Thursday, 2 May 2013

Questions (172)

John Paul Phelan

Question:

172. Deputy John Paul Phelan asked the Minister for Justice and Equality if an individual who is an authorised person by the Central Bank of Ireland to deal in financial services and who is qualified to deal in financial products by the grandfather arrangement of being fully operational before the year 2000, is eligible to practice as a personal insolvency practitioner under the terms of the new Act; and if he will make a statement on the matter. [20886/13]

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Written answers (Question to Justice)

The Insolvency Service of Ireland (ISI) will shortly publish Regulations under Section 161 of the Personal Insolvency Act 2012 in regard to the authorisation and regulation of personal insolvency practitioners (PIPs). The Regulations will set out the necessary criteria in relation to qualifications. The Insolvency Service will accept applications from individuals to become PIPs if they meet the eligibility requirements set out in the Regulations. It is likely that future practitioners will be solicitors, barristers, accountants and qualified financial advisors. In addition, there is a further option for individuals who hold a relevant qualification in the area of law, business or finance to make an application.

The applicant will also have to demonstrate to the satisfaction of the Insolvency Service that they have the relevant knowledge and experience to become a practitioner. This will be done by completing a course of study and passing an exam on the law and practice generally, as it applies in the State relating to the insolvency of individuals, including the Personal Insolvency Act 2012.

An individual who is an authorised person by the Central Bank of Ireland to deal in financial services and who is qualified to deal in financial products by the grandfather arrangement of being fully operational before the year 2000, will not be eligible to practice as a personal insolvency practitioner, but it will, of course be open to such persons to apply in the same manner as other individuals to be licensed by the ISI to practice as PIPs.