Dáil Éireann Debate, Tuesday - 1 June 2010
156 Deputy Tom Sheahan asked the Minister for Finance the regulatory provisions that have been put in place to ensure best practice in the debt management industry; and if he will make a statement on the matter. [22940/10]
Amharc ar fhreagraThe Money and Budgeting Service (MABS), which falls under the remit of the Minister for Social Protection, provides a national, free, confidential and independent service for people in debt. MABS offices, throughout the country, work with people in order to assist them with their financial planning and budgeting for the future.
Recently, as the numbers experiencing debt problems have increased, commercially orientated debt management undertakings/advisors have also become more active in this area. I note that the Law Reform Commission, in its recently published Interim Report on Personal Debt Management and Debt Enforcement, recommends that commercial debt management undertakings/advisors should be subject to a regulatory regime and that codes of practice should be established to govern the business practices of such operators. Some form of regulation is now required for this sector. My Department is examining policy options in consultation with relevant bodies and I have asked my officials to come forward with proposals which will satisfactorily address this issue in legislation.
