The Consumer Credit Act 1995, under Section 149, requires credit institutions to notify the Central Bank of Ireland (“CBI”) if they wish to introduce new customer charges or increase existing customer charges. The timelines required by the CBI for the consideration of these charges were amended under the Central Bank (Supervision and Enforcement) Act 2013, bringing them to three months for both new and existing services.
These were previously three weeks and four months respectively. In addition, the 2013 Act provided an exemption for new entrants whereby they are not required to notify the CBI of charges for a period of three years after commencing business.
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Gillian Kelly
Partner, Head of Consulting
KPMG in Ireland
Shane Garahy
Partner
KPMG in Ireland
Donata Halpin
Director
KPMG in Ireland