The recent enactment of the Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Act 2022 ensures that providers and servicers of hire purchase products including personal contract plans (PCP), consumer hire and a broader range of credit, will now need to be authorised by the Central Bank of Ireland (the "CBI"). The scope of "retail credit firm" ("RCF") and the business of a "credit servicing firm" ("CSF") regimes have also been expanded under the 2022 Act.

In our latest advisory, we provide an overview of the scope of the Act, exemptions and the next steps for impacted entities.

Click to view advisory