Pearse Doherty (Donegal, Sinn Fein)
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222. To ask the Minister for Finance his views on whether lenders here that offer standard variable rate mortgages are complying with the letter and spirit of the directive on credit agreements for consumers relating to residential immovable property as implemented by SI 142 of 2016; and if he will make a statement on the matter. [24634/16]

Michael Noonan (Limerick City, Fine Gael)
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The Mortgage Credit Directive ("the Directive") was transposed into Irish law by the European Union (Consumer Mortgage Credit Agreements) Regulations 2016 ("the Regulations"). The primary purpose of the Directive and the Regulations is to increase the level of information and protection available to prospective and actual consumer mortgage borrowers and all relevant creditors and mortgage credit intermediaries must comply with the provisions set out in the Regulations in respect of relevant credit agreements from 21 March 2016. The Central Bank is the independent competent authority for the enforcement of the Regulations and it has the power to initiate legal proceedings or pursue alleged contraventions through the Administrative Sanctions Procedure for alleged breaches of the Regulations if considered appropriate.

The Regulations also complement the Central Bank's existing consumer protection framework which includes the Consumer Protection Code 2012, the Code of Conduct on Mortgage Arrears and the Minimum Competency Code. Therefore, if a consumer is concerned or unhappy with how they have been dealt with by a firm regulated by the Central Bank, there are clear processes in place in the Consumer Protection Code 2012 for handling complaints and complaints resolution. In addition, where a consumer is not happy with the response received from the regulated firm he/she can, provided the conduct complained of occurred within the last six years, escalate his/her complaint to the Financial Services Ombudsman (FSO). The FSO has the statutory powers to investigate complaints against financial services providers.