Written Answers Nos. 110-119
110. Deputy Richard Boyd Barrett asked the Minister for Finance if he will drop VRT on vehicles specially adapted for disability to assist ongoing access to public transport for those with disabilities and to financially assist taxi drivers looking to purchase such vehicles; and if he will make a statement on the matter. [7690/17]
Amharc ar fhreagraVRT is charged on the basis of vehicle type not vehicle use and, for VRT purposes, taxis and hackneys are taxed as passenger vehicles. I am not aware of any taxis or hackneys dedicated solely to servicing the transport needs of the disabled i.e. all such vehicles also accept fares from able-bodied passengers.
Any tax concessions for this group of vehicles would inevitably lead to pressure for the extension of the relief, on competitive grounds, to all taxis and hackneys and this would be impossible to control.
In this regard, it should be recognised that tax reliefs have proved at times to be a blunt, inflexible and expensive means of providing assistance and achieving policy aims which might be more effectively achieved through regulatory or direct expenditure means. VRT on vehicles helps to broaden the tax base and provides an important source of Exchequer revenue. I am regularly asked to introduce tax reliefs for one purpose or another, but to accede to all such requests would lead to an immediate narrowing of the tax base, therefore, I have no plans to reduce or eliminate VRT on taxis including those specially adapted for those with disabilities.
111. Deputy Michael McGrath asked the Minister for Finance if there is a limit of the number of live loans that a customer can have with an individual licensed moneylender at any point in time; and if he will make a statement on the matter. [7516/17]
Amharc ar fhreagra112. Deputy Michael McGrath asked the Minister for Finance if there are rules regarding the loan limit that a selling agent can decide upon during a face to face meeting with a customer with regard to licensed moneylending; the process of underwriting that must apply; and if he will make a statement on the matter. [7517/17]
Amharc ar fhreagra115. Deputy Michael McGrath asked the Minister for Finance the amount currently owed to licensed moneylenders in Ireland; the number of customers that are in debt to these moneylenders; and if he will make a statement on the matter. [7520/17]
Amharc ar fhreagraI propose to take Questions Nos. 111, 112 and 115 together.
Anyone wishing to engage in the business of moneylending requires a licence from the Central Bank in accordance with the Consumer Credit Act 1995. Consumers of licensed moneylenders are protected by a range of provisions to which moneylenders must adhere, including but not limited to, the Consumer Protection Code for Licensed Moneylenders (Moneylenders Code), the European Communities (Consumer Credit Agreements Regulations) 2010 and the Consumer Credit Act 1995.
There are currently 39 moneylenders licensed under Section 93 of the Consumer Credit Act 1995 sector. The 2013 Report on the Licensed Moneylending Industry published by the Central Bank showed that there were around 360,000 customers of licensed moneylenders with outstanding loan amounts in the region of €200 million at that time. I understand that it is the intention of the Central Bank to prioritise a review of the Moneylenders Code with a view to issuing a consultation paper on this in Q4 2017.
The legislation does not prescribe a limit in respect of the number of loans a consumer can have with an individual licensed moneylender at any point in time. Before entering into a loan a licensed moneylender has a statutory duty under Regulation 11 of the European Communities (Consumer Credit Agreements Regulations) 2010 to assess the creditworthiness of a consumer, using sufficient information. In addition, the Moneylenders Code sets out a range of provisions in respect of a licensed moneylender's engagement with its consumers. For example, the Moneylenders Code requires a licensed moneylender (a) to act fairly, with due skill and care, in the best interests of its consumers, (b) to disclose the high cost nature of loans by way of a prescribed "Warning" statement and (c) not to offer unsolicited pre-approved credit facilities. The Moneylenders Code also sets out requirements in respect of how complaints should be handled and requires licensed moneylenders to notify consumers of their right to refer unresolved complaints to and provide the contact details of the Financial Services Ombudsman.
113. Deputy Michael McGrath asked the Minister for Finance if there are limits on the amount of cash that a licensed moneylending agent can have in their possession or in their vehicle in the course of their work; if there are any security concerns arising therefrom; and if he will make a statement on the matter. [7518/17]
Amharc ar fhreagraAnyone wishing to engage in the business of moneylending requires a licence from the Central Bank in accordance with the Consumer Credit Act 1995. Consumers of licensed moneylenders are protected by a range of provisions to which moneylenders must adhere, including but not limited to, the Consumer Protection Code for Licensed Moneylenders (Moneylenders Code), the European Communities (Consumer Credit Agreements Regulations) 2010 and the Consumer Credit Act 1995.
However, the relevant legislation does not prescribe any limits on the amount of cash that a licensed moneylending agent can have in their possession or in their vehicle in the course of their work. Any such limits and any resulting security concerns arising are a matter for the licensed moneylender to consider.
114. Deputy Michael McGrath asked the Minister for Finance if the agents that meet with the customers at their home are generally employed by the moneylender or are self-employed with regard to licensed moneylending; and if he will make a statement on the matter. [7519/17]
Amharc ar fhreagraThe legislation provides that a moneylender can appoint agents to act on its behalf under Section 97(1) of the Consumer Credit Act, 1995 (CCA). However, the licensed moneylender is responsible for ensuring its ongoing compliance with the Consumer Protection Code for Licensed Moneylenders, the European Communities (Consumer Credit Regulations) 2010 and the CCA.
The Central Bank is aware that some licensed moneylenders engage both employed persons and self-employed persons/agents to provide moneylending services on their behalf. Pursuant to the Central Bank's Fitness & Probity Regime all licensed moneylenders are responsible for ensuring that individuals performing Controlled Functions (CFs) meet the Fitness & Probity Standards, both prior to appointment and on an ongoing basis.
116. Deputy Clare Daly asked the Minister for Finance the steps he will take to address a situation whereby any errors in a person's credit rating as published by the Irish Credit Bureau may remain uncorrected for up to 18 months, which is the length of time it can take for the Financial Services Ombudsman to deal with a complaint regarding such errors. [7522/17]
Amharc ar fhreagraFirstly, I must point out that the Irish Credit Bureau is a private company and it is obliged to collect and manage the personal data in its possession in compliance with relevant data protection legislation. By law, financial institutions must ensure that information they hold or give to anyone else, including the Irish Credit Bureau, about an individual is correct and up to date. A person who discovers errors in their credit report should ask the lender to correct these details. If they are not satisfied with the actions of the lender and they fail to resolve the matter through the internal complaints mechanism, they could consider making a complaint to the Financial Services Ombudsman (FSO) about the lender. The FSO does not deal with complaints about the Irish Credit Bureau. Alternatively the matter could be referred to the Office of the Data Protection Commissioner.
Steps are now under way for the establishment of a mandatory credit reporting system on a statutory basis. The Credit Reporting Act 2013 provides that the Central Bank of Ireland shall establish, maintain and operate a statutory central credit register. Under the Act there will be an onus on credit information providers to take reasonable steps to verify that the information it obtains from its customers for the purposes of the register is accurate and complete. Also, in addition to the protections and rights available under the Data Protection Acts, borrowers will also have the right to obtain their credit report at any time and they will also be entitled to request the correction of any information on the register relating to them where it is inaccurate, incomplete or not up to date. As previously indicated, the Central Credit Register is being implemented on a phased basis with phase 1 focusing on lending to consumers and phase 2 focusing on lending to businesses. Data submission by lenders for phase 1 will commence after 30 June 2017.
I should also state that the Financial Services Ombudsman (FSO) is independent in the performance of his statutory functions.
However, I have been informed by the Financial Services Ombudsman that he has adopted a new model of Dispute Resolution since February 2016. This new model involves considerably more interaction with the parties, particularly in terms of speaking with the parties at an early stage of the process and attempting to resolve their complaint through mediation. I understand that this approach is delivering a faster, more efficient and effective service and that the majority of complaints are now being resolved through this means. The Financial Services Ombudsman aims to complete 80% of complaints, resolved through mediation, within a 3 month period.
If a settlement is not reached through mediation, the complaint will be progressed to investigation and adjudication. This is a more formal and lengthy process as all the evidence must be gathered, exchanged and considered in accordance with fair procedures. The adjudication process is more formal than the dispute resolution process and will occasionally require an oral hearing where evidence is taken under oath. The Ombudsman has informed me that the length of time taken to adjudicate will depend on the number of exchanges that take place between the parties. Typically this can take about 4-6 months. The Ombudsman's aim is to issue a finding within 3 months of when the exchanges between the parties are complete (in 90% of cases).
117. Deputy Mick Barry asked the Minister for Finance ,further to Parliamentary Question No. 137 of 24 January 2017, if he will reply in full to the question in view of the fact section 851A(8) of the Taxes Consolidation Act 1997 states that a charity cannot avail of the confidentiality if it fails in its tax obligations. [7561/17]
Amharc ar fhreagraI am advised by Revenue that section 851A of the Taxes Consolidation Act 1997 (whether in subsection (8) or in any other subsection), does not contain the type of provision referred to by Deputy Barry. The right of a charity (or, indeed, of any taxpayer) to have its tax affairs treated as confidential does not depend on whether or not it fails in its tax obligations. The only reference to a charity is contained in subsection (8)(f) which outlines the circumstances in which a Revenue officer may disclose information, i.e. "such information as a Revenue Commissioner may authorise in writing and which is in the possession of a revenue officer in relation to the name of the charity, its objectives, its governing documents and its principal officers,".
In the circumstances, I have nothing further to add to my reply to Parliamentary Question No. 137 of 24 January 2017 (Ref No. 2613/17).
118. Deputy Pearse Doherty asked the Minister for Finance the details of the meetings he or officials of his Department have had in each of the years 2011 to 2014 in relation to private equity funds, investment funds and real estate investment trusts; the dates on which these meetings took place; the meetings listed at which he was personally in attendance; and if he will make a statement on the matter. [7565/17]
Amharc ar fhreagraIn response to the Deputy, I am advised it is not possible within the time allowed to provide the range of information sought and having regard to the time period in question. This information is being compiled and I will arrange for a further reply to be provided in line with Standing Orders.
119. Deputy Pearse Doherty asked the Minister for Finance when the financial services and Pensions Ombudsman Bill will be published; and if he will make a statement on the matter. [7572/17]
Amharc ar fhreagraThe Financial and Services and Pensions Ombudsman Bill is a priority Bill for the Government and it is one of 31 Bills prioritised in the legislative programme for publication by July of 2017.
The heads of Bill underwent prelegislative scrutiny on 27th October of 2016 and the consequent report of the Oireachtas Committee is awaited.
In the meanwhile, officials in my Department are working with officials in the Office of the Parliamentary Counsel to finalise a draft text of the Bill. It is a fairly lengthy Bill with nearly 60 heads to be drafted coupled with the complexity of amalgamating two different complaints systems. However, it is hoped that the Bill will be published in the coming months.
