Issues found with ‘small number’ of moneylenders

A Central Bank investigation into the practices of moneylenders has found some serious issues in a small number of them.

The regulator carried out themed inspections focusing on whether consumers were being charged in accordance with moneylenders’ authorised annual percentage rates and costs of credit as set out in the moneylenders’ licence.

Director of consumer protection, Bernard Sheridan, said they were focusing in on this sector of the lending market as they provide the most expensive credit in the market.