Michelle Mulherin (Mayo, Fine Gael)
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To ask the Minister for Social Protection the reason financial brokers are excluded from participating as advisers in providing free independent financial advice for borrowers in mortgage distress under the Mortgage Arrears Information and Advice Service; the criteria used to decide that only accountants could offer such advice; if she will consider including financial brokers who have the appropriate knowledge and experience to the service; and if she will make a statement on the matter. [41276/12]

Paul Connaughton (Galway East, Fine Gael)
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To ask the Minister for Social Protection if financial advisers will be allowed to administer advice under the mortgage advice scheme; and if she will make a statement on the matter. [41505/12]

Éamon Ó Cuív (Galway West, Fianna Fail)
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To ask the Minister for Social Protection the reason for her proposal that the new advisory service for mortgage holders in difficulty is to be confined to accountants; the reason financial brokers regulated by the Central Bank of Ireland are not included; and if she will make a statement on the matter. [41709/12]

Robert Troy (Longford-Westmeath, Fianna Fail)
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To ask the Minister for Social Protection if she will reverse the decision that has been made to confine the new advisory role for mortgage holders in difficulty to accountants; and if she will make a statement on the matter. [41848/12]

Michael Creed (Cork North West, Fine Gael)
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To ask the Minister for Social Protection the reason she is excluding mortgage brokers from acting on behalf of distressed mortgage holders in the new advisory service; her views on whether this profession which is regulated by the Central Bank of Ireland and is already undertaking this role in a private capacity, is adequately qualified and appropriately regulated to merit inclusion in this advisory service; and if she will make a statement on the matter. [41892/12]

Joan Burton (Dublin West, Labour)
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I propose to take Questions Nos. 260, 284, 291, 303 and 307 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 recognised 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 practising 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. While the advisory framework will be monitored on an on-going basis, it is not intended to conduct a formal review of the scheme before the due date of 2013. At this time, 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 notified their members about the new service and a panel is available on a county by county basis on the website .