The Central Bank has published the Authorisation Requirements and Standards that credit servicing firms will have to meet in order to be granted an authorisation. The requirements will apply both to new firms looking to set up as a credit servicing firm and to existing firms who are taken to be authorised under the transitional provisions provided under the Consumer Protection (Regulation of Credit Servicing) Act 2015.
Credit servicing firms will also have to demonstrate to the Central Bank that they have:
- Robust governance and adequate resources to ensure compliance;
- Agreements with loan owners that enable the credit servicing firm to fully comply with its obligations under Irish financial services legislation; and
- Adequate and effective control of loan servicing in the State to enable Central Bank oversight.