Amendments Processing for Moneylenders 

Moneylenders 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 moneylender’s licence can be issued to the firm. Such circumstances could include, but are not limited to, those listed below. 

All notifications must be made in writing with supporting documentation (if applicable) either by email to moneylending@centralbank.ie or by post to: 

Moneylending Unit, Consumer Protection: Policy & Authorisations, Central Bank of Ireland, PO Box 559, New Wapping Street, North Wall Quay, Dublin 1.

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 the change and 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 moneylender’s licence to the firm.

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”. 

More information on the Central Bank’s Fitness and Probity regime and a list of Pre-Approval Controlled Functions can be found here.

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 Details’ section of the Application for Authorisation as a Moneylender 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 Details’ section of the Application for Authorisation as a Moneylender 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 moneylender’s licence and seek confirmation that the firm’s documentation incorporates these changes.