Following the enactment of the Central Bank (Supervision and Enforcement) Act 2013 (?the Act?) on 11 Jul 2013 the Central Bank became the competent authority for the regulation and authorisation of debt management firms.
Consultation on the Authorisation Requirements and Standards for Debt Management Firms (CP70), sets out draft authorisation requirements and ongoing standards for the debt management sector and is open for submissions from interested parties until 23 September 2013.
Bernard Sheridan, Director of Consumer Protection said: ?The proposals set out a robust set of requirements for what is an important sector, particularly for the clients of debt management firms many of whom struggle to manage their financial commitments and seek advice and assistance from these firms. The standards drawn up are reasonable, and have been informed by assessing the experiences of the debt management sectors in other jurisdictions and evaluating relevant standards internationally.
Response to Consultation on the Authorisation Requirements and Standards for Debt Management Firms?. Please make your submissions electronically by email to debtmanagementservices@centralbank.ie
Friends, community groups, politicians, etc will be able to continue to give this advice, as long as they don't charge for it.
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10.5 Debt Management Firm means a person who for remuneration provides debt management services to one or more consumers, other than an excepted person; 10.6 Debt Management Services means? (a) giving advice about the discharge of debts (in whole or in part), including advice about budgeting in connection with the discharge of debts, (b) negotiating with a person?s creditors for the discharge of the person?s debts (in whole or in part), or (c) any similar activity associated with the discharge of debts; |
Source: http://www.askaboutmoney.com/showthread.php?t=181046
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