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THE CENTRAL BANK of Ireland has widened its consumer protection rules to cover so-called ‘buy-now-pay-later’ (BNPL) firms.
It means companies offering “indirect credit” to customers, allowing them to spread the cost of purchases over instalments while charging them interest, will now need to be authorised by the regulator, the Central Bank said in a statement.
It follows the commencement of the Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Act 2022, which was signed into law last month by Minister for Finance Paschal Donohoe.
Firms that offer hire purchase agreements such as hire purchase, consumer hire, Personal Contract Plans (PCPs) and BNPL must now register with the Central Bank as either a Retail Credit Firm or a Credit Servicing Firm.
Indirect lenders provide credit to consumers by paying the retailer directly and then charging the consumer interest on future repayments.
Under the regime, the regulator has also capped the interest rates firms can charge customers for credit agreements at 23% APR.
They must also notify the Central Bank if they plan to introduce any new charges or increase their rates.
Firms that have been providing such services up until now can avail of transitional authorisation agreements, the Central Bank said.
In a statement today, Gerry Cross, Director of Financial Regulation, Policy and Risk at the Central Bank, said, “We welcome this legislation as it closes a gap so that providers and servicers of hire purchase, including PCP, consumer hire and indirect credit (e.g. BNPL) will now need to be authorised by the Central Bank.
“Extending our consumer protection framework to these firms will ensure that Irish consumers receive the same protections that we require of other financial service providers. Our aim is to ensure that consumers have the same level of protection no matter where they source their financial services.”
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Thankfully no one was killed or seriously injured! Thinking back of the 2005 crash in Meath..
Donegal again¡¡¡
@Fank Pulman: what do you mean donegal again? Everytime theres multiple road deaths in anyother county its, soo sad this, rip that, but as soon as its in donegal its do they even know how to drive up there? Same crap everytime with you lot.
@Jonathan Kerr: “with you lot”??
@Dave Murray: most people here making comments on the journal.ie can’t stand donegal.
@Jonathan Kerr: the point been made is that you complained that everyone tars Donegal with this big brush. yet you have tarred all journal commantators with the same brush. Pot kettle black sort of situation
@Michael Hayden: ok im sorry about that.
@Fank Pulman: what do you mean ? Plenty of road deaths this week unfortunately were you on those saying cork or mayo again.
@Jonathan Kerr: for a county of a population no more than 160k…. Donegal has way too many accidents. Standards of driving and or the roads must be sub standard.
Can’t argue with statistics.
@Fabio Dillon: there were 10 fatalities on Donegal roads in ’16. 21 in Dublin. 158k ppl in Donegal and 1.8 million in Dublin.
Donegal roads are a joke.
Make everyone in that county resit their driving test.
@Pat Troy: or ban all vehicles¿!
@Pat Troy: glad no one seriously injured in this incident. Jog on Pat
@Fank Pulman: please explain
@Pat Troy: yes cause its not like theres car crashes in any other county in ireland.
@Pat Troy: Or maybe fix the roads which chuck vehicles off them as soon as a wheel slips off when someone coming the other way refuses to move over.
I live in donegal the roads are the problem not the drivers , the government needs to fix our roads too many Potholes and bad attempts to fix them on the cheap rain washes the temporary fillings out of potholes, i am relived nobody injured badly.
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