Irish Mortgage Brokers have informed the Central Bank that we will not continue the debt management services industry under their regulation. This blog serves to notify people who may want to enquire with us that we are no longer authorised by the Central Bank (we can still offer insolvency solutions). No clients have been adversely affected and we are liaising with the Central Bank to ensure the termination goes smoothly.
Particular issues relate, in our view, to how the Central Bank has approached the regulation, the delays, repeated requests for identical information and specifically seeking management accounts when audited accounts were provided.
We also faced huge delays from the Central Bank in processing and responding to queries which they resolved by asking for more information rather than accepting blame (point above being one such example).
The efforts thus far seem to amount to seeking unrealistic demands from industry then only pulling back when they are shown to be operationally impossible. In the first ‘consultation’ the Central Bank suggested that a mediator hold indemnity for the entire quantum of debt they …