Dáil Éireann Debate, Tuesday - 24 November 2015
159. Deputy Sean Fleming asked the Minister for Finance his plans to improve the regulation of moneylenders; when this matter will be fully and satisfactorily dealt with; and if he will make a statement on the matter. [41364/15]
View answerI have been advised by the Central Bank that a licensed moneylender carries on the business of moneylending under the specific terms of the license granted by the Central Bank. Customers of licensed moneylenders are protected by a range of provisions that moneylenders must adhere to, including but not limited to, the Consumer Protection Code for Licensed Moneylenders, the European Communities (Consumer Credit Agreements Regulations) 2010 and the Consumer Credit Act, 1995.
Compliance with supervisory and legislative requirements is monitored on an ongoing basis through a robust annual licensing process, advertising and market intelligence monitoring and themed and institution-specific inspections. Issues identified are addressed with the relevant firms. Failures to adhere to the supervisory and legislative requirements have and will continue to lead to appropriate action being taken, including proceedings under the Central Bank's Administrative Sanctions Procedures, where relevant.
Neither I nor the Central Bank has any role in relation to the regulation of illegal moneylenders and the Central Bank has informed me that it reports any suspicions to the Gardaí. Illegal money lending is a criminal offence and a matter for An Garda Síochána to investigate.
I would strongly encourage every Deputy to ask that anybody who has information about the operation of unlicensed moneylenders makes it available to the Garda Síochána, whose duty it is to enforce the law in this area.
