Credit servicing (the management and administration of credit agreements under which cash loans have been advanced to certain individuals and SMEs) has been a regulated activity in Ireland since July 2015 (see our previous briefing here). On 10 December 2015, the Central Bank published its Authorisation Requirements and Standards for Credit Servicing Firms, (the Requirements) following its July 2015 Consultation. A helpful FAQ is also available on the Central Bank’s website.
The Requirements are divided into two parts:
- Part A sets out the requirements that applicants for authorisation must comply with. Each firm may have further conditions attached to its authorisation when it receives it from the Central Bank.
- Part B contains a non-exhaustive list of the regulatory requirements that apply to these firms.