Central Bank secures High Court enforcement order restraining Rosaleen Grier from providing certain unauthorised financial services

On 1 November 2021 the Central Bank of Ireland (the “Central Bank”) applied to the High Court for an enforcement order against Rosaleen Grier, trading as Grier & Associates / RG Consultants / GR Sales (“Rosaleen Grier”), restraining Rosaleen Grier from providing debt management services and carrying out the credit intermediation activities of a mortgage credit intermediary, unless and until authorised to do so by the Central Bank. Rosaleen Grier, otherwise known as Rose Grier, consented to the enforcement order and the order was made by the High Court on 1 November 2021.

The enforcement order applies to:

1. Rosaleen Grier trading as Grier & Associates / RG Consultants / GR Sales;
2. any servants, agents or employees of (a) above; and
3. any company or firm controlled or operated by (a) above.

On 6 May 2015 the Central Bank published a warning notice pursuant to section 53 of the Central Bank (Supervision and Enforcement) Act 2013 (the “2013 Act”) in respect of Rosaleen Grier’s unauthorised operation as a Debt Management Firm. Following further and more recent investigations into Rosaleen Grier, the Central Bank is of the opinion that Rosaleen Grier has engaged in conduct that contravened provisions of financial services legislation by providing debt management services and carrying out the credit intermediation activities of a mortgage credit intermediary, without being authorised by the Central Bank to do so. Accordingly, the Central Bank took the decision to apply to the High Court for an enforcement order under section 52 of the 2013 Act.

Enforcement Orders

Section 52 of the 2013 Act provides that where the Central Bank is of the opinion that a person has engaged, is engaging or is about to engage in conduct that involves contravening a provision of financial services legislation, the Central Bank may apply to the High Court for an order restraining that person from engaging in such conduct.

Authorisation of Debt Management and Mortgage Credit Intermediary Firms

Authorisation of debt management and mortgage credit intermediary firms provides a number of important protections for consumers, which include the following:

• as part of the authorisation process, the Central Bank assesses the experience and qualifications of each applicant against the Central Bank’s published fitness and probity standards;
• once a firm is authorised, its customers are covered by the regulatory protections of the consumer protection framework for example the Consumer Protection Code;
• customers of authorised debt management and mortgage credit intermediary firms can bring complaints to the Financial Services and Pensions Ombudsman.

The Central Bank recommends that consumers check if a firm is authorised to provide financial services before engaging with the firm. Consumers can do so by checking the Central Bank’s Register of Authorised Firms or by phoning the Central Bank on +353 (0)1 224 4000. Consumers can find information in relation to unauthorised firms on the Central Bank's website

If members of the public have any concerns that a firm is not authorised to provide financial services, they can report this directly to the Central Bank or phone the Central Bank on +353 (0)1 224 4000.

The Central Bank recommends consumers to take the SAFE test  before making any financial decisions.

Notes to Editors

A “debt management firm”, is defined in Part V of the Central Bank Act 1997 (“CBA 1997”) and means “a person who for remuneration provides debt management services to one or more consumers, other than an excepted person”.“Debt management services”, as defined in the CBA 1997, means “(a) giving advice about the discharge of debts (in whole or in part), including advice about budgeting in connection with the discharge of debts, (b) negotiating with a person's creditors for the discharge of the person's debts (in whole or in part), or (c) any similar activity associated with the discharge of debts”.

A Mortgage Credit Intermediary is authorised under the European Union (Consumer Mortgage Credit Agreements) Regulations 2016 to:

• Present or offer credit agreements to consumers;
• Assist consumers by undertaking preparatory work or other pre-contractual administration in respect of credit agreements;
• Conclude credit agreements with consumers on behalf of a creditor.

Mortgage Credit Intermediaries may also be authorised to provide advisory services (i.e. the provision of personal recommendations to a consumer in respect of one or more transactions relating to credit agreement).

A person, other than a credit institution or a person admitted to carry out credit intermediation activities in another EEA Member State, shall not carry out mortgage credit intermediary activities or provide advisory services unless:

• He/she is the holder of an authorisation granted for that purpose by the Central Bank; and
• Holds a letter of appointment in writing from each undertaking for which he/she is an intermediary.