Regulatory Alerts2015-11-30
Addendum to Code of Conduct for Business Lending to Small and Medium Enterprises 2012 for Credit Servicing Firms
The Central Bank of Ireland issued this addendum to extend the Code of Conduct for Business Lending to Small and Medium Enterprises 2012 to credit servicing firms under the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015. It mandates that all credit servicing firms must apply for Central Bank authorization by 8 July 2015 and comply with the SME Code when servicing credit products for Irish SMEs. The document formally amends the Code’s Scope and Definitions sections to classify credit servicing as a regulated activity and establishes precise legal definitions for credit servicing and credit servicing firms.
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