Brendan Griffin (Kerry, Fine Gael)
Link to this: Individually | In context | Oireachtas source

175. To ask the Minister for Finance if a company (details supplied) has met all legal and regulatory requirements to operate here; if this has been checked and verified; and if he will make a statement on the matter. [26778/16]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

Firstly, I would highlight that a list of all firms regulated by the Central Bank is available on their website:.

I have been informed by the Central Bank that the company in question is regulated by the Central Bank as an Insurance/Reinsurance Intermediary and as a Retail Credit Firm under Section 34E of the Central Bank Act 1997. Retail credit firms must comply with all Central Bank codes and Code of Conduct on Mortgage Arrears requirements. As part of a Retail Credit Firm authorisation, a firm can provide credit servicing on behalf of loan owners.

The provision contained in Section 34E of the Central Bank Act 1997 was introduced as part of the Consumer Protection (Regulation of Credit Servicing Firms) Act, 2015 which was enacted in July of last year. This Act ensures that relevant borrowers, whose loans are sold to third parties, maintain the same regulatory protections they had prior to the sale, including under the various statutory codes, such as the Consumer Protection Code, the Code of Conduct on Mortgage Arrears and the Code of Conduct for Business Lending to Small and Medium Enterprises.

The Central Bank is now the competent authority for the authorisation and supervision of credit servicing firms. Credit servicing firms must comply with all relevant requirements of financial services legislation, including the various codes mentioned already and Fitness and Probity Standards (including minimum competency requirements).

It is an offence to engage in any activity that requires Central Bank authorisation without being registered with the Central Bank.