Dáil Éireann Debate, Wednesday - 13 December 2023
72. Deputy Brendan Griffin asked the Minister for Finance if he has engaged with a financial company (details supplied) or the regulator regarding behaviour by the company, raised by this Deputy in Dáil Éireann; and if he will make a statement on the matter. [55872/23]
Amharc ar fhreagraAs Minister for Finance I cannot comment on individual credit cases or particular arrangements that may be agreed between a borrower and a Central Bank regulated entity in order to address a specific repayment difficulty.
However, there is a robust consumer protection framework in place in relation to credit agreements. This framework provides the same protections for borrowers, regardless of the regulated entity with whom they are dealing, such as a bank, a retail credit firm (RCF) or a 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) and the Consumer Protection Code (CPC).
As the independent regulator, the Central Bank has indicated that it expects all regulated firms to take a consumer-focused approach and to act in their customers’ best interests at all times. In this context, any entity which is involved in the business of providing credit to consumers, or who subsequently acquires or services such credit agreements, falls within the authorisation and regulatory scope of the Central Bank.
If a customer is not satisfied with how a regulated firm is dealing with them in relation to the handling of a mortgage or other debt, or if a customer believes that the regulated firm is not following the requirements of the Central Bank’s codes and regulations or other financial services law, they should make a complaint directly to the regulated firm. If they are still not satisfied with the response from the regulated firm, they can refer the complaint to the statutory Financial Services and Pensions Ombudsman (FSPO). The FSPO can be contacted on 01 567 7000 or at info@fspo.ie.
In addition, there are a number of public initiatives to assist people who are in mortgage or other debt difficulty. For example, the Abhaile service which is made up of the Insolvency Service of Ireland (ISI), the Legal Aid Board, the Money Advice and Budgeting Service (MABS) and the Citizens Information Board provides free financial advice, and where appropriate also, legal advice to people experiencing difficulty with their mortgage. Further information on this service can be found on the Mabs website and their number is 0818 072000. I would encourage any person who is experiencing difficulty with their debt situation to contact MABS for advice and assistance.
