to offer consumers debt advice and/or debt management type services. The findings of the investigations by the Central Bank 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. Following completion of this work, the timing of any proposed legislation will be determined.
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