Reporting Requirements for High Cost Credit Providers

General

Licence Renewals

A high cost credit provider's licence is valid for five years. Prior to the expiry of a licence, the Central Bank will issue a renewal pack to the firm which includes and a deadline by which the firm must submit it's renewal application. Renewal packs are typically sent 8 weeks prior to the expiry of the licence, giving the firm a 4 week timeframe to submit the application and allowing the Central Bank a 4 week period to consider and make a decision on same. 

Although renewal applicants have been licensed previously, it does not mean that they will automatically be issued a new licence. The Central Bank can refuse a licence application as set out under Section 93 (10) of the Consumer Credit Act, 1995 (as amended) (the “CCA”). The Central Bank can also suspend, revoke or vary the terms and conditions of a high cost credit provider's licence at any time on the grounds set out in Section 93 (11) of the CCA. 

Fitness and Probity

Before a new Director or Manager is appointed they must complete an Individual Questionnaire which should be endorsed by the proposing firm before submission for approval to the Central Bank. 

An online ‘annual PCF confirmation return’ was introduced by the Central Bank in 2014 to assist all firms to comply with their continuing obligations under the Fitness and Probity regime. The return is an annual confirmation required from each firm in respect of all active Pre-Approval Controlled Function (PCF) holders whereby the firm is requested to confirm that each person holding a PCF role is compliant with the Fitness & Probity Standards (the Standards) (issued under section 50 of the Central Bank Reform Act 2010) and that each person’s written agreement to continue to abide by the Standards has been obtained by the firm. The return must be submitted through the Central Bank’s Online Reporting System.
Visit our Fitness and Probity page for more information.

Central Credit Register

The Central Credit Register is a secure system for collecting personal and credit information on loans of €500 or more. It is operated by the Central Bank under the Credit Reporting Act 2013 (the “2013 Act”). The 2013 Act obliges all lenders in scope to submit personal and credit information on those loans to the Central Credit Register.
If a high cost credit provider is engaged in providing credit of €500 or more, it is likely that they are in scope of the 2013 Act and will have reporting obligations.

An applicant must satisfy themselves, however, whether they are in scope and further information is available in our guidance.  Please refer to Chapter 3 for more information on the scope of the 2013 Act.

A lender who provides loans that are in scope of the 2013 Act, without first being in a position to submit information to the Central Credit Register is not incompliance with the provisions of the 2013 Act. Therefore it is recommended that lenders engage as early as possible to prepare for submission of information to the Central Credit Register and enquiry. To register please contact us.