It emerged this week that moneylenders in Ireland known as 'mortgage lenders' are to come under increased scrutiny, as the Republic's newly appointed Financial Services Ombudsman will soon be afforded powers to investigate complaints.
The moneylenders in question lend from their own resources, and secure loans on assets (such as property) owned by their customers.
They are currently exempted by the Consumer Credit Act from regulation by the Irish Financial Services Regulatory Authority, and as a consequence there are no records of how many such lenders exist, or the amounts of money owed to them.
Speaking to the Irish media this week, however, new Financial Services Ombudsman Joe Meade announced that:
"Legislation provides that the (Finance) Minister can make regulations authorising me to investigate complaints against non-status moneylenders. They have not yet been made, but the intention is to make them."
He went on to add that under the new rules, he will be able to award damages of up EUR250,000 in complaints against the lenders in question.
"My view is that (for) everybody who has any transaction of a financial nature there has to be some redress scheme for them," he explained.
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