Regulatory Alerts2006-11-21
Direction under Section 135(1) of the Consumer Credit Act 1995 regarding mortgage agent advertisements
The Consumer Director of the Irish Financial Services Regulatory Authority issued a direction requiring mortgage agents to display specific cost comparisons and warning statements in advertisements for debt consolidation housing loans. The regulation mandates that sample figures reflect prevailing interest rates, repayment terms do not exceed 20 years, and monthly amounts remain more prominent than weekly equivalents. Additionally, interest-only housing loans are prohibited from being advertised as suitable for debt consolidation purposes effective from 1 January 2007.
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