Dáil Éireann Debate, Tuesday - 7 November 2023
320. Deputy Carol Nolan asked the Minister for Finance to clarify what protections are in place for persons who feel they are not being treated fairly by so-called 'vulture funds' (details supplied); and if he will make a statement on the matter. [47865/23]
View answerThe Deputy will be aware that I cannot comment on individual cases or particular arrangements that may be agreed between a borrower and a regulated entity in order to address a specific repayment difficulty.
There is a robust consumer protection framework in place in Ireland. This framework provides the same protections for borrowers, regardless of the regulated entity with whom they are dealing, be that a bank, retail credit firm (RCF) or credit servicing firm (CSF). These regulated entities must be authorised and supervised by the Central Bank of Ireland, and are subject to the full suite of relevant regulatory requirements and financial services legislation, including the Code of Conduct on Mortgage Arrears (CCMA).
I would draw the Deputy's attention to paragraph 44 of the CCMA which states that a lender must carry out a review of an alternative repayment arrangement at any time, if requested by the borrower.
The CCMA has been designed to protect consumers and regulated lenders are legally obliged to comply with it. I would encourage any individual experiencing difficulty with their repayment arrangements to first contact their provider directly and use the official complaints procedure. If they are unhappy with the response and efforts to improve the service they are receiving, they have the option to make a complaint to the Financial Services and Pensions Ombudsman. Information on the complaints procedure is available on the FSPO website.
