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ARTICLE · 06 APRIL 2016

Financial Services Update: Authorisation Requirements And Standards For Credit Servicing Firms

Mason Hayes & Curran LLP
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Following the enactment in July 2015 of the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015, the Central Bank has published its Authorisation Requirements and Standards for Credit Servicing Firms.

IrelandFinance and Banking
Christine O'Donovan
Christine O'Donovan
Jenny Ahern
Jenny Ahern
Daragh Bohan
Daragh Bohan
Neil Campbell
Neil Campbell
William Carmody
William Carmody
Micheál Grace
Micheál Grace
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Following the enactment in July 2015 of the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 (the "2015 Act"), the Central Bank has published its Authorisation Requirements and Standards for Credit Servicing Firms (the "Requirements").

The primary purpose of the 2015 Act is the protection of consumers on the sale of loan portfolios to unregulated entities.

The Requirements

All applicant credit servicing firms must first meet the standards set out by the Central Bank in the Requirements.

Part A of the Requirements sets out the conditions of authorisation which must be complied with on an on-going basis.

Part B of the Requirements consists of a non-exhaustive list of certain other applicable regulatory requirements.

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