Regulatory AlertsAdditional Consumer Protection Requirements for Debt Management Firms
The Central Bank of Ireland has introduced additional consumer protection requirements for debt management firms, establishing a new Chapter 13 within the Consumer Protection Code 2012. These mandatory provisions, which include specific disclosure appendices and a standard financial statement, take effect on 1 January 2015 under the Central Bank Act 1989. Regulated entities are expected to immediately implement necessary changes to systems and staff training, with a six-month compliance grace period ending 30 June 2015 for technical adjustments.
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