Regulation of Debt Management Advisors Bill 2011

Public bill · Private Member · Introduced

Sets up a licensing and supervision system for people or firms that give paid debt management advice, negotiate with creditors, or handle a person’s debts or bill payments. Only approved providers could operate, and the Central Bank could set conditions, check owners and managers, refuse or withdraw approval, issue directions, and require a code of practice. It also requires advisers to tell clients about the free Money Advice and Budgeting Service, to be clear about fees, and not to hold consumers’ money except for their own charges. Breaking the rules could lead to fines or imprisonment.

Formal long title

Bill entitled an Act to make provision in relation to debt management advisors and for the authorisation and supervision of debt management advisors by the Central Bank of Ireland and the Minister for Finance and to provide for related matters

Last updated 12 April 2018