Local News
Sherlock welcomes financial protection for families
- Share
- Tweet /home/eastcork/public_html/wdir/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 68
https://www.cobhedition.com/wdir/wp-content/uploads/2012/09/seansherlock211.jpg&description=Sherlock welcomes financial protection for families', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
Government approves publication Bill to protect loans
Minister Seán Sherlock TD has welcomed the Cabinet decision to approve the publication of the Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015 in the coming days.
“My Ministerial colleague, Minister for Finance Michael Noonan T.D. briefed the Cabinet on the details of the Bill, the primary purpose of which is to protect consumers whose loans are sold to unregulated entities,” said Minister Sherlock.
“I have had a number of concerned queries from constituents on this matter. This is an important piece of legislation will ensure that families whose loans are sold by a regulated entity to a currently unregulated entity maintain the same protections as they had prior to the sale. The protections will apply to all consumers regardless of when the loans were drawn down, thus providing complete certainty to all customers.”
“The Bill protects consumers whose loans are sold to unregulated entities. Credit servicing firms will require authorisation from the Central Bank and will be regulated by the Central Bank. All borrowers will have access to the Financial Services Ombudsman complaints procedure regarding treatment by credit servicing firms.”
The Bill was prepared following a public consultation process in July and August of last year which sought the views of interested parties. In total nineteen submissions were received from a range of respondents including the financial services industry, consumer groups, public representatives, individuals and other stakeholders.
Subject to the legislative programme, the Bill will go through the Houses of the Oireachtas in the early part of 2015
-
Local News2 weeks ago
Lusitania Commemoration events to take place in Cobh on Monday 6th May
-
Local News2 weeks ago
Get to Know Cobh Library
-
Local News2 days ago
Cobh-based TV Production start-up, Great Island Productions, has launched a crowdfunding campaign through the UK-based platform, Crowdcube
-
Announcements2 weeks ago
Cobh Flower and Horticulture Club next meeting Monday 13th May
-
Local Soccer2 weeks ago
RESULT: Cobh Ramblers 2-1 Bray Wanderers
-
Local News2 weeks ago
‘Paint Your Town Red’ – Up to €60,000 Worth of Paint to Be Given to Local Communities‘
-
Events & Entertainment1 week ago
SIRIUS ARTS EXHIBITION: Denilson Baniwa
-
Local News2 days ago
Mercy University Hospital Cork introduces Kids Packs to support families in the midst of End of Life Care
-
Local News2 days ago
Cork Harbour Festival 2024 Launch!
-
Events & Entertainment20 hours ago
Inistioge Choir to Sing in Cobh