Amendments Processing for High Cost Credit Providers
High cost credit providers must notify the Central Bank of Ireland (the “Central Bank”) immediately if any circumstances arise which may have an impact on their licence. It is important that this information is submitted as soon as possible so that an amended high cost credit provider's licence can be issued to the firm. Such circumstances could include, but are not limited to, those listed below.
The following notifications must be submitted exclusively via the Central Bank of Ireland Portal.
Change of Address or Contact Information
Firms must notify the Central Bank prior to changing address and when contact information changes. Firms are also required to confirm that all of its documentation has been updated to reflect changes and firms must submit copies of same with any changes highlighted.
Change of Trading Name or Legal Name
Firms must notify the Central Bank prior to registering any new legal or trading names so the Central Bank can consider if the name is appropriate. When the Central Bank is satisfied that the new name is appropriate, the firm is required to submit a copy of the Certificate of Registration in respect of the new name. When this is received, the Central Bank will issue an amended high cost credit provider’s licence to the firm.
The following notifications must be made in writing with supporting documentation by email to [email protected].
Change of Director/Principal
Section 23 of the Central Bank Reform Act 2010 (the “2010 Act”) states that “a regulated financial service provider shall not offer to appoint a person to perform a pre-approval controlled function unless the Bank has approved in writing the appointment of the person to perform the function. An offer made in contravention of this subsection does not create any contractual obligation”.
View more information on the Central Bank’s Fitness and Probity regime and a list of Pre-Approval Controlled Functions.
Change of Major Shareholders
Firm’s whose shareholders have changed are required to inform the Central Bank of the change, providing details of the new shareholders and submitting an updated copy of the organisation’s ownership structure.
New Products
Firms seeking to offer new products must apply to the Central Bank for the authorisation of same. Firms must complete and submit the Product Amendment Submission Form, including a detailed commercial justification for the introduction of and the cost of the new product. If the Central Bank approves the product, an amended licence will be issued to the firm.
Change to Maximum Permitted APR/Cost of Credit
Firms seeking to increase their maximum permitted APR or cost of credit for its current products must apply to the Central Bank for authorisation of same. Firms must complete and submit the Product Amendment Submission Form, including a detailed commercial justification for the increase. If the Central Bank approves the increase, an amended licence will be issued to the firm.
Changes to Terms and Conditions
Prior to amending its terms and conditions, a firm must notify the Central Bank of its proposed amendments so the Central Bank can consider if the changes are appropriate. The Central Bank may then issue an updated high cost credit provider's licence and seek confirmation that the firm’s documentation incorporates these changes.