Construction BUSINESS

Central Bank collappsing on imposition counsellors

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Central Bank collappsing on imposition counsellors

April 01
12:43 2016

According to the Central Bank some firms counselling struggling borrowers are failing to properly collect all of the information needed to grant the best help and guidance, while otheimagers may not be entirely communicating the potential implications of debt deals to vulnerable clients.

The Regulator meant that nine firms are looking to become authorized debt management, agencies have had their applications refused. The results of its inspection of the debt management sector announced The Central Bank yesterday.

It found shortage in how some firms are assessing consumers’ circumstances prior to giving  counsel also in how they are explaining the impact for consumers if they take the suggestion.

The director of consumer protection, Bernard Sheridan said:”As most consumers who pay for the services of these firms are already in financial difficulty, the Central Bank expects firms to gather all the consumer’s financial details in order to take a complete view of consumers’ circumstances prior to giving them advice on their debts,”

He said, that the Central Bank has put a strong regulatory framework in place and has ensured that firms seeking to enter this sector are thoroughly challenged during the authorisation process.

Anyway, brokers’ representatives said some good operators are being turned off by what they called a “needlessly onerous” application process.

The application process has proven to be a barrier to entry to the sector said PIBA, which represents 900 member firms. PIBA’s Rachel Doyle said that with just 55 firms authorised to work in the caisson many people are left without essential suggestion at a point in their lives when they most need it. She announced: “The current regime and authorisation process is excessive for non-cash handling debt management firms and does not serve to protect the consumer,”.

 

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