The new Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Act 2022, which: 

  • requires any person carrying on a business of offering hire purchase products  (including personal contract plans) or consumer-hire products  to consumers, and any other person providing credit directly or indirectly to consumers, to be authorised by the Central Bank as a retail credit firm  (if not already subject to Central Bank authorisation); and
  • requires any person who services such products  to be authorised by the Central Bank as a credit servicing firm,

has been commenced with effect from today, 16 May 2022. 

For more information on the new framework, read our recent update here: Hire-Purchase, Consumer Hire, PCP and Buy-Now-Pay-Later: New authorisation framework

This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.