Opening Statement by Director of Consumer Protection, Bernard Sheridan, to Joint Committee on Finance, Public Expenditure and Reform
|
|
- Philip Campbell
- 7 years ago
- Views:
Transcription
1 Opening Statement by Director of Consumer Protection, Bernard Sheridan, to Joint Committee on Finance, Public Expenditure and Reform Chairman and Members of the Committee, I would like to thank you for inviting me here today to discuss the licensed moneylending sector in Ireland. I am joined by my colleagues Colm Kincaid and Terry Murphy. I intend to give you a brief overview of the licensed moneylending sector and how the Central Bank regulates it. I would also like to share with you what I see as some of the current issues in the sector and our views on them. Background Moneylending, as defined in legislation, is the practice of providing credit to customers on foot of a moneylending agreement which is, in essence, where the total cost of credit is in excess of an annual percentage rate (APR) of 23 per cent or the agreement is concluded away from the business premises of the moneylender. The credit will usually take the form of a cash loan, but may also involve the provision of goods on credit from a retailer, the purchase of goods from a catalogue company or the purchase of vouchers. There are currently 40 licensed moneylending firms in Ireland (down from 52 in 2003 when we took over regulation of this sector). The business models operated by these firms fall broadly into three categories, with some firms operating in more than one category: Home collection firms there are 31 firms providing a home collection service to approximately 130,000 customers. Most firms in the home collection category have a relatively small number of customers, i.e. in the range of 100 to 1,000 customers. Catalogue firms where consumers can select goods from an on-line or paper based catalogue. There are 3 firms operating in this category, with customer numbers representing approximately 50 per cent of the moneylending market. 1
2 Other firms this category covers both retail firms which sell goods on credit (e.g. electrical appliances) and remote firms to which payment must be made other than by means of home collection (e.g. by direct debit). Customer numbers in the sector have increased from 300,000 in 2005 to around 360,000 today and outstanding loan amounts are in the region of 200 million. Moneylender loans are generally short term in nature and their cost can be very high when compared to other forms of credit. In addition to the actual cost of credit, APR is heavily influenced by the term of the loan as well as any collection charge included. The maximum APRs, which are currently being charged in respect of specific loans, range from 23% to % (excluding collection charges) and to % when collection charges are included (cost of credit for this loan is 30 for every 100 borrowed over a 20 week term). These rates have remained largely unchanged since Regulatory Framework Anyone wishing to engage in the business of moneylending requires a licence from the Central Bank in accordance with the Consumer Credit Act, 1995 and this licence must be renewed every year. These firms are subject to the requirements of the Consumer Credit Act and also subsequent European legislation in the form of Consumer Credit Regulations. The Central Bank supervises firms in this sector through annual reviews of their activities as part of the annual licensing process, inspections (both firm specific and across the sector), applying a fitness and probity regime, conducting consumer research and monitoring trends including complaints made to the Financial Services Ombudsman. The sector is closely monitored and follow up regulatory action is taken when necessary. Our statutory role in respect of the annual licensing of a firm is to assess each individual application, which includes an assessment of whether or not (in the context of that application) the cost of credit to be charged is excessive or any of the terms or conditions are unfair. In terms of cost of credit, we look therefore at the specifics of the firm s proposals and requests for increases to the 2
3 maximum permitted APRs of specific loans in the sector have, in the main, been rejected. One of the challenges we face in considering rates charged by moneylenders on specific loans is finding a balance between, on the one hand, the availability of credit for people who do not have access to legitimate credit elsewhere or who do not use other regulated credit providers and, on the other hand, the provision of short term unsecured loans at what can be a high cost. There has been some public discussion in this regard about introducing an industry wide cap on the rates that moneylenders can charge. Lower interest rate ceilings could be ineffective and counterproductive in this regard and may result in excluding low income households that have repayment capacity, even at the high rates charged by licensed moneylenders. We would have some concerns therefore about the imposition of an industry wide interest rate cap without there having been a full assessment of its impact on consumers. Pay-Day Lenders There has been some media attention about so-called pay-day lenders. These lenders typically offer very short term loans to tide borrowers over until their next pay-day. The advertised representative APRs associated with these loans can be as high as 4,000 5,000 per cent. Although a number of firms have expressed an interest in offering pay-day loans in the Irish market, I can confirm here today that no such business model has been licensed by the Central Bank of Ireland. Current issues in the sector Changes in the sector The number of firms in the sector continues to decline with some smaller firms either closing or transferring their business to other licensed firms. The number of people who are using moneylenders has risen since we published our previous research in 2007 with the larger firms, including the catalogue companies and other specialist firms, seeing an increase in the number of customers and the smaller traditional door to door lenders seeing a decline. This changing profile of 3
4 the sector, which now has fewer firms, but also larger firms, will inform our future regulatory approach. Cost of Moneylender Loans There is no doubt that, when compared with other credit providers such as banks or credit unions, the cost of loans from some moneylenders is indeed high, irrespective of loan size or length. This is particularly so when this form of lending is used on an on-going basis. There are three points I would like to make on this issue: First, through our assessment of individual applications, maximum permitted APRs have not increased overall in the last few years. Secondly we have also sought, through engaging with potential new entrants, to keep the practice of moneylenders offering very short-term loans at excessive APRs out of the market and we will continue to pursue this policy. Thirdly, our focus has also been on improving the transparency of these costs and increasing consumer awareness, by way of requirements such as the need to warn consumers about the high cost nature of the loans and to disclose all the fees, costs and interest in a clear manner, prior to entering into an agreement. We also set up a Register of Moneylenders on our website which sets out product details such as the maximum APR, maximum cost of credit and the collection charge (if any). The recent research found that 65% of customers surveyed report knowing the rate of interest they were being charged on their most recent loan, by contrast to findings in 2007 that 71% of customers did not know this rate. Availability of alternative sources of credit According to the research findings, 31% of customers surveyed had borrowings (other than mortgages) from other institutions including from banks and credit unions. However, only one in five considered alternative credit providers before taking out a loan with a moneylender, with over half of these considering a credit union. Approximately one quarter of customers also reported being refused credit by a bank/building society or a credit union. (I would like to point out to the Committee that this figure was originally reported to us incorrectly by the Research Company and we are revising this and a small number of other 4
5 items in the published research findings following further detailed analysis of the data the Research Company reported to us.) Clearly what the figures show is a significant number of customers who use moneylenders are not considering alternative sources of credit including credit unions. Other factors relevant to this issue are the robustness of the credit worthiness assessments being carried out by moneylenders (a topic we have given firms feedback on previously) and also the continued availability of credit for existing customers. It is especially important in such a high cost sector, where over a quarter of borrowers surveyed cite ease of availability of moneylender credit as a key factor in their choice of a moneylender over another type of credit provider, that lenders have effective systems in place to assess the ability of the borrower to repay. This is all the more important where a quarter of those surveyed found it difficult to make moneylender repayments in the previous 18 months, and this overall figure will be higher in some moneylender sectors. The research found that more customers are holding longer-standing loan arrangements (of 5 years+) with a moneylender. While there may be circumstances where a customer needs an additional loan, we would be concerned that the new loan is simply a way of extending the existing loan and therefore the credit becomes longer term in nature but yet is being charged on the basis that it is short-term. It may also mean that it becomes more difficult for the borrower to consider alternative sources of credit. Concerns have also arisen through our supervisory work as well as from the research that some moneylenders may be making credit available but reducing the amount of the new loan to the customer in order to repay an existing loan. This is an issue we are examining further. I would like to thank the Committee for its invitation today to discuss this important topic. The Central Bank s focus in regulating licensed moneylenders is on the protection of borrowers interests. While we believe we are achieving this through the regulatory framework we have put in place and our ongoing monitoring of the sector, we continue to be vigilant to the sector s trends and to develop our supervisory approach accordingly. 5
6 I am happy to take any questions you may have. 6
November 2013. Report on the Licensed Moneylending Industry
November 2013 Report on the Licensed Moneylending Industry Contents Page 1. Overview of the licensed moneylending industry 2. 2. Objectives of the review 4. 3. Approach 4. 4. Main findings 6. 4.1 Borrowing
More informationWikiLeaks Document Release
WikiLeaks Document Release February 2, 2009 Congressional Research Service Report RS21728 Payday Loans: Federal Regulatory Initiatives Pauline H. Smale, Government and Finance Division June 7, 2006 Abstract.
More informationCONSUMER PROTECTION ON THE SALE OF LOAN BOOKS. Public Consultation July 2014
CONSUMER PROTECTION ON THE SALE OF LOAN BOOKS Public Consultation July 2014 Public Consultation Paper: Consumer Protection on the Sale of Loan Books Department of Finance July 2014 Department of Finance
More informationConsumer Protection Code for Licensed Moneylenders
Consumer Protection Code for Licensed Moneylenders January 2009 Legislative Basis This Code is issued by and in the name of the Irish Financial Services Regulatory Authority ( the Financial Regulator )
More informationIrish Responses July 2015 Bank Lending Survey. Results Summary:
14 July 2015 Irish Responses July 2015 Bank Lending Survey Results Summary: Credit standards were unchanged on loans to enterprises across all loan categories examined during the second quarter of 2015
More informationMEETING OF THE JOINT COMMITTEE ON FINANCE AND THE PUBLIC SERVICE. 18 January 2006. Opening Statement by Liam O Reilly,Chief Executive
MEETING OF THE JOINT COMMITTEE ON FINANCE AND THE PUBLIC SERVICE 18 January 2006 Opening Statement by Liam O Reilly,Chief Executive Thank you for the opportunity to meet with you today to discuss our recent
More informationUnofficial Consolidation
CENTRAL BANK (SUPERVISION AND ENFORCEMENT) ACT 2013 (SECTION 48) (LENDING TO SMALL AND MEDIUM-SIZED ENTERPRISES) REGULATIONS 2015 (S.I. No. 585 of 2015) Unofficial Consolidation This document is an unofficial
More informationApplication Form for Authorisation as a Moneylender under the Consumer Credit Act, 1995, as amended ( the Act ). Renewal Applicant
Application Form for Authorisation as a Moneylender under the Consumer Credit Act, 1995, as amended ( the Act ). Renewal Applicant April 2014 Contents Contents 1 Introduction 2 Part A: Details of Applicant
More informationMay 2016. Single-Payment Vehicle Title Lending
May 2016 Single-Payment Vehicle Title Lending Table of contents Table of contents... 1 1. Introduction... 2 2. Data... 6 3. Patterns of usage and default... 8 3.1 Vehicle title loan reborrowing... 9 3.2
More informationJanuary 2015. Review of the Code of Conduct for Business Lending to Small and Medium Enterprises. Consultation Paper CP91
January 2015 Review of the Code of Conduct for Business Lending to Small and Medium Enterprises Consultation Paper CP91 1 2 1. Introduction The Code of Conduct for Business Lending to Small and Medium
More informationIt Is In Your Interest
STUDENT MODULE 7.2 BORROWING MONEY PAGE 1 Standard 7: The student will identify the procedures and analyze the responsibilities of borrowing money. It Is In Your Interest Jason did not understand how it
More informationGETTING IT RIGHT FOR CONSUMERS
GETTING IT RIGHT FOR CONSUMERS SECTION 1: OPENING Getting it right for consumers is something we all probably subscribe to but what does it mean for a Central Bank, particularly one with a statutory responsibility
More informationAll you need to know about the. Seniors Money Lifetime Loan. Information for you, your family and your advisers
All you need to know about the Seniors Money Lifetime Loan Information for you, your family and your advisers 1 Contents This brochure from Ireland s only specialist Lifetime Mortgage provider highlights
More informationDRN. Guide to a Debt Relief Notice
nseirbhís Dócmhainneachta na héirea DRN Guide to a Debt Relief Notice n Insolvency Service of Ireland A Debt Relief Notice enables an eligible insolvent debtor with limited disposable income and assets
More information1. Introduction. 1 http://www.centralbank.ie/regulation/poldocs/consultationpapers/documents/cp75/consultation%20paper%20cp75%20final.
National Consumer Agency submission to the Central Bank of Ireland s consultation paper: Additional Consumer Protection Requirements for Debt Management Firms 1. Introduction 1.1. The National Consumer
More informationThis booklet was initially prepared by the Board of Governors of the Federal Reserve System. The Consumer Financial Protection Bureau (CFPB) has made
This booklet was initially prepared by the Board of Governors of the Federal Reserve System. The Consumer Financial Protection Bureau (CFPB) has made technical updates to the booklet to reflect new mortgage
More informationMABS Guide to the Personal Insolvency Act, 2012
MABS Guide to the Personal Insolvency Act, 2012 DISCLAIMER: This Guide is for general information purposes only and does not constitute legal, financial or other professional advice. Specific advice should
More informationOctober 7, 2015. Testimony of David Lucca, Ph.D. Before the Subcommittee on Oversight. Committee on Ways and Means. U.S. House of Representatives
October 7, 2015 Testimony of David Lucca, Ph.D. Before the Subcommittee on Oversight Committee on Ways and Means U.S. House of Representatives Chairman Roskam, Ranking Member Lewis and Members of the Subcommittee,
More informationIf the answer to any of the questions on the cover of this
MONEYLENDING AND THE LAW Have you borrowed cash from a loan company? Have you bought goods at your door? Do you repay each week to a collector? Do you know your legal rights? This booklet outlines the
More informationSeniors Money Ireland Limited t/a Seniors Money 60plus Loan Seniors Money is a joint venture company equally owned by IFG Group plc and Sentinel
Seniors Money Ireland Limited, Beech House, Beech Hill Office Park, Clonskeagh, Dublin 4. LoCall 1890 73 64 67 (1890 SENIOR) or email info@seniorsmoney.ie www.seniorsmoney.ie Seniors Money Ireland Limited
More informationA VENDOR FINANCIER S GUIDE TO THE NEW NATIONAL CREDIT ACT
A VENDOR FINANCIER S GUIDE TO THE NEW NATIONAL CREDIT ACT Anthony J Cordato* Overview The new National Credit Act - officially, the National Consumer Credit Protection Act - will commence on I July 2010
More informationCREDIT GUARANTEE SCHEME
CREDIT GUARANTEE SCHEME Customer Frequently Asked Questions 1. What is the purpose of the Scheme? The purpose of the Scheme is to encourage additional lending to micro, small and mediumsized enterprises
More informationSmall and Medium Enterprises: Information Booklet for Borrowers in Financial Difficulties
Small and Medium Enterprises: Information Booklet for Borrowers in Financial Difficulties Bank of Scotland plc Customer Guide Introduction: We at Bank of Scotland plc (the Bank ) understand that in the
More informationCP 10 IFSRA CONSUMER PROTECTION CODE. SUBMISSION of FREE LEGAL ADVICE CENTRES LTD MAY 2005. 1. Introduction
CP 10 IFSRA CONSUMER PROTECTION CODE SUBMISSION of FREE LEGAL ADVICE CENTRES LTD MAY 2005 1. Introduction One of the core priorities of FLAC s current strategic plan is to strengthen consumer protection
More informationGOOD BANKING PRACTICE
GOOD BANKING PRACTICE 2015 1 GOOD BANKING PRACTICE GOOD BANKING PRACTICE Good banking practice fosters trust, performance and transparency. The principles of good banking apply to a bank s customer relationships
More informationRemarks by. John C. Dugan. Comptroller of the Currency. Before the. American Bankers Association Regulatory Compliance Conference.
Remarks by John C. Dugan Comptroller of the Currency Before the American Bankers Association Regulatory Compliance Conference Orlando, Florida June 8, 2009 Consumer Protections for Reverse Mortgages I
More informationHome Equity Loans and Credit Lines HELOC
Home Equity Loans and Credit Lines HELOC If you re thinking about making some home improvements or looking at ways to pay for your child s college education, you may be thinking about tapping into your
More informationMortgage Arrears Resolution Process
Mortgage Arrears Resolution Process AIB Mortgage Arrears Resolution Process A practical guide for AIB mortgage customers. Drop in to any branch 1890 252 008 www.aib.ie Working together to find resolutions.
More informationBanking Fees in Australia
Banking Fees in Australia Kelsey Wilkins* The Reserve Bank has conducted a survey on bank fees each year since 1997. The results of the most recent survey suggest that banks fee income from both households
More informationOctober 2010. Review of Consumer Protection Code. Consultation Paper CP 47
October 2010 Review of Consumer Protection Code Consultation Paper CP 47 2 Consultation Paper on Review of Consumer Protection Code Introduction The Consumer Protection Code (the Code) was introduced in
More informationFederal Banking Agencies Issue Proposed Guidance on Nontraditional Mortgage Products. By: Charlotte M. Bahin Lord Bissell & Brook LLP
Federal Banking Agencies Issue Proposed Guidance on Nontraditional Mortgage Products By: Charlotte M. Bahin Lord Bissell & Brook LLP In response to a growing trend by lenders to develop and market and
More informationHOME EQUITY LINES OF CREDIT
HOME EQUITY LINES OF CREDIT WHAT YOU SHOULD KNOW ABOUT HOME EQUITY LINES OF CREDIT: More and more lenders are offering home equity lines of credit. By using the equity in your home, you may qualify for
More informationApril 2016. Online Payday Loan Payments
April 2016 Online Payday Loan Payments Table of contents Table of contents... 1 1. Introduction... 2 2. Data... 5 3. Re-presentments... 8 3.1 Payment Request Patterns... 10 3.2 Time between Payment Requests...15
More informationHOME EQUITY LINE OF CREDIT
Creditor: STANFORD FEDERAL CREDIT UNION HOME EQUITY LINE OF CREDIT This disclosure contains important information about our Home Equity Line of Credit. You should read it carefully and keep a copy for
More informationDirect Debit Form & Pre-Contract Credit Information for Household policies. (Standard European Consumer Credit Information)
Direct Debit Form & Pre-Contract Credit Information for Household policies (Standard European Consumer Credit Information) Please fill in the whole form including official use box using a ball point pen
More informationIMPORTANT This Document only provides general information. It is not intended to be a substitute for you getting your own specific legal advice.
F ACT SHEET Consumer protection and people with intellectual disability IMPORTANT This Document only provides general information. It is not intended to be a substitute for you getting your own specific
More informationA Professional Approach to Short Term Lending Secured against Land or Property
A Professional Approach to Short Term Lending Secured against Land or Property 2012 Edition A Professional Approach to Short Term Lending Secured against Land or Property Introduction The members of the
More informationIntroduction to Guest House Classification Scheme. Registration & Classification
Registration & Classification 1. INTRODUCTION 1.1. Fáilte Ireland 1.2. Registration and Classification 2. MANDATORY GUEST HOUSE CLASSIFICATION SCHEME 2.1. Minimum Requirements 2.2. Point Scoring Opportunities
More informationAddendum to Consumer Protection Code 2012
2016 Addendum to Consumer Protection Code 2012 CONSUMER PROTECTION CODE 2012 Contents of the Addendum to the Consumer Protection Code 2012: Part 1: Addendum for Increased Protections for Variable Rate
More informationWhat is a home equity line of credit?
Page 1 of 5 ESPAÑOL (Revision forthcoming) If you are in the market for credit, a home equity plan is one of several options that might be right for you. Before making a decision, however, you should weigh
More informationBrendan Wood Business Solutions GAMING MACHINES ARRANGEMENT REVIEW
GAMING MACHINES ARRANGEMENT REVIEW Do you think the venue operator model is meeting the three objectives listed and why? How do you think the venue operator model could better achieve its operations? Financial
More informationCONSULTATION PAPER Ministry of Law: LAW 06/011/016 MAS: P009-2006 August 2006. Unsecured Credit Rules
CONSULTATION PAPER : LAW 06/011/016 MAS: P009-2006 August 2006 Unsecured Credit Rules TABLE OF CONTENTS 1. Introduction 4 2. Proposed amendments to unsecured credit rules for financial institutions 2.1
More informationRemortgaging guide 1. Remortgaging guide. We re with you every step of the way
Remortgaging guide 1 Remortgaging guide We re with you every step of the way Remortgaging guide 2 With so many different mortgages out there to choose from, deciding which one is best for you can be a
More informationStepChange Debt Charity. response to the Financial Conduct Authority credit card market study interim report
StepChange Debt Charity response to the Financial Conduct Authority credit card market study interim report January 2016 Contact: Peter Tutton StepChange Debt Charity 6 th Floor, Lynton House, 7-12 Tavistock
More informationSummary Report of the Payment Protection Insurance Review
2014 Summary Report of the Payment Protection Insurance Review 1 Summary Report of the Payment Protection Insurance Review Contents Introduction 2 What is Payment Protection Insurance? 2 Why the Central
More informationPAYDAY LENDING MARKET INVESTIGATION ORDER 2015 EXPLANATORY NOTE
PAYDAY LENDING MARKET INVESTIGATION ORDER 2015 EXPLANATORY NOTE [This note is not a part of the Order] Introduction 1. The Competition and Markets Authority (CMA) published its findings in a report under
More informationWhat is a home equity line of credit?
More and more lenders are offering home equity lines of credit. By using the equity in your home, you may qualify for a sizable amount of credit, available for use when and how you please, at an interest
More informationOutstanding credit 2015, 1st quarter
Financing and incurance 2015 Outstanding credit 2015, 1st quarter Other financial and insurance corporations and general government Outstanding credit stood at EUR 94 billion at the end of March 2015 Outstanding
More informationDo you need a credit licence? An introduction to consumer credit licensing
Do you need a credit licence? An introduction to consumer credit licensing July 2008 Do you need a credit licence? To comply with the requirements of the Consumer Credit Act 1974, you must have a credit
More informationHow To Write A Financial Services Code
Review of Conduct of Business Rules for Financial Services Providers March 2004 CONSULTATION PAPER CP2 Table Of Contents Introduction 3 Purpose of this review 4 Guiding Principles 4 To whom do the codes
More informationPayday and Short-term Loans DELIVERING NEW CONSUMER PROTECTIONS
DELIVERING NEW CONSUMER PROTECTIONS On 24 May 2012, the Consumer Finance Association, the Consumer Credit Trade Association, the BCCA and the Finance & Leasing Association agreed to a series of new consumer
More informationConsumer for life Understanding Payday Loans An education pack for tutors and teachers www.consumercouncil.org.uk
Consumer for life Understanding Payday Loans An education pack for tutors and teachers www.consumercouncil.org.uk This publication is available in the following formats on request: Braille CD/Audio format
More informationConsumer Credit Regulation, the Financial Conduct Authority and CONC
CONSUMER CREDIT REGULATION, THE FINANCIAL CONDUCT AUTHORITY AND CONC BY LEE FINCH Consumer Credit Regulation, the Financial Conduct Authority and CONC By Lee Finch Barrister, Gough Square Chambers APPLICATIONS
More informationWhat is a home equity line of credit?
More and more lenders are offering home equity lines of credit. By using the equity in your home, you may qualify for a sizable amount of credit, available for use when and how you please, at an interest
More informationDSA. Guide to a Debt Settlement Arrangement
nseirbhís Dócmhainneachta na héirea DSA Guide to a Debt Settlement Arrangement n Insolvency Service of Ireland A Debt Settlement Arrangement enables an eligible insolvent debtor to reach agreement with
More informationCredit Advertising. Guidance on
Guidance on Credit Advertising This guide is issued on the explicit understanding that it should not be regarded as legal advice or taken to be an authoritative view of the law. The guide includes extracts
More informationA guide to the Lending Code
A guide to the Lending Code For micro-enterprises Introduction This guide gives you an introduction to the standards you should expect from banks, building societies and credit-card providers who follow
More informationSavings & Loans. Our Voluntary Standards. December 2008. Consultation Paper CP35
Savings & Loans Our Voluntary Standards December 2008 Consultation Paper CP35 The Consultation Process The closing date for submissions is 30 January 2009. We welcome submissions from all interested parties.
More informationFinancial Conduct Authority consultation: Regulatory fees and levies: policy proposals 2014/15
Financial Conduct Authority consultation: Regulatory fees and levies: policy proposals 2014/15 Comments from StepChange Debt Charity StepChange Debt Charity London Office 6 th Floor, Lynton House, 7-12
More informationSubmission to Standing Committee of Officials Of Consumer Affairs (SCOCA) on draft Australian Consumer Law Regulations
Submission to Standing Committee of Officials Of Consumer Affairs (SCOCA) on draft Australian Consumer Law Regulations October 2010 1 1. About the Australian Direct Marketing Association ADMA is the peak
More informationPAYDAY AND TITLE LOANS
PAYDAY AND TITLE LOANS Payday loan? A payday loan also known as cash advance is a form of an unsecured, short term loan that is meant to cover applicant s short term expenses. The loan is repaid on an
More informationRESPONSE CONSULTATION CP13/10 BY THE FINANCIAL CONDUCT AUTHORITY ON DETAILED PROPOSALS FOR THE FCA REGIME FOR CONSUMER CREDIT
RESPONSE CONSULTATION CP13/10 BY THE FINANCIAL CONDUCT AUTHORITY ON DETAILED PROPOSALS FOR THE FCA REGIME FOR CONSUMER CREDIT Yvonne MacDermid, Chief Executive, Money Advice Scotland and Sarah O Neill,
More informationTERMS OF BUSINESS. Registered as an Insurance Intermediary under the European Communities (Insurance Mediation) Regulations, 2005 (as amended).
TERMS OF BUSINESS INTRODUCTION The purpose of this document is to set out the basis on which Campion Insurances Limited trading as Campion Insurance, Bestquote.ie and ISME Insurance Services will provide
More informationThe FOS Approach Mortgagee sales
1 At a glance 2 1.1 Scope 2 1.2 Summary 2 2 In detail 3 2.1 Taking reasonable care 3 2.2 Valuing the property 4 2.3 Marketing the property 4 2.4 Maintaining or improving the property 6 2.5 Selling the
More informationWelcome. 1. Agenda. 2. Ground Rules. 3. Introductions. Borrowing Basics 2
Borrowing Basics Welcome 1. Agenda 2. Ground Rules 3. Introductions Borrowing Basics 2 Objectives Define what credit and a loan is Distinguish between secured and unsecured loans Identify three types of
More informationConsumer Handbook on Home Equity Lines of Credit
Consumer Handbook on Home Equity Lines of Credit The Housing Financial Discrimination Act of 1977 Fair Lending Notice (CALIFORNIA RESIDENTS ONLY) It is illegal to discriminate in the provision of or in
More informationHome Equity Lines of Credit
The Federal Reserve Board What you should know about Home Equity Lines of Credit Board of Governors of the Federal Reserve System www.federalreserve.gov 0708 i What You Should Know about Home Equity Lines
More informationPersonal Insolvency Service
Personal Insolvency Service W.O. McGrory & Co offers a specialist service to individuals and company directors experiencing personal financial problems that need the assistance of professional intervention.
More informationHow To Get A Home Equity Line Of Credit
WHAT YOU SHOULD KNOW ABOUT HOME EQUITY LINES OF CREDIT If you are in the market for credit, a home equity plan is one of several options that might be right for you. Before making a decision, however,
More informationInformation Booklet for Small and Medium Enterprises in Financial Difficulty
Information Booklet for Small and Medium Enterprises in Financial Difficulty This Information Booklet applies to Finance Ireland Credit Solutions Ltd t/a Finance Ireland Commercial Mortgages and Finance
More informationPersonal Debt Survey 2010
Personal Debt Survey 2010 Personal Debt in the Home Author: Moneyvillage.ie Date: September 2010 Responding to Household Indebtedness Background to survey Household unaffordable indebtedness and long term
More informationSecuring safe, clean drinking water for all
Securing safe, clean drinking water for all Enforcement policy Introduction The Drinking Water Inspectorate (DWI) is the independent regulator of drinking water in England and Wales set up in 1990 by Parliament
More informationReverse mortgages: the US experience
K I Woo Reverse mortgages: the US experience As many Asia-Pacific economies begin aging, some countries have proposed that reverse mortgages be made available to older citizens. In general, a reverse mortgage
More informationClient Update February 2009
Highlights Relevance Of This Update...1 Introduction Scope Of Moneylending Modernising The Licensing Of Moneylenders Enhanced Regulation Of Moneylending Business...3 Terms And Conditions Of Loan Contract...3
More informationBusiness, Innovation & Skills Select Committee Debt Management Inquiry
Business, Innovation & Skills Select Committee Debt Management Inquiry A submission from the Association of British Credit Unions Limited (ABCUL) November 2011 Contact Details Mark Lyonette Chief Executive
More informationBox 1: Four party credit card schemes
The relevant sections of the Payment Systems (Regulation) Act 1998 are provided in Attachment 1. The Reserve Bank did not designate the three party card schemes, the American Express card system and the
More informationThe taxation treatment of Australian financial products is not the same as for New Zealand financial products.
Overseas distribution No action has been taken to register or qualify the offer of Units under this PDS, or to otherwise permit a public offering of Units, in any jurisdiction outside Australia and New
More informationORDINANCE NO. ORDINANCE NO. 12-1078-010.001 / PL#149988 Ordinance amending Title 5 Adding Credit Access Businesses SMC
ORDINANCE NO. AN ORDINANCE AMENDING TITLE 5 (BUSINESS LICENSE AND PERMIT REGULATIONS) OF THE EL PASO CITY CODE BY ADDING CHAPTER 5.17(CREDIT ACCESS BUSINESSES) IN ORDER TO SET FORTH REGISTRATION REQUIRMENTS
More informationCustomer Charter. Version 1
Customer Charter Version 1 Welcome to Bluestone The Bluestone Group has been operating since 2000. In that time, Bluestone has developed a reputation in the industry as a high quality and innovative specialist
More informationMapping document for series including and excluding student loans
1 Mapping document for series including and excluding student loans The series including student loans will be updated annually following the publication of relevant data by The Student Loans Company.
More informationbrochure, you are entitled to a refund of any fee you may have already paid.
HOME EQUITY EARLY DISCLOSURE IMPORTANT TERMS OF OUR HOME EQUITY LINE OF CREDIT PLAN This disclosure contains important information about our Home Equity Line of Credit Plan. You should read it carefully
More informationGAO. STUDENT LOAN PROGRAMS Lower Interest Rates and Higher Loan Volume Have Increased Federal Consolidation Loan Costs
GAO United States General Accounting Office Testimony Before the Committee on Education and the Workforce, House of Representatives For Release on Delivery Expected at 10:30 a.m. EST Wednesday, March 17,
More informationRESIDENTIAL LOAN AGREEMENT. General terms & conditions
RESIDENTIAL LOAN AGREEMENT General terms & conditions Effective Date: 23 May 2016 IMPORTANT NOTE This document does not contain all the terms of your loan agreement or all of the information we are required
More informationWhat are the key current issues shaping equity release by older home owners?
What are the key current issues shaping equity release by older home owners? Round table discussion November 7th 2012 About this project Focus today on equity release but a bigger picture. Initial proposal
More informationReview of Privacy: Credit Reporting Provisions. Issues Paper No. 32. Submission to the ALRC
Review of Privacy: Credit Reporting Provisions Issues Paper No. 32 Submission to the ALRC June 2007 Introduction ANZ welcomes the opportunity to provide comment to the Australian Law Reform Commission
More informationUnited States General Accounting Office GAO. High-Risk Series. February 1995. Farm Loan Programs GAO/HR-95-9
GAO United States General Accounting Office High-Risk Series February 1995 Farm Loan Programs GAO/HR-95-9 GAO United States General Accounting Office Washington, D.C. 20548 Comptroller General of the
More informationIT S LIFETIME LOAN A SIGN OF THE TIMES AUSTRALIAN SENIORS FINANCE. The Home Equity Release Specialist
IT S A SIGN OF THE TIMES LIFETIME LOAN AUSTRALIAN SENIORS FINANCE The Home Equity Release Specialist UNLOCK THE IN YOUR EQUITY HOME If you want the financial freedom to spend your retirement how you choose,
More informationIT S MORTGAGE REVERSE A SIGN OF THE TIMES
IT S A SIGN OF THE TIMES REVERSE MORTGAGE UNLOCK THE EQUITY IN YOUR HOME If you want the financial freedom to spend your retirement how you choose, with independence and dignity, you should talk to us.
More informationTerms of Business - Effective from January 2015
Terms of Business - Effective from January 2015 Gowran Insurance Consultants Ltd t/a McGowan Insurances These Terms of Business set out the general terms under which our firm will provide business services
More informationSupplement to BULLETIN NO 38
Supplement to BULLETIN NO 38 JUNE 2003 In this Bulletin: Fairness in debt recovery; and Bank record keeping survey. Debt Recovery Action Commercial Decision vs Fairness As a further expansion of our approach
More informationWhat You Should Know About Home Equity Lines of Credit and Important Terms of FlexEquity SM
What You Should Know About Home Equity Lines of Credit and Important Terms of FlexEquity SM Effective March 1, 2008 The Housing Financial Discrimination Act of 1977 Fair Lending Notice It is illegal to
More informationWHAT YOU SHOULD KNOW ABOUT HOME EQUITY LINES OF CREDIT
WHAT YOU SHOULD KNOW ABOUT HOME EQUITY LINES OF CREDIT More and more lenders are offering home equity lines of credit. By using the equity in your home, you may qualify for a sizable amount of credit,
More information3.4 Standard terms and conditions of business for conveyancing
3.4 Standard terms and conditions of business for conveyancing clients PLEASE SIGN AND RETURN Deibel & Allen Terms and Conditions of business - property transactions We set out in this statement the basis
More informationPayday Loans Activity
Northern Ireland Assembly Committee on Enterprise, Trade & Investment Payday Loans Activity Citizens Advice Briefing June 2012 1 Citizens Advice (NI) June 2012 1. Overview Citizens Advice is the largest
More informationAdditional borrowing guide 1. Additional borrowing. We re with you every step of the way
Additional borrowing guide 1 Additional borrowing We re with you every step of the way Additional borrowing guide 2 What is additional borrowing? Sometimes you may be able to borrow extra money from your
More informationSettlement Agreement between the Central Bank of Ireland (the Central Bank ) and Irish Nationwide Building Society ( INBS )
Settlement Agreement between the Central Bank of Ireland (the Central Bank ) and Irish Nationwide Building Society ( INBS ) Following Central Bank Investigation INBS admits widespread breaches INBS has
More informationThe Federal Reserve Board
The Federal Reserve Board What you should know about Home Equity Lines of Credit Board of Governors of the Federal Reserve System What You Should Know about Home Equity Lines of Credit 1 More and more
More informationInvesting in unlisted property schemes?
Investing in unlisted property schemes? Independent guide for investors about unlisted property schemes This guide is for you, whether you re an experienced investor or just starting out. Key tips from
More informationRegulatory Practice Letter January 2014 RPL 14-03
Regulatory Practice Letter January 2014 RPL 14-03 CFPB Nonbank Supervision of Student Loan Servicers Final Rule CFPB Student Loan Ombudsman - Annual Report Executive Summary Effective March 1, 2014, the
More informationIdaho Credit Code Fast Facts
Idaho Credit Code Fast Facts C.L. BUTCH OTTER Governor GAVIN M. GEE Director The provisions of the Idaho Credit Code (Idaho Code 28-41-101, et seq.), apply to credit transactions in Idaho for personal,
More information