Clampdown on debt management firms

Debt management firms will have to comply with new regulations which will be issued by the Central Bank at the end of September.

These new regulations will include minimum competency standards, including a proposal that any person involved in debt management will have a ‘qualified financial adviser’ recognised qualification.

“It is proposed that the qualification of ‘qualified financial adviser’ (Institute of Bankers School of Professional Finance, LIA and The Insurance Institute of Ireland) will be included in the minimum competency code as a recognised qualification for persons exercising certain functions in a debt management firm and the Central Bank welcomes the views of interested parties on any other qualifications that might be considered appropriate and the reasons why those qualifications might be appropriate.