New Authorisation Framework Commenced For Hire-Purchase, Consumer Hire, PCP And Buy-Now-Pay-Later Providers And Servicers

• Published date: 16 May 2022
• Subject Matter: Finance and Banking, Consumer Protection, Financial Services, Dodd-Frank, Consumer Protection Act
• Law Firm: Arthur Cox
• Author: Ms Maedhbh Clancy

The new Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Act 2022, which:

• requires any person carrying on a business of offering hire purchase products (including personal contract plans) or consumer-hire products to consumers, and any other person providing credit directly or indirectly to consumers, to be authorised by the Central Bank as a retail credit firm (if not already subject to Central Bank authorisation); and
• requires any person who services such products to be authorised by the Central Bank as a credit servicing firm,

has been commenced with effect from today, 16 May 2022.

For more information on the new framework, read our recent update here: Hire-Purchase, Consumer Hire, PCP and Buy-Now-Pay-Later...