Reporting Requirements for Moneylenders 

General

Moneylenders may be required to submit information when it is required by the Central Bank of Ireland (the “Central Bank”).

Licence Renewals

A moneylender’s licence is valid for 12 months. Prior to the expiry of a licence, the Central Bank will issue a renewal pack to the firm which includes a renewal application form, guidance notes and a deadline by which the firm must submit its 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 moneylender’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.