Michael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

58. To ask the Minister for Finance the number of on-site inspections undertaken by the Central Bank of credit servicing firms since the commencement of the Consumer Protection (Regulation of Credit Servicing Firms) Act 2018; the number of enforcement actions undertaken; the number of enforcement findings made; and if he will make a statement on the matter. [45982/19]

Paschal Donohoe (Dublin Central, Fine Gael)
Link to this: Individually | In context | Oireachtas source

The Central Bank has advised that it does not comment on details of inspections. It carries out its supervision of regulated entities in a number of ways, which includes both desk based and on-site reviews of various activities in regulated entities and is currently undertaking such supervisory work at a sample of non-banks, including Credit Servicing Firms.

The Consumer Protection (Regulation of Credit Servicing Firms) Act 2018 was enacted on 24 December 2018. There have been no enforcement actions taken in the period since the enactment, however, the Central Bank uses a wide range of other tools to take action against regulated entities and/or individuals, which fall short of their expected standards of behaviour including Risk Mitigation Programmes, Fitness and Probity investigations and other enforcement tools.