Derek Nolan (Galway West, Labour)
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To ask the Minister for Social Protection the reason the new mortgage advisory service is confined to accountants; her plans to open up the service to financial brokers in view of the fact that they are specifically qualified to provide financial advice and are open to scrutiny by the Central Bank of Ireland; and if she will make a statement on the matter. [40759/12]

Tom Hayes (Tipperary South, Fine Gael)
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To ask the Minister for Social Protection the reason the new advisory service for mortgage holders in difficulty has been confined to accountants; and if she will make a statement on the matter. [40455/12]

Brian Walsh (Galway West, Fine Gael)
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To ask the Minister for Social Protection if she will consider the inclusion of financial brokers in the range of professionals to provide advice through the new advisory service for borrowers in mortgage distress in view of the fact that they are specifically qualified to dispense such advice and are regulated by the Central Bank; and if she will make a statement on the matter. [40542/12]

Joe McHugh (Donegal North East, Fine Gael)
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To ask the Minister for Social Protection if she will provide an update in the role in the new advisory service for mortgage holders in difficulty, of insurance brokers and independent financial advisors that are regulated by the Central Bank of Ireland; if she envisages a role for such businesses to complement the role of accountants that she set out when announcing the new service; and if she will make a statement on the matter. [40574/12]

Seán Kyne (Galway West, Fine Gael)
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To ask the Minister for Social Protection the rationale for the exclusion of independent financial brokers who are regulated by the Central Bank and operate to a high standard from taking part in the advisory service for persons experiencing mortgage difficulties. [40625/12]

Olivia Mitchell (Dublin South, Fine Gael)
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To ask the Minister for Social Protection if she will clarify the person's who may become a member of the panel of advisors of the new independent advisory service for mortgage holders; if her attention has been drawn to concerns among professions such as financial brokers that they will suffer from loss competitive advantage if they are admitted to this scheme at a much later date; if she will give consideration to immediately admitting such professions which are well regulated and meet the criteria of the scheme; and if she will make a statement on the matter. [40730/12]

Joan Burton (Dublin West, Labour)
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I propose to take Questions Nos. 186, 232, 244, 252, 257 and 261 together.

I recently announced a three-phased approach to establishing a comprehensive Mortgage Arrears Information and Advice Service to provide the necessary supports to assist people in mortgage distress. The approach differentiates between mortgage information and mortgage advice. The first two involve the enhancement of the website and the establishment of a Mortgage Arrears Information Helpline within the Citizens Information Board both of which focus on the provision of comprehensive mortgage arrears information in particular to people in arrears or pre-arrears.

The third element of the service is the provision of independent financial advice to mortgage holders who are being presented with long term mortgage resolution proposals by their lenders. This advice will be provided by a panel of accountants drawn from members of the main accountancy institutes in Ireland who have agreed to participate and support this independent service.

When a lender is proposing longer-term mortgage resolutions, the lender will advise the borrower to obtain independent financial advice on the proposed arrangement and that, if the borrower wishes to avail of this option, that the lender will pay €250 to an accountant of the borrower’s choosing for the provision of this advice.

An operating protocol for the provision of this advice has been agreed between the main recognised accountancy bodies and the lenders. The general scope of the advice will be limited to the borrower’s principal private residence.

The advisory framework has commenced with practicing accountants because they already operate within a regulatory regime which includes qualitative oversight by their regulating bodies and in these circumstances it was possible to establish the advisory framework for people with mortgage distress within a relatively short timeframe.

There is nothing to inhibit other financial intermediaries from continuing to give advice on mortgages as requested by borrowers. It is intended to review the operation of the advisory framework in June 2013 at which point other interested parties who meet the criteria in terms of qualifications, experience, independence, professional indemnity insurance, etc., may be considered for inclusion.

The accountancy bodies have already notified their members about the new service with a view to having the panel in place before the end of September. The panel will be available on a county by county basis and the details will be available on the website .