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agreement and a BNPL agreement. 
 
Chapter 4 
Advertisements 
 
Scope and application (Chapter 4) 
149. (1) Subject to paragraph (2), this Chapter applies to advertisements 
which refer, or relate, to a regulated activity which can be provided, or is 
available, to a consumer. 
(2) Regulations 150 to 154, and Regulation 157, apply only to 
advertisements which refer, or relate, to a regulated activity which can be 
provided, or is available, to a personal consumer.


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provided, or is available, to a personal consumer. 
 
Referring to annual percentage rate  
150. (1) A regulated entity shall ensure that in an advertisement in which it 
refers to an annual percentage rate, it states if the applicable interest rate is fixed 
or variable.  
(2) For the purposes of paragraph (1), where the interest rate is a fixed 
interest rate, the regulated entity shall specify the term of the fixed interest rate


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interest rate, the regulated entity shall specify the term of the fixed interest rate 
in the advertisement concerned and shall specify the interest rate that will apply 
after the fixed interest rate has expired. 
 
Advertising term loans and other arrangements while specifying annual 
percentage rate and term  
151. (1) Subject to paragraph (2), a regulated entity shall ensure that in an 
advertisement in which it advertises a term loan, hire–purchase agreement, a


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advertisement in which it advertises a term loan, hire–purchase agreement, a 
consumer–hire agreement or a BNPL agreement, specifying the annual 
percentage rate and the term, it also specifies the total cost of credit, the hire–
purchase agreement, the consumer–hire agreement, or the BNPL agreement, by 
means of an example.  
92  [81] 
(2) Paragraph (1) does not apply to an advertisement in respect of a mortgage 
loan.


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92  [81] 
(2) Paragraph (1) does not apply to an advertisement in respect of a mortgage 
loan. 
 
Fixed–rate loans and other arrangements – warning statement regarding early 
payment 
152. A regulated entity shall ensure that, in an advertisement in which it 
advertises a fixed–rate loan, a hire–purchase agreement, a consumer–hire 
agreement or a BNPL–agreement, it provides a warning statement in the 
following format, inserting the appropriate information in place of the


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following format, inserting the appropriate information in place of the 
instruction in square brackets for that purpose: 
“Warning: You may have to pay charges if you pay off a [state product type: 
fixed–rate loan, hire–purchase agreement, consumer–hire agreement or 
BNPL–agreement] early.” 
 
Personal lending and other arrangements – warning statement regarding failure 
to make repayments 
153. A regulated entity shall ensure that, in an advertisement in which it


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to make repayments 
153. A regulated entity shall ensure that, in an advertisement in which it 
advertises personal lending, a hire–purchase agreement, a consumer–hire 
agreement or a BNPL–agreement, involving scheduled repayments, it provides 
a warning statement in the following format, inserting the appropriate 
information in place of the instruction in square brackets for that purpose: 
“Warning: If you do not meet the repayments on your [state product type:


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“Warning: If you do not meet the repayments on your [state product type: 
loan, hire–purchase agreement, consumer–hire agreement or BNPL–
agreement], your account will go into arrears. This may affect your credit 
report, which may limit your ability to access credit, a hire–purchase 
agreement, a consumer–hire agreement or a BNPL–agreement in the future.” 
  
Credit enabling consolidation of debts – required information


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Credit enabling consolidation of debts – required information  
154. (1) A regulated entity shall ensure that an advertisement for credit 
enabling the consolidation of 2 or more debts provides the following warning 
statement: 
“Warning: This new credit may take longer to pay off than your previous 
credit. This means you may pay more than if you paid off your credit over a 
shorter term.” 
(2) Where the advertisement referred to in paragraph (1) offers sample


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shorter term.” 
(2) Where the advertisement referred to in paragraph (1) offers sample 
figures in the advertisement, the regulated entity shall ensure that the 
advertisement indicates the difference between the total cost of credit to a 
consumer of the consolidated credit and the total cost of credit to a consumer of 
the individual debts that are the subject of consolidation. 
 
 
 
[81]  93 
 
Displaying interest rate for savings or deposit account


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[81]  93 
 
Displaying interest rate for savings or deposit account 
155. A regulated entity shall ensure that, in an advertisement in which it 
displays an interest rate for a savings or deposit account, the following 
information is clearly and prominently stated: 
(a) 
whether the interest rate quoted is fixed or variable; 
(b) 
if the interest rate quoted is fixed, the period for which it is fixed 
and, where relevant, an indication of the rate that will apply after


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and, where relevant, an indication of the rate that will apply after 
that fixed period; 
(c) 
the relevant interest rate for each term quoted and the annual 
equivalent rate, and each such interest rate and annual equivalent 
rate shall be of equal size and prominence; 
(d) 
the minimum term or amount required to qualify for a specified 
rate of interest, if applicable;  
(e) 
if any tax is payable on the interest earned on the account. 
 
Annual equivalent rates


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(e) 
if any tax is payable on the interest earned on the account. 
 
Annual equivalent rates 
156. A regulated entity shall ensure that in an advertisement in which it 
displays an annual equivalent rate – 
(a) 
the annual equivalent rate is not misleading, 
(b) 
any assumptions used in the calculation of the annual equivalent 
rate are reasonable, accurate and clearly stated, and 
(c) 
a record of the manner of the calculation of the annual equivalent 
rate is maintained.


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(c) 
a record of the manner of the calculation of the annual equivalent 
rate is maintained. 
 
Home reversion agreements 
157. A regulated entity shall ensure that, in an advertisement in which it 
advertises a home reversion agreement, it provides the following warning 
statements: 
(a) 
“Warning: The money you receive in exchange for transferring a 
share in your home may be much less than the actual market value 
of the share in your home.”; 
(b)


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of the share in your home.”; 
(b) 
“Warning: Purchasing this product may negatively impact on 
your ability to fund future needs as a result of transferring a share 
in your home.”. 
 
 
 
94  [81] 
Chapter 5 
Additional miscellaneous business requirements for credit institutions and 
provision of credit 
 
Credit institutions to follow timelines for crediting funds to term or notice 
deposit accounts  
158. (1) A credit institution shall credit any funds received by it, directly or


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158. (1) A credit institution shall credit any funds received by it, directly or 
via a deposit agent, which are to be lodged to a consumer’s term or notice deposit 
account, to that account by close of the working day on which the funds are 
received.  
(2) Where the funds are not credited on the day they are received by the 
credit institution in accordance with paragraph (1), the credit institution shall 
backdate credit for those funds to that day.


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backdate credit for those funds to that day. 
 
Credit institution to give information and protect consumer interests when 
closing, merging or moving local branches 
159. (1) When intending to close a branch, merge branches, or move a 
branch, in the State, a credit institution shall take the following action: 
(a) 
notify the Bank without delay when the decision to close, merge, 
or move has been made; 
(b) 
provide the notification referred to in subparagraph (a) at least 2


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or move has been made; 
(b) 
provide the notification referred to in subparagraph (a) at least 2 
months in advance of notifying affected consumers or the wider 
community of the decision;  
(c) 
inform the Bank of any relevant planned steps or subsequent 
developments which have the potential to affect consumers 
during the period from the date of notification referred to in 
subparagraph (a) to the date of closure, merger or move; 
(d)


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subparagraph (a) to the date of closure, merger or move; 
(d) 
subject to notifying the Bank in accordance with subparagraphs 
(a) and (b), provide at least 6 months’ individual notice to every 
consumer that is a customer of the credit institution through the 
relevant branch, prior to the closure, merger or move, to enable 
such consumers to make alternative arrangements;  
(e) 
properly complete all business of the branch prior to the closure,


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(e) 
properly complete all business of the branch prior to the closure, 
merger or move, or, alternatively, inform the consumers referred 
to in subparagraph (d) of how continuity of an equivalent service 
will be provided through another branch;  
(f) 
subject to notifying the Bank in accordance with subparagraphs 
(a) and (b), notify the wider community of the closure, merger or 
move at least 6 months in advance, by way of public notification


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move at least 6 months in advance, by way of public notification 
in a manner appropriate to the individual characteristics of the 
locality in which the branch is located. 
(2) Where it intends to close a branch in the State, the credit institution shall 
promptly prepare an assessment, approved by the board of directors, or the entity 
or persons controlling the regulated entity, of the anticipated impact of the 
[81]  95


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or persons controlling the regulated entity, of the anticipated impact of the 
[81]  95 
 
closure on consumers that are customers of the credit institution with regard        
to – 
(a) 
access to financial services, and 
(b) 
range of financial services available to the consumers.  
(3) The assessment referred to in paragraph (2) shall include an assessment 
of the following: 
(a) 
the suitability of alternative arrangements for provision of a


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of the following: 
(a) 
the suitability of alternative arrangements for provision of a 
financial service provided in the closing branch; 
(b) 
where those alternative arrangements are suitable, the credit 
institution’s plans for transferring consumers that are customers 
of the credit institution to those arrangements, including any plans 
necessary for consumers in vulnerable circumstances. 
(4) No later than 2 months prior to the closure of the branch, a credit 
institution shall – 
(a)


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(4) No later than 2 months prior to the closure of the branch, a credit 
institution shall – 
(a) 
publish the assessment, as prepared in accordance with paragraph 
(2) on a website of the regulated entity, and  
(b) 
arrange publication, in the relevant branch and in one or more 
local newspapers that are local to the relevant branch, of details 
of the fact that the assessment, as prepared in accordance with 
paragraph (2), has been carried out, and where a copy of the


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paragraph (2), has been carried out, and where a copy of the 
assessment may be found. 
(5) Where a credit institution has closed a branch in the State, the credit 
institution shall – 
(a) 
within 9 months following the closure, commence an assessment 
of the impact of the closure on consumers that are customers of 
the credit institution, where alternative arrangements were made 
for those consumers, in order to assess those consumers’


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for those consumers, in order to assess those consumers’ 
satisfaction and experience with regard to the alternative 
arrangements put in place following the branch closure, 
(b) 
complete the assessment before 15 months have elapsed 
following closure,  
(c) 
publish the assessment on a website of the regulated entity,  
(d) 
arrange publication, in one or more local newspapers that are 
local to the relevant branch, of details of the fact that the


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local to the relevant branch, of details of the fact that the 
assessment has been carried out, and where a copy of the 
assessment may be found, and 
(e) 
re–assess the suitability of the alternative arrangements of the 
consumers referred to in subparagraph (a) and, where material 
adverse issues arise with regard to the suitability of those 
arrangements, rectify those issues. 
(6) This Regulation does not apply where the closure, merger or move will 
be temporary. 
96  [81]


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(6) This Regulation does not apply where the closure, merger or move will 
be temporary. 
96  [81] 
(7) In this Regulation, “branch” means a local branch which consumers can 
attend onsite for the purposes of being provided with financial services. 
 
Credit institution to give information and protect consumer interests when 
significantly amending local branch services  
160. (1) Where a credit institution intends to significantly amend the


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160. (1) Where a credit institution intends to significantly amend the 
financial services that it provides in a particular branch in the State by way of 
ceasing any part of this business, it shall take the following action: 
(a) 
give the 4 month notice required by Regulation 46; 
(b) 
prepare an assessment, approved by the board of directors, or the 
entity or persons controlling the regulated entity, of the 
anticipated impact of the intended amendment on consumers that


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anticipated impact of the intended amendment on consumers that 
are customers of the credit institution with regard to – 
(i) 
access to financial services, and 
(ii) 
range of financial services available to the consumers. 
(2) The assessment referred to in paragraph (1)(b) shall include an 
assessment of the following: 
(a) 
the suitability of alternative arrangements for provision of the 
financial service where the regulated entity anticipates that


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financial service where the regulated entity anticipates that 
alternative arrangements may be required; 
(b) 
where those alternative arrangements are suitable and may be 
required, the credit institution’s plans for transferring consumers 
that are customers of the credit institution to those arrangements, 
including any specific plans necessary for consumers in 
vulnerable circumstances. 
(3) No later than 2 months prior to the amendment, a credit institution       
shall –  
(a)


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(3) No later than 2 months prior to the amendment, a credit institution       
shall –  
(a) 
publish the assessment, as prepared in accordance with paragraph 
(1)(b) on a website of the regulated entity, and  
(b) 
arrange publication, in the relevant branch and in one or more 
local newspapers that are local to the relevant branch, of details 
of the fact that the assessment, as prepared in accordance with 
paragraph (1)(b), has been carried out, and where a copy of the


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paragraph (1)(b), has been carried out, and where a copy of the 
assessment may be found. 
(4) The credit institution shall – 
(a) 
within 9 months following the amendment, commence an 
assessment of the impact of the amendment on consumers that are 
customers 
of 
the 
credit 
institution, 
where 
alternative 
arrangements were made for those consumers, in order to assess 
those consumers’ satisfaction and experience with regard to the


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those consumers’ satisfaction and experience with regard to the 
alternative arrangements put in place following the amendment,   
(b) 
complete the assessment before 15 months have elapsed 
following amendment,   
[81]  97 
 
(c) 
publish the assessment on a website of the regulated entity,  
(d) 
arrange publication, in the relevant branch and in one or more 
local newspapers that are local to the relevant branch, of details 
of the fact that the assessment has been carried out, and where a


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of the fact that the assessment has been carried out, and where a 
copy of the assessment may be found, and 
(e) 
re–assess the suitability of any alternative arrangements of the 
consumers referred to in subparagraph (a) and, where material 
adverse issues arise with regard to the suitability of those 
arrangements, rectify those issues. 
(5) In this Regulation, “branch” has the same meaning given to it in 
Regulation 159(7). 
 
Unsolicited pre–approved credit to personal consumers


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Regulation 159(7). 
 
Unsolicited pre–approved credit to personal consumers 
161. (1) A regulated entity shall not recommend or offer unsolicited pre–
approved credit to a personal consumer. 
(2) In this Regulation, a reference to “credit” shall be taken to include, 
without limitation, reference to a consumer–hire agreement, hire–purchase 
agreement and a BNPL agreement. 
 
No increase of personal consumer’s credit limit without agreement


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No increase of personal consumer’s credit limit without agreement 
162. A regulated entity may not increase a personal consumer’s credit limit 
without obtaining the prior written consent of the personal consumer. 
 
Separate payment by personal consumers to be permitted in respect of loan 
charge 
163. Where a regulated entity intends to impose a charge in respect of the 
provision of a loan to, or arrangement of a loan for, a personal consumer, and it


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provision of a loan to, or arrangement of a loan for, a personal consumer, and it 
proposes to incorporate this charge into the loan amount advanced to the 
personal consumer, the regulated entity shall permit the personal consumer to 
pay this charge separately and to elect not to incorporate the charge into the loan 
amount. 
 
Credit institution not prevented from requiring opening of feeder account 
164. Regulation 90(1) shall not prevent a credit institution from requiring a


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164. Regulation 90(1) shall not prevent a credit institution from requiring a 
consumer to open an account, in order to avail of another product, to be used by 
the consumer for the purpose of facilitating payments in respect of that product 
(referred to in this Regulation as a “feeder account”), provided that all of the 
following conditions are met: 
(a) 
the credit institution shall not require the consumer to use the 
feeder account for purposes other than facilitating payments in


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feeder account for purposes other than facilitating payments in 
respect of the product concerned; 
98  [81] 
(b) 
the credit institution shall not apply charges for using the feeder 
account for the purpose for which it was established; 
(c) 
any additional facilities available on the feeder account, including 
any subject to a charge, shall be made optional by the credit 
institution and shall only be activated by the credit institution if 
requested by the consumer in writing;  
(d)


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requested by the consumer in writing;  
(d) 
the credit institution shall clearly communicate each of the 
conditions referred to in paragraphs (a) to (c) to the consumer in 
writing. 
 
Steps where offering payment protection insurance with a loan 
165. Where a regulated entity offers payment protection insurance with a 
loan, the regulated entity shall – 
(a) 
exclude the payment protection insurance premium from the 
initial repayment estimate of the loan provided to a consumer and


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initial repayment estimate of the loan provided to a consumer and 
separately inform the consumer of the premium amount for such 
payment protection insurance, and 
(b) 
use separate application forms for each of the payment protection 
insurance and the loan. 
 
Chapter 6 
Additional requirements specific to mortgage business 
 
Interpretation (Chapter 6) 
166. In this Chapter, “incentive” in relation to a mortgage, includes short–


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166. In this Chapter, “incentive” in relation to a mortgage, includes short–
term cost savings, payment breaks, payment moratoria, cashback offers or other 
offers, which – 
(a) 
may be advantageous to a personal consumer, as compared with 
not availing of those offers, for a period less than the term of the 
mortgage, but  
(b) 
if availed of may, over the whole term of the mortgage, have the 
consequence of additional costs to a personal consumer as


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consequence of additional costs to a personal consumer as 
compared with not availing of those offers. 
Register to be maintained of appointed mortgage intermediaries  
167. A regulated entity shall maintain an up–to–date publicly accessible 
register, which may be maintained on a website of the regulated entity, of all 
mortgage intermediaries that it has appointed.  
(2) A regulated entity shall provide a confirmation on paper, or on another


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(2) A regulated entity shall provide a confirmation on paper, or on another 
durable medium, to the Bank, upon termination or cessation of the appointment 
of a mortgage intermediary, that the intermediary has been removed from the 
register maintained in accordance with paragraph (1). 
 
 
[81]  99 
 
Personal consumers to be provided certain information with mortgage 
calculators and approval in principle documents  
168. (1) Where a regulated entity gives information to a personal consumer


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168. (1) Where a regulated entity gives information to a personal consumer 
by means of a mortgage calculator which states, based on information provided 
by the personal consumer, the required mortgage repayments or the total amount 
that may be borrowed by way of a mortgage loan, the information shall       
include – 
(a) 
an indicative figure of the total cost of the mortgage loan that 
would be payable by the personal consumer, and 
(b)


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would be payable by the personal consumer, and 
(b) 
information on any online tools to compare mortgages and to 
calculate mortgage repayments which the Competition and 
Consumer Protection Commission has made available on its 
website, together with a hyperlink to any relevant sections of that 
website. 
(2) Where a regulated entity is providing information to a personal consumer 
with a mortgage calculator with regard to a mortgage loan secured on residential


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with a mortgage calculator with regard to a mortgage loan secured on residential 
property that may be offered with an incentive, the regulated entity shall provide 
the following warning statement with the mortgage calculator: 
“Warning: You should consider the total cost of a mortgage loan, including 
any potential additional cost of an incentive offered with it.” 
(3) Where a regulated entity is providing a document to a personal consumer


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(3) Where a regulated entity is providing a document to a personal consumer 
containing an estimate of the amount that may be borrowed by the personal 
consumer by way of a mortgage loan secured on residential property (referred to 
in this Regulation as an “approval in principle document”), the regulated entity 
shall provide the following warning statement on the approval in principle 
document in circumstances where the mortgage loan may be offered with an 
incentive:


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document in circumstances where the mortgage loan may be offered with an 
incentive: 
“Warning: You should consider the total cost of the mortgage loan that may 
be offered to you, including any potential additional cost of an incentive 
offered with it.” 
(4) Where a regulated entity is providing information to a personal consumer 
with regard to a mortgage loan secured on residential property in either of the 
circumstances referred to in paragraph (2) or paragraph (3), other than the fact


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circumstances referred to in paragraph (2) or paragraph (3), other than the fact 
that there is no incentive that is offered with the mortgage loan, the regulated 
entity shall provide the following warning statement on the approval in principle 
document or with the mortgage calculator concerned:  
“Warning: You should consider the total cost of a mortgage loan.”  
(5) Where a regulated entity is providing an approval in principle document


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(5) Where a regulated entity is providing an approval in principle document 
to a personal consumer in respect of an interest–only mortgage, the regulated 
entity shall provide the following warning statement on the approval in principal 
document: 
“Warning: If the value of the capital lump sum or asset sale proceeds 
anticipated by your proposed repayment plan falls short of what you expect, 
you may be unable to meet the capital repayment that falls due when you


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you may be unable to meet the capital repayment that falls due when you 
reach the end of your interest–only term. You will be liable for any shortfall.” 
100  [81] 
Information on mortgage switching to be given to personal consumers 
169. A regulated entity shall give personal consumers the following 
information on its website in relation to mortgage loans provided to personal 
consumers and shall provide such information on paper to a consumer on 
request:  
(a)


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consumers and shall provide such information on paper to a consumer on 
request:  
(a) 
a guide to mortgage switching, to include at least the following 
information:  
(i) 
the switching process that the regulated entity has in place;  
(ii) 
an explanation of the legal process and how the regulated 
entity will engage with a personal consumer and a personal 
consumer’s legal representative; 
(iii) the regulated entity’s requirements in relation to loan


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consumer’s legal representative; 
(iii) the regulated entity’s requirements in relation to loan 
security and insurance policies when switching mortgage;  
(iv) a statement that a personal consumer should consider 
whether, and how, their existing insurance policy may be 
maintained;  
(b) 
mortgage loan application forms, including any separate 
application forms applicable to top–up mortgages;  
(c) 
the timelines which apply to the assessment of a mortgage loan


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(c) 
the timelines which apply to the assessment of a mortgage loan 
application as set out in the regulated entity’s policies and 
procedures;  
(d) 
the information required from a personal consumer in support of 
a personal consumer’s mortgage loan application;  
(e) 
a link to the relevant webpage on the Competition and Consumer 
Protection Commission’s website relating to switching regulated 
entities providing mortgage loans or changing mortgage type;  
(f)


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entities providing mortgage loans or changing mortgage type;  
(f) 
a statement that, at the request of a personal consumer or a 
personal consumer’s legal representative, the regulated entity will 
provide an indicative comparison of the personal consumer’s 
existing mortgage interest rate with alternative interest rates that 
may be offered by the regulated entity.  
 
Personal consumers to be provided with indicative comparison on total 
mortgage interest payable


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Personal consumers to be provided with indicative comparison on total 
mortgage interest payable 
170. (1) At the request of a personal consumer or the personal consumer’s 
legal representative, a regulated entity shall provide to the personal consumer, 
using reasonable and justifiable assumptions that are clearly stated, an indicative 
comparison of – 
(a) 
the total interest payable over the remaining term of a mortgage 
loan provided by that regulated entity to the personal consumer,


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loan provided by that regulated entity to the personal consumer, 
to  
[81]  101 
 
(b) 
the total interest payable over the term of a new mortgage loan, 
or under an alternative interest rate, offered by that regulated 
entity. 
(2) Where a regulated entity provides information pursuant to paragraph (1), 
it shall provide, together with that information, a hyperlink to, or website address 
of, the relevant webpage on the Competition and Consumer Protection


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of, the relevant webpage on the Competition and Consumer Protection 
Commission’s website relating to switching regulated entities providing 
mortgage loans to personal consumers or changing mortgage type.  
(3) The information referred to in paragraphs (1) and (2) shall be provided 
on paper or on another durable medium. 
 
Interest rates for mortgages to be published on websites 
171. Where a regulated entity operates a website, it shall publish on its


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171. Where a regulated entity operates a website, it shall publish on its 
website the interest rates that it has set for the mortgages which are currently 
available to consumers from that regulated entity. 
 
Summary statement on variable mortgage interest rates  
172. (1) A regulated entity shall draw up a summary statement of its policy 
for setting each variable mortgage interest rate that it offers to a personal 
consumer.


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for setting each variable mortgage interest rate that it offers to a personal 
consumer. 
(2) A regulated entity shall update the summary statement referred to in 
paragraph (1) when it changes the policy. 
(3) Paragraphs (1) and (2) do not apply in respect of a variable mortgage 
interest rate that is a tracker interest rate. 
(4) The summary statement referred to in paragraphs (1) to (3) shall – 
(a) 
identify the factors which may result in changes to the variable 
interest rate, 
(b)


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(a) 
identify the factors which may result in changes to the variable 
interest rate, 
(b) 
outline the criteria and procedures applicable to the setting of the 
variable interest rate, 
(c) 
specify the circumstances in which the regulated entity applies 
different approaches to setting the variable interest rate in respect 
of different cohorts of borrowers and the reasons for the different 
approach, and 
(d) 
be in such form and contain such content as set out in Schedule 1


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approach, and 
(d) 
be in such form and contain such content as set out in Schedule 1 
to these Regulations. 
(5) Where a regulated entity operates a website, it shall ensure that the 
summary statement that it has produced in accordance with paragraphs (1) to (4) 
is at all times published and up to date on such website. 
(6) A regulated entity that offers a variable mortgage interest rate to a 
personal consumer shall provide, with the offer document, a copy of the


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personal consumer shall provide, with the offer document, a copy of the 
currently applicable summary statement that it has produced in accordance with 
paragraphs (1) to (4). 
102  [81] 
(7) Paragraph (6) does not apply in respect of a variable mortgage interest 
rate that is a tracker interest rate. 
(8) Where a regulated entity changes a summary statement that it has 
produced in accordance with paragraphs (1) to (4), it shall notify, as soon as


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produced in accordance with paragraphs (1) to (4), it shall notify, as soon as 
possible, personal consumers to whose mortgage that updated summary 
statement applies. 
(9) The notification referred to in paragraph (8) shall be made on paper or 
on another durable medium and shall set out particulars of the changes made to 
the summary statement, together with relevant details of the position prior to 
such changes, in order that the consumer can compare the position before and


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such changes, in order that the consumer can compare the position before and 
after those changes. 
(10) A regulated entity shall make the updated summary statement that it has 
produced in accordance with paragraphs (1) to (4) available to those personal 
consumers to whose mortgage the updated summary statement applies. 
 
Required information to be included with offer document on mortgage 
173. A regulated entity that offers a mortgage to a personal consumer shall


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173. A regulated entity that offers a mortgage to a personal consumer shall 
include in the offer document the following information: 
(a) 
the amount of the mortgage; 
(b) 
the interest rate that applies to the mortgage at the date of offer; 
(c) 
the term of the mortgage; 
(d) 
where there is a possibility that the interest rate specified in the 
offer document may not be the interest rate applicable by the time 
that the mortgage is drawn down, a statement highlighting this 
possibility;


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that the mortgage is drawn down, a statement highlighting this 
possibility;  
(e) 
an outline of the circumstances that would result in the change in 
interest rate referred to in paragraph (d);  
(f) 
notification of any known upcoming change to the interest rate 
following drawdown; 
(g) 
the length of time for which the mortgage offer is valid, assuming 
that all details provided by the personal consumer are correct and 
do not change.


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that all details provided by the personal consumer are correct and 
do not change. 
 
Personal consumers to be provided with redemption figure on existing mortgage 
174. (1) A regulated entity shall provide to a personal consumer or their 
legal representative, on request, the redemption figure applicable to an existing 
mortgage provided by the regulated entity to that personal consumer. 
(2) The redemption figure referred to in paragraph (1) shall be provided by


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(2) The redemption figure referred to in paragraph (1) shall be provided by 
the regulated entity within 5 working days. 
 
 
 
[81]  103 
 
Personal consumer’s legal representative to be provided with title deeds within 
specified timeframe 
175. (1) A regulated entity that has the title deeds to a mortgaged property 
in its possession or power shall provide those title deeds to the legal 
representative of a personal consumer that is entitled to access those title deeds


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representative of a personal consumer that is entitled to access those title deeds 
on accountable trust receipt within 10 working days of – 
(a) 
receipt of a valid request in writing which satisfies the reasonable 
requirements of the regulated entity for provision of title deeds 
made by the legal representative concerned, and  
(b) 
the delivery by the legal representative of any required 
undertaking or assurance.


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(b) 
the delivery by the legal representative of any required 
undertaking or assurance. 
(2) Where a regulated entity is required to provide title deeds in accordance 
with paragraph (1), but has reasonable grounds for failure to provide those title 
deeds within 10 working days, the time limit referred to in paragraph (1) is 
extended in accordance with paragraph (3). 
(3) A regulated entity to which paragraph (2) applies shall – 
(a)


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(3) A regulated entity to which paragraph (2) applies shall – 
(a) 
make reasonable efforts to provide the title deeds to the legal 
representative concerned as soon as possible after the time limit 
referred to in paragraph (1) has expired, and 
(b) 
provide the personal consumer or legal representative concerned, 
prior to expiry of the time limit referred to in paragraph (1), with 
– 
(i) 
an explanation of why the request cannot be complied with, 
and  
(ii)


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– 
(i) 
an explanation of why the request cannot be complied with, 
and  
(ii) 
an assessment of when the title deeds will be provided.  
 
Warning statement for interest–only mortgages 
176. The following warning statement shall be included in the credit 
agreement documentation of an interest–only mortgage: 
“Warning: If the value of the capital lump sum or asset sale proceeds 
anticipated by your proposed repayment plan falls short of what you expect,


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anticipated by your proposed repayment plan falls short of what you expect, 
you may be unable to meet the capital repayment that falls due when you 
reach the end of your interest–only term. You will be liable for any shortfall.”  
 
Information to be provided on incentives and other offers where offered prior to 
mortgage approval  
177. (1) Where a regulated entity offers an incentive to a personal consumer 
prior to a mortgage being approved, the regulated entity shall provide the


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prior to a mortgage being approved, the regulated entity shall provide the 
personal consumer with the following information on paper or on another 
durable medium:  
(a) 
the consequences for the terms and conditions of the mortgage 
offer, including an indicative cost comparison of the total cost of 
the mortgage loan, if the incentive is availed of and if it is not; 
104  [81] 
(b) 
the period of time for which the incentive will be offered; 
(c)


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104  [81] 
(b) 
the period of time for which the incentive will be offered; 
(c) 
any assumptions used, and any such assumptions shall be 
reasonable and justifiable; 
(d) 
any other key information which may be relevant for the personal 
consumer in deciding whether to avail of the incentive.  
(2) The regulated entity shall include with the information provided pursuant 
to paragraph (1), a statement that the personal consumer may wish to seek


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to paragraph (1), a statement that the personal consumer may wish to seek 
independent advice prior to availing of the incentive. 
(3) This Regulation does not apply to alternative repayment arrangements 
within the scope of Chapter 9 of Part 3. 
 
Supporting documentation to be obtained prior to providing mortgage 
178. (1) Prior to providing a mortgage loan to a personal consumer, a 
regulated entity that is a mortgage lender shall either – 
(a)


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regulated entity that is a mortgage lender shall either – 
(a) 
obtain all original supporting documentation, including any 
electronic originals, evidencing the personal consumer’s identity 
and ability to repay the mortgage, or 
(b) 
obtain from a mortgage intermediary an authenticated declaration 
that the mortgage intermediary has obtained all such original 
supporting documentation, including any electronic originals, 
evidencing the personal consumer’s identity and ability to repay


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evidencing the personal consumer’s identity and ability to repay 
the mortgage. 
(2) Obtaining a declaration authenticated by a personal consumer, or a 
representative of the personal consumer, certifying the personal consumer’s 
income or ability to repay or both, shall not by itself suffice for the purposes of 
satisfying the obligation on a regulated entity that is a mortgage lender pursuant 
to paragraph (1)(a). 
(3) Obtaining an authenticated declaration from a mortgage intermediary


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to paragraph (1)(a). 
(3) Obtaining an authenticated declaration from a mortgage intermediary 
which is authenticated solely on the basis of the mortgage intermediary having 
obtained a declaration referred to in paragraph (2), shall not suffice as an 
authenticated declaration for the purposes of satisfying the obligation on a 
regulated entity that is a mortgage lender pursuant to paragraph (1)(b). 
(4) A mortgage intermediary shall not provide to a regulated entity that is a


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(4) A mortgage intermediary shall not provide to a regulated entity that is a 
mortgage lender a declaration authenticated by the mortgage intermediary, for 
the purposes of evidencing a personal consumer’s identity and ability to repay 
the mortgage, which is authenticated by the mortgage intermediary solely on the 
basis of the mortgage intermediary having obtained a declaration referred to in 
paragraph (2). 
 
Process to be followed for dealing with mortgage loan applications by personal


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paragraph (2). 
 
Process to be followed for dealing with mortgage loan applications by personal 
consumers 
179. A regulated entity shall –  
[81]  105 
 
(a) 
acknowledge receipt of a complete mortgage loan application 
within 3 working days of receipt of all documents or items of 
information necessary for a complete application, 
(b) 
where a mortgage loan application is not complete, acknowledge 
receipt of the mortgage loan application within 3 working days of


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receipt of the mortgage loan application within 3 working days of 
receipt and, together with that acknowledgement, provide 
notification of any documents or items of information required to 
be submitted to the regulated entity by a personal consumer to 
complete the application,  
(c) 
inform a personal consumer of the regulated entity’s decision on 
the personal consumer’s mortgage loan application within 10 
working days of receipt of all documents or items of information


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working days of receipt of all documents or items of information 
necessary to assess the application,  
(d) 
if the regulated entity cannot make a decision on whether it will 
grant or refuse the application within 10 working days of receipt 
of all documents or items of information necessary to assess the 
application, inform a personal consumer of the reasons why the 
regulated entity’s assessment of the application will take longer


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regulated entity’s assessment of the application will take longer 
than 10 working days and the expected timeframe within which a 
decision will be made, and 
(e) 
provide clear points of contact for any enquiries from a personal 
consumer who is considering switching their mortgage, and for 
any other enquiries relating to mortgage lending. 
 
Assessing reasonableness (etc.) of information in support of mortgage 
application 
180. A regulated entity shall – 
(a)


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application 
180. A regulated entity shall – 
(a) 
assess the reasonableness of the information contained in the 
documentation referred to in Regulation 178(1), including its 
accuracy, authenticity and veracity, submitted by a personal 
consumer to the regulated entity in support of a mortgage loan 
application, and  
(b) 
take all reasonable steps to verify that the documentation referred 
to in paragraph (a) is authentic. 
 
Mortgage lenders to obtain valuation report


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to in paragraph (a) is authentic. 
 
Mortgage lenders to obtain valuation report 
181. (1) A regulated entity that is a mortgage lender shall obtain, in durable 
medium, an independent valuation report for the property which will act as 
security for the mortgage, prior to providing a mortgage loan. 
(2) It shall suffice for the purposes of paragraph (1), if the regulated entity 
has obtained such an independent valuation report in compliance with any other 
applicable law.  
 
106  [81]


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applicable law.  
 
106  [81] 
Affordability assessment – additional test for mortgage products provided to 
personal consumers  
182. (1) Prior to offering, recommending, arranging or providing a credit 
product that is a mortgage provided to personal consumers, a regulated entity 
that is a lender shall include in the affordability assessment, which it is required 
to carry out pursuant to Regulation 130(1), the application of the test referred to 
in paragraphs (2) to (7).


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in paragraphs (2) to (7). 
(2) The test shall consist of a robust test of the personal consumer’s ability 
to repay the payment instalments due, over the duration of the mortgage 
agreement, on the basis of a minimum 2% interest rate increase above the interest 
rate offered to the personal consumer.  
(3) The test referred to in paragraph (2) does not apply to a mortgage where 
the interest rate applicable to the mortgage is fixed for a period of 5 years or 
more.


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the interest rate applicable to the mortgage is fixed for a period of 5 years or 
more. 
(4) Where the lender offers an introductory interest rate, it shall apply the 
test referred to in paragraph (2) on either –  
(a) 
the variable interest rate to be applied after the introductory period 
has ended, if this is known at the time of the offer of the 
introductory interest rate, or  
(b) 
on the current variable interest rate, if the variable interest rate to


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(b) 
on the current variable interest rate, if the variable interest rate to 
be applied after the introductory period has ended could not 
reasonably be determined at the time of carrying out the test. 
(5) Where a credit product is an interest–only mortgage provided on an 
interest–only basis for the duration of the mortgage term, the test referred to in 
paragraph (2) shall further include an additional assessment in order to ascertain


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paragraph (2) shall further include an additional assessment in order to ascertain 
the personal consumer’s likely ability to repay the principal at the end of the 
mortgage term. 
(6) Where a credit product is an interest–only mortgage provided on an 
interest–only basis for a duration less than the mortgage term, the test referred 
to in paragraph (2) shall further include an additional assessment in order to 
ascertain the personal consumer’s likely ability to repay the capital and interest


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ascertain the personal consumer’s likely ability to repay the capital and interest 
at the end of the interest–only period.  
(7) The additional assessment referred to in paragraph (6) shall consist of an 
assessment based on a minimum 2% interest rate increase – 
(a) 
above the interest rate applicable at the end of the interest–only 
period, if this is known at the time of the offer of the interest–only 
mortgage, or  
(b)


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period, if this is known at the time of the offer of the interest–only 
mortgage, or  
(b) 
above the current variable interest rate if the variable interest rate 
to be applied after the end of the interest–only period could not 
reasonably be determined at the time of carrying out the 
assessment. 
 
 
 
[81]  107 
 
Mortgage intermediaries to provide information for affordability assessment 
183. For the purpose of the affordability assessment referred to in Regulation


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183. For the purpose of the affordability assessment referred to in Regulation 
130(1), a mortgage intermediary through which a mortgage loan is distributed 
by a lender to a personal consumer shall provide all relevant information 
obtained from the personal consumer in accordance with Regulation 16(1) to 
(10) to the lender to enable an affordability assessment to be carried out by the 
lender.  
 
Revised figures to be provided to personal consumer regarding variable interest 
rate mortgage


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Revised figures to be provided to personal consumer regarding variable interest 
rate mortgage 
184. (1) A regulated entity shall, when offering or recommending a variable 
interest rate mortgage to a personal consumer, provide the personal consumer 
with figures reflecting the revised periodic repayment instalments following a 
2% interest rate increase above the variable interest rate offered. 
(2) A regulated entity shall provide the figures referred to in paragraph (1)


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(2) A regulated entity shall provide the figures referred to in paragraph (1) 
on paper or on another durable medium. 
(3) If the lender offers an introductory interest rate, the revised periodic 
repayment amount provided in accordance with paragraph (1) shall reflect an 
increase of 2% on – 
(a) 
the variable interest rate to be applied after the introductory period 
has expired, or 
(b) 
the current variable interest rate, if the variable interest rate to be


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has expired, or 
(b) 
the current variable interest rate, if the variable interest rate to be 
applied after the introductory period has expired could not 
reasonably be determined at the time. 
 
Mortgage drawdown – information to be provided to personal consumers 
185. A regulated entity shall –  
(a) 
notify a personal consumer of the documentation required to 
complete the mortgage drawdown process, and  
(b) 
provide points of contact for any enquiries from a personal


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(b) 
provide points of contact for any enquiries from a personal 
consumer regarding matters relating to mortgage lending, 
including in relation to the mortgage drawdown process.  
 
Statements of account on mortgages to provide for additional matters in certain 
circumstances 
186. (1) In addition to the matters referred to in Regulation 146(1)(a) to (e), 
in the case of a mortgage with a variable interest rate, excluding a tracker interest


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in the case of a mortgage with a variable interest rate, excluding a tracker interest 
rate, the statement of account referred to in Regulation 146(1) shall include the 
following: 
(a) 
a summary of any other mortgages provided by the regulated 
entity that could provide savings for the personal consumer at that 
point in time together with an estimate specified with respect to 
each such other mortgage of –  
108  [81] 
(i) 
the euro amount by which the personal consumer’s


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each such other mortgage of –  
108  [81] 
(i) 
the euro amount by which the personal consumer’s 
individual regular monthly mortgage repayments would 
decrease based on the other mortgage, and  
(ii) 
the euro amount by which the personal consumer’s total 
yearly mortgage repayments would decrease based on the 
other mortgage, being the euro amount specified in point (i) 
multiplied by 12; 
(b) 
details of how the personal consumer can obtain further


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multiplied by 12; 
(b) 
details of how the personal consumer can obtain further 
information on the mortgages referred to in subparagraph (a); 
(c) 
a statement that the personal consumer should keep their 
mortgage arrangements under review as there may be other 
options that could provide savings for the personal consumer; 
(d) 
a hyperlink to, or website address of, the relevant section on the 
Competition and Consumer Protection Commission’s website


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Competition and Consumer Protection Commission’s website 
relating to switching regulated entities that are lenders or 
changing mortgage type;   
(e) 
a reminder that the regulated entity’s summary statement 
produced in accordance with Regulation 172(1) to Regulation 
172(4) is available on its website; 
(f) 
if the interest rate applied is based on a ratio of Loan–to–Value 
(referred to in this Regulation as a “Loan–to–Value interest rate


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(referred to in this Regulation as a “Loan–to–Value interest rate 
band”), a notification as to whether the mortgage provides for 
movement by the personal consumer between Loan–to–Value 
interest rate bands subject to the provision of an up–to–date 
valuation and any other requirements that may apply to 
movement between Loan–to–Value interest rate bands by the 
personal consumer; 
(g) 
if the personal consumer is permitted to move between Loan–to–


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personal consumer; 
(g) 
if the personal consumer is permitted to move between Loan–to–
Value interest rate bands, an invitation to the personal consumer 
to contact the regulated entity to discuss further;  
(h) 
if the personal consumer is not permitted to move between Loan–
to–Value interest rate bands, a notification that the personal 
consumer may be able to avail of lower Loan–to–Value interest 
rate bands from another regulated entity based on an up–to–date 
valuation; 
(i)


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rate bands from another regulated entity based on an up–to–date 
valuation; 
(i) 
detail on the benefits of early contact with the regulated entity if 
the personal consumer is in arrears or is at risk of going into 
arrears. 
(2) For the purposes of paragraph (1)(a), the regulated entity shall write the 
estimate in a font colour other than the predominant font colour used in the 
statement of account. 
(3) Where a regulated entity is required to provide the information referred


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(3) Where a regulated entity is required to provide the information referred 
to in paragraph (1)(a), the regulated entity shall provide the personal consumer 
with a reminder to consider that information, on paper or on another durable 
[81]  109 
 
medium, after 4 weeks, but before 8 weeks, have elapsed since the regulated 
entity provided that information.  
(4) Where a regulated entity is required to provide a consumer with a


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(4) Where a regulated entity is required to provide a consumer with a 
statement including the additional matters referred to in paragraph (1), 
Regulation 146(2) applies to a statement including those additional matters.   
 
Notification of interest rate changes to provide for additional matters in certain 
circumstances  
187. (1) In the case of an increase in the interest rate on a mortgage with a 
variable interest rate, excluding a tracker interest rate, a notification required


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variable interest rate, excluding a tracker interest rate, a notification required 
pursuant to Regulation 147 shall also include, in addition to the other matters 
prescribed by Regulation 147(1) to (3), the following: 
(a) 
the reason, by reference to the summary statement produced in 
accordance with Regulation 172(1) to (4), for the change in the 
interest rate; 
(b) 
a summary of other mortgages provided by the regulated entity


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interest rate; 
(b) 
a summary of other mortgages provided by the regulated entity 
that could provide savings for the personal consumer at that point 
in time; 
(c) 
details of where the personal consumer can obtain further 
information on the mortgages referred to in subparagraph (b); 
(d) 
a statement that the personal consumer should keep their 
mortgage arrangements under review as there may be other 
options that could provide savings for the personal consumer; 
(e)


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options that could provide savings for the personal consumer; 
(e) 
a hyperlink to, or website address of, the relevant section on the 
Competition and Consumer Protection Commission’s website 
relating to switching lenders or changing mortgage type.  
(2) In the case of a mortgage interest rate that is a fixed interest rate, a 
notification required pursuant to Regulation 147 shall also include, in addition 
to the other matters prescribed by Regulation 147(1) to (3), 60 calendar days


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to the other matters prescribed by Regulation 147(1) to (3), 60 calendar days 
prior to the expiry of the fixed interest rate period, the default rate of interest 
applicable on the expiry of the fixed rate period. 
(3) Where the default rate of interest is not a tracker interest rate, a 
notification required pursuant to Regulation 147 and paragraph (2) of this 
Regulation shall further include the following: 
(a) 
a summary of other mortgage interest rates provided by the


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(a) 
a summary of other mortgage interest rates provided by the 
regulated entity that could provide savings for the personal 
consumer compared to the default rate of interest at the time of 
notification, together with an estimate specified with respect to 
each such other mortgage interest rate of –  
(i) 
the euro amount by which the personal consumer’s 
individual regular monthly mortgage repayments would 
decrease based on the other mortgage interest rate, and  
(ii)


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decrease based on the other mortgage interest rate, and  
(ii) 
the euro amount by which the personal consumer’s total 
yearly mortgage repayments would decrease based on the 
110  [81] 
other mortgage interest rate, being the euro amount 
specified in point (i) multiplied by 12;  
(b) 
details of how the personal consumer can obtain further 
information on the default rate of interest and other mortgage 
interest rates provided by the regulated entity referred to in 
subparagraph (a); 
(c)


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interest rates provided by the regulated entity referred to in 
subparagraph (a); 
(c) 
a statement that the personal consumer should keep their 
mortgage arrangements under review as there may be other 
options that could provide savings for the personal consumer; 
(d) 
a hyperlink to or website address of the relevant section on the 
Competition and Consumer Protection Commission’s website 
relating to switching lenders or changing mortgage type;  
(e)


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relating to switching lenders or changing mortgage type;  
(e) 
a reminder that the regulated entity’s summary statement 
produced in accordance with Regulation 172(1) to Regulation 
172(4) is available on its website.  
(4) For the purposes of paragraph (3)(a), the regulated entity shall write the 
estimate in a font colour other than the predominant font colour used in the 
statement of account. 
(5) Where a regulated entity is required to provide the information referred


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(5) Where a regulated entity is required to provide the information referred 
to in paragraph (3)(a), the regulated entity shall provide the personal consumer 
with a reminder to consider that information, on paper or on another durable 
medium, after 4 weeks, but before 8 weeks, have elapsed since the regulated 
entity provided that information.  
(6) In the case of an increase in a tracker interest rate, a regulated entity shall


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(6) In the case of an increase in a tracker interest rate, a regulated entity shall 
provide the notification required pursuant to Regulation 147 as soon as possible, 
and no later than 10 working days after the regulated entity becomes aware of 
the change in the interest rate being tracked. 
 
Switching from tracker interest rate – personal consumer to be informed 
188. (1) Where a personal consumer has an option under the terms of his or


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188. (1) Where a personal consumer has an option under the terms of his or 
her mortgage to switch from a tracker interest rate to a mortgage interest rate that 
is not a tracker interest rate (referred to in this Regulation as an “alternative 
mortgage interest rate”), and notifies the regulated entity that is the lender of his 
or her intention to exercise that option, that lender shall provide the personal 
consumer with the following information on paper or on another durable 
medium: 
(a)


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consumer with the following information on paper or on another durable 
medium: 
(a) 
an indicative comparison of the cost of the personal consumer’s 
monthly mortgage repayment at their tracker interest rate and 
each alternative mortgage interest rate available to the personal 
consumer; 
(b) 
an indicative comparison of the total cost of the mortgage if the 
personal consumer continues with the tracker interest rate and 
each alternative mortgage interest rate available to the personal


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each alternative mortgage interest rate available to the personal 
consumer;  
[81]  111 
 
(c) 
information that details and contrasts for the personal consumer 
how the tracker interest rate is calculated as compared to each 
alternative mortgage interest rate available to the personal 
consumer. 
(2) For the purposes of paragraph (1) – 
(a) 
any information provided by the regulated entity pursuant to 
paragraph (1) shall be up to date, 
(b)


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paragraph (1) shall be up to date, 
(b) 
the regulated entity shall provide an indicative time period over 
which any alternative mortgage interest rate is likely be available 
to the personal consumer, and 
(c) 
any assumptions used by the regulated entity in respect of the 
requirements referred to in paragraph (1) shall be reasonable, 
justifiable and clearly stated. 
(3) The following warning statement shall be included by the regulated


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(3) The following warning statement shall be included by the regulated 
entity with the information referred to in paragraph (1) if a personal consumer 
will not be contractually entitled to revert to a tracker interest rate following a 
decision to switch to an alternative mortgage interest rate available to the 
personal consumer: 
“Warning: If you switch to an alternative mortgage interest rate, you will not 
be contractually entitled to revert to a tracker interest rate at any time in the


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be contractually entitled to revert to a tracker interest rate at any time in the 
future.”  
(4) This Regulation does not apply to a regulated entity in respect of a 
mortgage borrower within the scope of Chapter 9 of Part 3 that is in arrears or 
pre–arrears within the meaning of that Chapter. 
 
Switching from tracker interest rate to fixed interest rate – personal consumer 
to be notified of tracker margin on expiry of fixed term 
189. (1) Where a personal consumer – 
(a)


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189. (1) Where a personal consumer – 
(a) 
has an option under the terms of his or her mortgage to switch 
from a tracker interest rate to a fixed interest rate and notifies the 
regulated entity that is the lender of his or her intention to switch, 
and 
(b) 
has an entitlement under the terms of his or her mortgage to a 
tracker interest rate when the fixed interest rate period expires,  
the regulated entity shall notify the personal consumer prior to implementing the


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the regulated entity shall notify the personal consumer prior to implementing the 
switch, on paper or on another durable medium, of the tracker margin that will 
be included within the tracker interest rate available to the personal consumer at 
the time of expiry of the fixed interest rate period, if the personal consumer 
chooses to revert to a tracker interest rate. 
(2) For the purposes of this Regulation, “tracker margin” means the


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(2) For the purposes of this Regulation, “tracker margin” means the 
percentage above which a tracker interest rate must not exceed the reference rate 
which it tracks as referred to in the terms of the loan.  
112  [81] 
(3) This Regulation does not apply to a regulated entity in respect of a 
mortgage borrower within the scope of Chapter 9 of Part 3 that is in arrears or 
pre–arrears within the meaning of that Chapter.


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pre–arrears within the meaning of that Chapter. 
 
Switching from tracker interest rate – personal consumer to be notified prior to 
implementing switch  
190. (1) Prior to amending the terms of a personal consumer’s mortgage to 
switch from a tracker interest rate to a mortgage interest rate that is not a tracker 
interest rate (referred to in this Regulation as an “alternative mortgage interest 
rate”), or otherwise implementing such a switch, a regulated entity shall provide


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rate”), or otherwise implementing such a switch, a regulated entity shall provide 
the personal consumer with written notice which states that by switching to the 
alternative mortgage interest rate, the tracker interest rate will or, as applicable, 
will not, be available following the switch. 
(2) Where paragraph (1) applies, a regulated entity shall not implement the 
switch to an alternative interest rate until it receives written confirmation from


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switch to an alternative interest rate until it receives written confirmation from 
the personal consumer that the personal consumer has received the required 
written notice from the regulated entity. 
(3) For the purposes of this Regulation, “tracker margin” has the meaning 
given to it in Regulation 189(2). 
(4) This Regulation does not apply to a regulated entity in respect of a 
mortgage borrower within the scope of Chapter 9 of Part 3 that is in arrears or


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mortgage borrower within the scope of Chapter 9 of Part 3 that is in arrears or 
pre–arrears within the meaning of that Chapter. 
 
Switching from tracker interest rate – personal consumer to be allowed time to 
consider information  
191. (1) A regulated entity shall allow a personal consumer at least 30 
calendar days to consider the information provided in accordance with 
Regulations 188 to 190. 
(2) A regulated entity shall advise the personal consumer of this entitlement


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(2) A regulated entity shall advise the personal consumer of this entitlement 
on paper or on another durable medium, together with the information provided 
in accordance with Regulations 188 to 190 and no change shall be effected to 
the personal consumer’s rate until the expiry of the time period referred to in 
paragraph (1). 
(3) A personal consumer may waive the 30 calendar day period provided for 
in this Regulation and the chosen alternative relevant rate may be applied by the


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in this Regulation and the chosen alternative relevant rate may be applied by the 
regulated entity prior to the expiry of this time period, where a regulated entity 
receives written confirmation from the personal consumer prior to the alternative 
rate being applied confirming that – 
(a) 
the personal consumer has been provided with the information 
required under Regulations 188 to 190, and  
(b) 
the personal consumer understands that he or she is waiving the


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(b) 
the personal consumer understands that he or she is waiving the 
30 day period available in accordance with paragraph (1) to 
consider this information. 
 
[81]  113 
 
Switching to a fixed interest rate – personal consumers to be notified of loss of 
discount (etc.)  
192. (1) This Regulation applies where a personal consumer is eligible to 
switch to a fixed interest rate from a different fixed interest rate or from another


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switch to a fixed interest rate from a different fixed interest rate or from another 
type of interest rate, whether a variable interest rate, tracker interest rate or 
otherwise, pursuant to the terms and conditions of a mortgage, but would revert 
to that different fixed interest rate, that other type of interest rate, or any interest 
rate other than a fixed interest rate, on expiry of the fixed interest rate period. 
(2) Where this Regulation applies and a personal consumer would lose a


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(2) Where this Regulation applies and a personal consumer would lose a 
discount in respect of charges or any other advantageous term of the mortgage 
that applied prior to the switch, the regulated entity providing the mortgage shall 
notify the personal consumer of that fact prior to applying the switch in interest 
rate to the mortgage concerned.  
(3) The requirement to notify pursuant to paragraph (2) does not apply in


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(3) The requirement to notify pursuant to paragraph (2) does not apply in 
respect of the unavailability of a tracker interest rate for which a requirement to 
provide written notice pursuant to Regulation 190 applies and has been 
discharged.  
 
Personal consumer to be provided with information when offering incentive on 
existing mortgage 
193. (1) Where a regulated entity offers an incentive to a personal consumer


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existing mortgage 
193. (1) Where a regulated entity offers an incentive to a personal consumer 
in respect of an existing mortgage, the regulated entity shall provide the personal 
consumer with the following information on paper or on another durable 
medium:  
(a) 
the consequences for the terms and conditions of the mortgage 
including an indicative cost comparison of the total cost of the 
existing mortgage if the incentive is availed of and if it is not; 
(b)


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existing mortgage if the incentive is availed of and if it is not; 
(b) 
the period of time for which the incentive will be offered; 
(c) 
any assumptions used, and any such assumptions shall be 
reasonable and justifiable; 
(d) 
any other key information which may be relevant for the personal 
consumer in deciding whether to avail of the incentive.  
(2) A regulated entity shall include with the information provided pursuant


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(2) A regulated entity shall include with the information provided pursuant 
to paragraph (1) a statement that the personal consumer may wish to seek 
independent advice prior to availing of the incentive. 
(3) This Regulation does not apply to alternative repayment arrangements 
within the scope of Chapter 9 of Part 3. 
 
Warning statement for certain advertisements  
194. (1) Paragraphs (2) to (7) apply only to advertisements which refer, or


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194. (1) Paragraphs (2) to (7) apply only to advertisements which refer, or 
relate, to a regulated activity which can be provided, or is available, to a personal 
consumer. 
114  [81] 
(2) A regulated entity shall ensure that in an advertisement in which it 
advertises a residential mortgage involving scheduled repayments, it provides 
the following warning statement: 
“Warning: If you do not keep up your repayments you may lose your home.”


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“Warning: If you do not keep up your repayments you may lose your home.”  
(3) A regulated entity shall ensure that in an advertisement in which it 
advertises a residential mortgage, including in respect of which it offers an 
incentive, it provides the following warning statement:  
“Warning: You should consider the total cost of the mortgage and any 
applicable incentive included in a mortgage offer.” 
(4) A regulated entity shall ensure that, in an advertisement in which it


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(4) A regulated entity shall ensure that, in an advertisement in which it 
advertises a variable interest rate mortgage, involving scheduled repayments of 
interest, where the regulated entity has discretion to vary the interest rate, it 
provides the following warning statement:   
“Warning: Your interest rate may increase and the amount of your mortgage 
repayments may increase as a result.” 
(5) A regulated entity shall ensure that, in an advertisement in which it


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(5) A regulated entity shall ensure that, in an advertisement in which it 
advertises an interest–only mortgage, it provides the following warning 
statement:  
“Warning: The entire amount that you have borrowed will still be outstanding 
at the end of the interest–only period.” 
(6) A regulated entity shall ensure that, in an advertisement in which it 
advertises a lifetime mortgage, it provides a recommendation to seek


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advertises a lifetime mortgage, it provides a recommendation to seek 
independent legal or financial advice, together with the following warning 
statements inserting the appropriate information in place of the instruction in 
square brackets for that purpose: 
(a) 
in respect of a lifetime mortgage where no interest is payable 
during the term of the mortgage, but interest is charged each 
month or year and added to the amount owed, with the amount


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continual basis: 
“Warning:  Unlike certain other mortgages where interest is 
charged on a sum that decreases with time, interest on lifetime 
mortgages is charged on an increasing sum (made up of the 
[81]  115 
 
outstanding mortgage and added interest amounts), and therefore 
the total amount owed can increase quickly.  As you are not 
required make any scheduled repayments, the interest on your 
mortgage is added to your outstanding debt on a continual basis


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mortgage is added to your outstanding debt on a continual basis 
and you are effectively charged interest on that interest.  This is 
called ‘compound interest’.”;  
(c) 
in respect of a lifetime mortgage with a variable interest rate that 
does not involve scheduled repayments of interest, where the 
regulated entity has discretion to vary the interest rate:   
“Warning: the rate of interest applied to your loan balance may 
increase and the amount you owe will increase as a result.”; 
(d)


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increase and the amount you owe will increase as a result.”; 
(d) 
in respect of a lifetime mortgage where the debt, if unpaid, could 
come close to, or equal or exceed the value of the mortgaged 
residential property: 
“Warning:  The longer a lifetime mortgage remains unpaid, the 
more money you will owe and the amount you owe could 
eventually come close to, equal, or exceed the value of the 
mortgaged residential property.”; 
(e)


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mortgaged residential property.”; 
(e) 
in respect of a lifetime mortgage where the debt, if unpaid, could 
come close to or equal, but not exceed, the value of the mortgaged 
residential property: 
“Warning:  The longer a lifetime mortgage remains unpaid, the 
more money you will owe and the amount you owe could 
eventually come close to or equal, the value of the mortgaged 
residential property.”; 
(f) 
in respect of all lifetime mortgages:


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residential property.”; 
(f) 
in respect of all lifetime mortgages: 
“Warning: Purchasing this product may negatively impact on 
your ability to fund future needs. Before purchasing this product, 
you should get independent legal or financial advice.”; 
(g) 
in respect of a lifetime mortgage where charges apply to early 
repayment:  
“Warning: You will have to pay charges if you pay off a lifetime 
mortgage early.”. 
 
Chapter 7 
Deposit agents


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mortgage early.”. 
 
Chapter 7 
Deposit agents 
 
Deposit agents not to retain consumer account passbook 
195. A deposit agent shall not retain in its possession an account passbook 
of a consumer. 
 
 
116  [81] 
Deposit agents not to operate from same premises as deposit broker 
196. A deposit agent shall not operate from the same premises as a deposit 
broker. 
 
Chapter 8 
High Cost credit providers 
 
Interpretation (Chapter 8) 
197. (1) In this Chapter –


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Chapter 8 
High Cost credit providers 
 
Interpretation (Chapter 8) 
197. (1) In this Chapter – 
“existing consumer” means a consumer who has outstanding credit with the high 
cost credit provider; 
“relevant Regulations” means the provisions of these Regulations which apply 
in accordance with Regulation 6 where a high cost credit provider is engaged in 
the activity of providing high cost credit. 
(2) In 
this 
Chapter, 
“APR”, 
“consumer”, 
“credit”, 
“financial


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(2) In 
this 
Chapter, 
“APR”, 
“consumer”, 
“credit”, 
“financial 
accommodation”, “high cost credit provider”, “high cost credit”, “high cost 
credit agreement” and “running account” have the meaning given to them in 
section 2(1) of the Act of 1995. 
 
Scope and application (Chapter 8) 
198. (1) This Chapter applies to a high cost credit provider licensed under 
the Act of 1995 when engaged in the activity of the provision of high cost credit.


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the Act of 1995 when engaged in the activity of the provision of high cost credit. 
(2) With the exception of Regulations 7(3), 8(1)(p), 8(11), 11(3), 13(7), 
13(9) and 20(1) of the European Communities (Consumer Credit Agreements) 
Regulations 2010, Regulations 7, 8, 11, 13 and 20 of the European Communities 
(Consumer Credit Agreements) Regulations 2010 shall apply in respect of a high 
cost credit agreement within the scope of the relevant Regulations and involving


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cost credit agreement within the scope of the relevant Regulations and involving 
a total amount of credit of less than €200. 
(3) In this Regulation, “total amount of credit” in relation to a high cost credit 
agreement means the limit of the credit, or the total sum, made available under 
the high cost credit agreement. 
 
Expertise for engaging in high cost credit 
199. A high cost credit provider shall provide appropriate training on an on–


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199. A high cost credit provider shall provide appropriate training on an on–
going basis to employees and agents concerned with the provision of high cost 
credit and this shall include, at a minimum, training with respect to the policies 
and procedures the high cost credit provider has in place to comply with 
Regulation 204. 
 
 
 
[81]  117 
 
Unsolicited credit facilities 
200. (1) A high cost credit provider shall not approve the provision of credit


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200. (1) A high cost credit provider shall not approve the provision of credit 
to a consumer in advance of an application by the consumer for the credit. 
(2) A high cost credit provider may only increase the limit on a consumer’s 
running account following an application from the consumer for an increase to 
the limit on the consumer’s running account. 
(3) A high cost credit provider shall not make an unsolicited offer of credit


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(3) A high cost credit provider shall not make an unsolicited offer of credit 
to an existing consumer of that high cost credit provider in circumstances     
where – 
(a) 
the consumer made full repayment within the preceding month of 
a high cost credit agreement with that high cost credit provider, 
or 
(b) 
the consumer is party to a high cost credit agreement with the high 
cost credit provider and the final repayment date of such high cost 
credit agreement is within the next month.


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credit agreement is within the next month. 
(4) In this Regulation, “unsolicited offer of credit” means a direct offer to an 
identified consumer to apply for credit where that offer is made – 
(a) 
otherwise than at the request of the consumer, or 
(b) 
without the prior written consent of the consumer, 
but excludes general advertisements for credit to the public. 
 
Unsolicited contact 
201. (1) When contacting a consumer, other than an existing consumer, a


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Unsolicited contact 
201. (1) When contacting a consumer, other than an existing consumer, a 
high cost credit provider may make an unsolicited contact, only if – 
(a) 
the consumer has signed a statement, within the previous 12 
months, giving the high cost credit provider permission to make 
unsolicited contact, or 
(b) 
the consumer is the subject of a referral received by the high cost 
credit provider from one of the following: 
(i) 
a person authorised by the Bank to provide financial


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(i) 
a person authorised by the Bank to provide financial 
services in the State; 
(ii) 
a person within the same group as the high cost credit 
provider; 
(iii) a solicitor; 
(iv) a certified person. 
(2) When a high cost credit provider contacts a consumer following a referral 
referred to in paragraph (1)(b), the high cost credit provider shall inform the 
consumer that such a referral has been made and ask the consumer for consent 
to proceed with an unsolicited contact. 
118  [81]


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to proceed with an unsolicited contact. 
118  [81] 
(3) A high cost credit provider shall ensure that, when it makes an unsolicited 
contact on foot of a referral, referred to in paragraph (1)(b), it retains a record of 
the referral. 
(4) An unsolicited contact by a high cost credit provider to a consumer, other 
than an existing consumer, may only be made between 9.00 a.m. and 9.00 p.m., 
from Monday to Saturday, excluding public holidays, unless otherwise requested 
by the consumer.


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from Monday to Saturday, excluding public holidays, unless otherwise requested 
by the consumer. 
(5) When making an unsolicited contact in accordance with the relevant 
Regulations, a high cost credit provider shall immediately carry out the 
following actions in the following order: 
(a) 
identify himself or herself by name and identify the name of the 
high cost credit provider on whose behalf the person is contacting 
the consumer and the commercial purpose of the contact; 
(b)


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the consumer and the commercial purpose of the contact; 
(b) 
inform the consumer that the telephone contact is being recorded, 
if that is the case; 
(c) 
where relevant, disclose to the consumer, the source of the 
business lead or referral supporting the personal visit or telephone 
contact; 
(d) 
confirm that the consumer wishes the personal visit or telephone 
contact to proceed and if not, end the telephone contact or 
personal visit immediately.


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contact to proceed and if not, end the telephone contact or 
personal visit immediately. 
(6) A high cost credit provider shall adhere to a request from a consumer not 
to make an unsolicited contact to him or her and this request shall be recorded 
by the high cost credit provider. 
(7) A high cost credit provider shall not reach a binding agreement with a 
consumer on the basis of unsolicited contact alone. 
(8) When contacting an existing consumer for the purposes of sales and


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(8) When contacting an existing consumer for the purposes of sales and 
marketing, a high cost credit provider may make an unsolicited contact, only       
if – 
(a) 
the consumer has given prior written consent, that the consumer 
agrees to be the recipient of such contact, and 
(b) 
the consumer’s consent remains valid. 
(9) For the purposes of this Regulation the following definitions apply:  
“group” includes a company, any subsidiary and any related undertaking;


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“group” includes a company, any subsidiary and any related undertaking; 
“related undertaking” means a related company within the meaning of Part 1 of 
the Act of 2014; 
“subsidiary” means a subsidiary within the meaning of Part 1 of the Act of 2014; 
“unsolicited contact” means contact with a consumer without prior written 
consent by way of personal visit or telephone call, but not including written 
contact with the consumer or returning a telephone call from a consumer. 
 
 
 
[81]  119


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contact with the consumer or returning a telephone call from a consumer. 
 
 
 
[81]  119 
 
Communications 
202. (1) A high cost credit provider shall ensure that the level of contact and 
communications from the high cost credit provider to a consumer is 
proportionate, reasonable and not excessive. 
(2) A high cost credit provider shall ensure that, where it intends to keep a 
record of a telephone conversation with a consumer, the high cost credit provider


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record of a telephone conversation with a consumer, the high cost credit provider 
informs the consumer, at the outset of the conversation, that the telephone 
conversation is being recorded. 
 
Prohibition on incentivising credit purchases 
203. A high cost credit provider providing goods or services to a consumer, 
in connection with a high cost credit agreement, shall not offer any discount to a 
consumer to purchase goods or services on credit, where the discount is only


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consumer to purchase goods or services on credit, where the discount is only 
available if the goods or services are purchased by the consumer on credit. 
 
Lending policy and procedures 
204. (1) A high cost credit provider shall establish, maintain and adhere to 
lending policies and procedures, which shall comply with the relevant 
Regulations, and these lending policies and procedures shall be approved by the 
board of directors of the high cost credit provider or the entity or persons


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board of directors of the high cost credit provider or the entity or persons 
controlling the high cost credit provider. 
(2) The approval of a high cost credit provider’s lending policies and 
procedures by the board of directors of the high cost credit provider, or the entity 
or persons controlling the high cost credit provider, shall constitute an 
affirmation on the part of the board of directors of the high cost credit provider,


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affirmation on the part of the board of directors of the high cost credit provider, 
or the entity or persons controlling the high cost credit provider, that the high 
cost credit provider's policies and procedures comply with the relevant 
Regulations and any other legal and regulatory requirements with which the high 
cost credit provider must comply. 
(3) A high cost credit provider shall carry out an annual review to ensure that


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(3) A high cost credit provider shall carry out an annual review to ensure that 
it is acting in compliance with the lending policies and procedures referred to in 
paragraph (1) and the high cost credit provider shall report the results of the 
annual review to the board of directors of the high cost credit provider or the 
entity or persons controlling the high cost credit provider. 
(4) A high cost credit provider’s lending policies and procedures referred to


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(4) A high cost credit provider’s lending policies and procedures referred to 
in paragraph (1) shall have the core objectives of ensuring – 
(a) 
consistency of approach by the high cost credit provider in its 
dealings with consumers, and 
(b) 
that all regulatory requirements as regards suitability of the high 
cost credit provider’s activities for its consumers and the 
creditworthiness of the high cost credit provider’s consumers,


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creditworthiness of the high cost credit provider’s consumers, 
including the requirements to act in the best interests of 
consumers, are complied with by the high cost credit provider. 
120  [81] 
(5) A high cost credit provider’s lending policies and procedures referred to 
in paragraph (1) shall, at a minimum, include the following information: 
(a) 
the lending policies and procedures that the high cost credit 
provider will apply when dealing with applications for credit from


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provider will apply when dealing with applications for credit from 
consumers, including consumers in vulnerable circumstances; 
(b) 
the information to be sought from consumers applying for credit; 
(c) 
the criteria which the high cost credit provider will apply when 
considering an application for credit; 
(d) 
the following statement: 
“The core objectives of this policy is to ensure that we approach 
all applications for new and additional credit consistently and to


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all applications for new and additional credit consistently and to 
ensure that we meet all of our regulatory requirements as regards 
suitability of the product and the creditworthiness of consumers 
and to act in the best interests of consumers.”; 
(e) 
the supports available to employees and agents of the high cost 
credit provider involved in the consideration of applications for 
credit; 
(f) 
the safeguards which the high cost credit provider has in place to


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credit; 
(f) 
the safeguards which the high cost credit provider has in place to 
ensure that section 99 of the Act of 1995 is complied with; 
(g) 
the manner in which the high cost credit provider will maintain a 
record of the steps taken to assess an application for credit; 
(h) 
the manner in which the high cost credit provider will maintain a 
record of all lending decisions; 
(i) 
the safeguards which the high cost credit provider has in place to


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(i) 
the safeguards which the high cost credit provider has in place to 
ensure that consumers are not offered or approved unsolicited 
credit facilities, other than in accordance with the relevant 
Regulations, by the high cost credit provider or by an employee 
or agent of the high cost credit provider, in advance of an 
application for credit by a consumer. 
 
Home collections 
205. (1) A high cost credit provider shall ensure that – 
(a)


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Home collections 
205. (1) A high cost credit provider shall ensure that – 
(a) 
any removal of a repayment book from a consumer is properly 
recorded and that a receipt in a durable medium is issued to the 
consumer, and 
(b) 
a consumer’s personal details contained in repayment books are 
regularly confirmed and updated. 
(2) If a high cost credit provider provides a collection service, in respect of 
repayments due under a high cost credit agreement, the high cost credit provider


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repayments due under a high cost credit agreement, the high cost credit provider 
shall, before making any collection of repayments, agree with the consumer the 
location for such collection, which shall be appropriate and secure. 
 
 
[81]  121 
 
Pre–contract information 
206. A high cost credit provider shall, prior to entering into a high cost credit 
agreement with a consumer where the APR is in excess of 23 per cent, indicate


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agreement with a consumer where the APR is in excess of 23 per cent, indicate 
the high–cost nature of the credit on all documentation in the following form: 
“Warning: This is high–cost credit. Consider alternative options before 
applying for this credit, including alternatives from other lenders regulated by 
the Central Bank of Ireland.” 
 
Provision of information to consumers 
207. A high cost credit provider shall – 
(a) 
include the following statement, in bold type, at, or near, the


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(a) 
include the following statement, in bold type, at, or near, the 
beginning of any application form or process relating to a high 
cost credit agreement, regardless of whether the means of 
application or process is paper based or otherwise: 
“If you require this credit to pay for accommodation, food, 
electricity, heating, medication or other similar costs, please read 
the below information carefully”, 
(b) 
immediately following the statement referred to in paragraph (a),


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(b) 
immediately following the statement referred to in paragraph (a), 
provide the consumer with the information set out in Schedule 2 
to these Regulations in the form prescribed in that Schedule, 
(c) 
ensure that the statement set out in paragraph (a) is – 
(i) 
presented in a prominent manner, 
(ii) 
in a box, 
(iii) in bold type, and 
(iv) of a font size that is at least equal to the predominant font 
size used throughout the document, and 
(d)


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size used throughout the document, and 
(d) 
ensure that the information set out in Schedule 2 to these 
Regulations is presented in a font size that is at least equal to the 
predominant font size used throughout the document. 
 
Information to be provided on guarantee documentation  
208. Where a high cost credit provider offers credit to a consumer subject to 
provision of a guarantee, the high cost credit provider shall ensure that the 
guarantee documentation  – 
(a)


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guarantee documentation  – 
(a) 
clearly specifies the obligations of the guarantor in respect of the 
credit, and  
(b) 
contains the following warning statement: 
“Warning: As a guarantor of this credit, you will have to pay off 
any outstanding debt amount, the interest and all associated 
charges up to the level of your guarantee if the borrower does not. 
122  [81] 
Before you sign this guarantee you should get independent legal 
or financial advice.”.


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Before you sign this guarantee you should get independent legal 
or financial advice.”. 
 
Additional disclosure requirements 
209. (1) In addition to the requirements of Regulation 71(1)(a) to (c), a high 
cost credit provider shall include a regulatory disclosure statement as to its 
regulatory status for consumers in its high cost credit agreements, repayment 
books, authorisation cards, advertisements, catalogues and brochures.


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books, authorisation cards, advertisements, catalogues and brochures.  
(2) Regulation 71(1)(a) to (c) does not include a high cost credit provider’s 
text messages. 
 
Information notice on website and application form 
210. (1) If a high cost credit provider enters, or offers to enter, into a high 
cost credit agreement with an APR in excess of 23 per cent, a high cost credit 
provider shall display the information set out in Schedule 3 to these Regulations


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provider shall display the information set out in Schedule 3 to these Regulations 
in the form prescribed in that Schedule in the following places – 
(a) 
where it operates a website, on the section of the high cost credit 
provider’s website that relates to high cost credit or other 
activities for which the high cost credit provider is regulated by 
the Bank, and 
(b) 
at, or near, the beginning of any application form or process


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the Bank, and 
(b) 
at, or near, the beginning of any application form or process 
relating to a high cost credit agreement, regardless of whether the 
means of application or process is paper based or otherwise. 
(2) For the purpose of paragraph (1) it shall not be sufficient for the high cost 
credit provider to provide the information through a link to that information. 
 
Information notice at premises 
211. (1) If a high cost credit provider enters, or offers to enter, into a high


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211. (1) If a high cost credit provider enters, or offers to enter, into a high 
cost credit agreement with an APR in excess of 23 per cent, a high cost credit 
provider shall display the information set out in Schedule 3 to these Regulations 
in every premises from which it engages with consumers in respect of high cost 
credit activities and such information shall be – 
(a) 
as set out in Schedule 3 to these Regulations, 
(b) 
in poster form, 
(c) 
at least A4 in size, 
(d)


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(b) 
in poster form, 
(c) 
at least A4 in size, 
(d) 
in typeface that is at least 18 points in size, and 
(e) 
in bold font. 
(2) The information provided by a high cost credit provider in accordance 
with paragraph (1) shall be displayed – 
(a) 
in an area inside the premises from which the high cost credit 
provider engages in high cost credit activities, and 
[81]  123 
 
(b) 
where it is clearly visible from the location at which consumers


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[81]  123 
 
(b) 
where it is clearly visible from the location at which consumers 
would ordinarily deal with the high cost credit provider or an 
employee or agent of the high cost credit provider. 
(3) For the purpose of paragraph (2), where the premises from which the 
high cost credit provider engages in high cost credit activities – 
(a) 
are not enclosed, or 
(b) 
are of a kind where a consumer can approach the high cost credit


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(a) 
are not enclosed, or 
(b) 
are of a kind where a consumer can approach the high cost credit 
provider, or an employee or agent of the high cost credit provider, 
without going through a door, 
the information shall be displayed so that it is clearly visible on a counter, desk, 
table or other item of furniture at which the high cost credit provider, or an 
employee or agent of the high cost credit provider would deal with the consumer. 
 
Knowing the consumer


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Knowing the consumer 
212. Without prejudice to a high cost credit provider’s other legal and 
regulatory obligations, a high cost credit provider shall ensure that, where a 
consumer refuses to provide information sought by the high cost credit provider 
in compliance with the relevant Regulations, the refusal by the consumer is noted 
on that consumer’s records. 
 
Post–contract information 
213. Except in the case of a high cost credit agreement under which


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Post–contract information 
213. Except in the case of a high cost credit agreement under which 
repayments are collected from the consumer at an agreed location in accordance 
with the Act of 1995 and Regulation 205, a high cost credit provider shall issue 
statements – 
(a) 
at least monthly to consumers who pay weekly, and 
(b) 
 at least quarterly to consumers who pay monthly. 
 
Provision of information to guarantors


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(b) 
 at least quarterly to consumers who pay monthly. 
 
Provision of information to guarantors 
214. If a high cost credit provider has advanced credit to a consumer subject 
to a guarantee, the high cost credit provider shall notify the guarantor, on paper 
or on another durable medium, if – 
(a) 
the terms of the high cost credit agreement change, or 
(b) 
the amount guaranteed by the guarantor is to be increased. 
 
Subsequent high cost credit agreements


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Subsequent high cost credit agreements 
215. (1) A high cost credit provider, who has entered into a high cost credit 
agreement with a consumer which has not been repaid in full, shall before entry 
into a second or subsequent high cost credit agreement with a consumer provide 
the consumer with the following information, in a durable medium, aggregated 
to include the second or subsequent high cost credit agreement in question: 
124  [81] 
(a)


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to include the second or subsequent high cost credit agreement in question: 
124  [81] 
(a) 
the total number of high cost credit agreements in force between 
the high cost credit provider and the consumer; 
(b) 
the total balance of credit outstanding between the consumer and 
the high cost credit provider; 
(c) 
the date for final repayment by the consumer on the high cost 
credit agreement with the longest remaining term; 
(d) 
the aggregated repayment amount due from the consumer on the


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(d) 
the aggregated repayment amount due from the consumer on the 
first repayment date subsequent to the new high cost credit 
agreement. 
(2) A high cost credit provider shall make it clear that the information 
provided in accordance with paragraph (1) relates solely to high cost credit 
agreements, including the second or subsequent high cost credit agreement in 
question, between that high cost credit provider and the consumer and that it


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question, between that high cost credit provider and the consumer and that it 
does not relate to any agreements for the provision of credit from other high cost 
credit providers or other providers of credit. 
(3) Pursuant to a request by a consumer, a high cost credit provider shall 
provide the information outlined in paragraph (1) free of charge to the following: 
(a) 
the consumer; 
(b) 
with the consumer’s consent, a third party acting on the 
consumer’s behalf.


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the consumer; 
(b) 
with the consumer’s consent, a third party acting on the 
consumer’s behalf. 
(4) Paragraph (3) does not apply to a request made by a consumer less than 
4 weeks after a previous request by that consumer which was complied with by 
the high cost credit provider. 
 
 
[81]  125 
 
Advertising 
216. (1) If a high cost credit provider enters, or offers to enter, into a high 
cost credit agreement with an APR in excess of 23 per cent, a high cost credit


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cost credit agreement with an APR in excess of 23 per cent, a high cost credit 
provider shall ensure that all advertisements relating to such high cost credit 
agreement contain the following warning statement: 
“Warning: This is high–cost credit. Consider alternative options before applying 
for this credit, including alternatives from other lenders regulated by the Central 
Bank of Ireland.” 
(2) A high cost credit provider shall ensure that its marketing strategy – 
(a)


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Bank of Ireland.” 
(2) A high cost credit provider shall ensure that its marketing strategy – 
(a) 
is fair and reasonable taking into account the particular 
circumstances of consumers, and 
(b) 
is approved by the board of directors of the high cost credit 
provider or the entity or persons controlling the high cost credit 
provider. 
(3) The approval of a high cost credit provider’s marketing strategy by the 
board of directors of the high cost credit provider, or the entity or persons


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board of directors of the high cost credit provider, or the entity or persons 
controlling the high cost credit provider, shall constitute an affirmation on the 
part of the board of directors of the high cost credit provider, or the entity or 
persons controlling the high cost credit provider, that the high cost credit 
provider's marketing strategy complies with the relevant Regulations and any 
other legal and regulatory requirements with which the high cost credit provider 
must comply.


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other legal and regulatory requirements with which the high cost credit provider 
must comply. 
(4) A high cost credit provider shall carry out an annual review to ensure that 
it is acting in compliance with its marketing strategy referred to in paragraph (2) 
and the high cost credit provider shall report the results of the annual review to 
the board of directors of the high cost credit provider or the entity or persons 
controlling the high cost credit provider. 
 
Consumer records


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controlling the high cost credit provider. 
 
Consumer records 
217. (1) In addition to the requirements of Regulation 115, a high cost credit 
provider shall prepare and maintain a copy of any documents provided to the 
high cost credit provider by the consumer evidencing a consumer’s income and 
expenditure which are relied upon by the high cost credit provider for the 
purpose of assessing the consumer’s creditworthiness.


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purpose of assessing the consumer’s creditworthiness. 
(2) For the purposes of this Regulation, “income” means the income of a 
consumer before the deduction of tax or other deductions. 
 
Provision of records to third parties 
218. (1) Upon receipt of a written request for copies of consumer records, 
from a third party acting on behalf of a consumer, a high cost credit provider 
shall furnish the third party with all consumer records referred to in the request


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shall furnish the third party with all consumer records referred to in the request 
within 10 working days, where the consumer has provided written consent. 
126  [81] 
(2) If any consumer record requested pursuant to paragraph (1) is not 
available, or has not been retained, the high cost credit provider shall advise the 
third party that such record is not available, as part of its written response. 
 
Chapter 9 
Arrears – Mortgage debt secured by a mortgage borrower’s primary residence


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Chapter 9 
Arrears – Mortgage debt secured by a mortgage borrower’s primary residence 
 
Interpretation (Chapter 9) 
219. In this Chapter – 
“Act of 2012” means the Personal Insolvency Act 2012 (No. 44 of 2012); 
“appeals board” means the appeals board which a regulated entity is required to 
establish pursuant to Regulation 258; 
“arrears” means arrears arising on a mortgage loan account where a mortgage 
borrower has not made a full repayment of all outstanding amounts due, or only


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borrower has not made a full repayment of all outstanding amounts due, or only 
makes a partial repayment of any such amount, as set out in the original mortgage 
loan contract, by the scheduled due date, and “in arrears” means a situation in 
which arrears have arisen; 
“arrears support unit” means the arrears support unit which a regulated entity is 
required to establish and maintain pursuant to Regulation 239;


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required to establish and maintain pursuant to Regulation 239; 
 “credit servicing” has the meaning given to it under Part V of the Act of 1997; 
“credit servicing activities” has the meaning given to it under Article 3 of 
Directive (EU) 2021/2167 of the European Parliament and of the Council of 24 
November 202111; 
“Insolvency Service of Ireland” means the Insolvency Service of Ireland 
established by the Act of 2012;


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established by the Act of 2012;  
“MARP” means the mortgage arrears resolution process which a regulated entity 
is required to establish and maintain pursuant to Regulation 238; 
“mortgage loan” refers only to a mortgage loan of a mortgage borrower which 
is secured by the mortgage borrower’s primary residence;   
“mortgage to rent” means an arrangement whereby the mortgage borrower 
voluntarily allows the regulated entity to take possession of the primary


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voluntarily allows the regulated entity to take possession of the primary 
residence, and the mortgage borrower becomes a tenant in that primary 
residence, including an arrangement whereby the regulated entity sells the 
primary residence to a third party and the mortgage borrower is a tenant of that 
third party;  
“not cooperating” has the meaning given to it in Regulation 221; 
“personal insolvency practitioner” means a person authorised, under Part 5 of


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“personal insolvency practitioner” means a person authorised, under Part 5 of 
the Act of 2012, to act as a personal insolvency practitioner; 
“Personal Insolvency Arrangement” means – 
 
11 OJ L 438, 8.12.2021, p. 1 
[81]  127 
 
(a) 
an arrangement entered into by a debtor, or 
(b) 
an arrangement for which a proposal is made, under Chapter 4 of 
Part 3 of the Act of 2012;  
“pre–arrears” means a case in which a mortgage borrower is or is likely to be in


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“pre–arrears” means a case in which a mortgage borrower is or is likely to be in 
financial difficulty, and that arises in any one or more of the following 
circumstances: 
(a) 
a mortgage borrower contacts the regulated entity to which the 
mortgage debt is owed to inform it that he or she is in danger of 
experiencing financial difficulties; 
(b) 
a mortgage borrower contacts the regulated entity to which the 
mortgage debt is owed to inform it that he or she is concerned


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mortgage debt is owed to inform it that he or she is concerned 
about going into mortgage arrears;   
(c) 
a regulated entity to which a mortgage debt is owed by a mortgage 
borrower establishes that the mortgage borrower is in danger of 
experiencing financial difficulties that may impact on the 
mortgage borrower’s ability to meet his or her mortgage debt 
repayments;  
and references to a mortgage borrower “in pre–arrears” shall be construed 
accordingly;


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and references to a mortgage borrower “in pre–arrears” shall be construed 
accordingly; 
“primary residence” means a property which is –  
(a) 
the residential property which the mortgage borrower occupies as 
his or her primary residence in the State, or  
(b) 
a residential property which is the only residential property in the 
State owned by the mortgage borrower; 
“repossession” means any situation where a regulated entity takes possession of


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“repossession” means any situation where a regulated entity takes possession of 
a property to which this Chapter applies including, without limitation, by way of 
voluntary agreement with the mortgage borrower, through abandonment of the 
property by the mortgage borrower without notifying the regulated entity, or by 
court order;  
“standard financial statement” means the document in the prescribed form 
referred to in Schedule 4, which complies with the requirements of that


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referred to in Schedule 4, which complies with the requirements of that 
Schedule, and which a regulated entity shall use to obtain financial information 
from a mortgage borrower in order to complete an assessment of that mortgage 
borrower’s case;   
“trading down” means circumstances in which a mortgage borrower sells his or 
her primary residence and buys a lower value property;   
“unsolicited personal visit” means a visit to a mortgage borrower’s primary


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“unsolicited personal visit” means a visit to a mortgage borrower’s primary 
residence that has not been requested by, or agreed in advance with, the mortgage 
borrower;   
“voluntary sale” means a voluntary sale by the mortgage borrower of his or her 
primary residence in order to repay part, or all, of the mortgage loan; 
“voluntary surrender” means voluntary surrender, by the mortgage borrower, to 
the regulated entity, of the primary residence.   
128  [81]


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the regulated entity, of the primary residence.   
128  [81] 
Scope and application (Chapter 9) 
220. (1) Subject to paragraph (2), this Chapter applies to mortgage lending 
activities, credit servicing and credit servicing activities in respect of mortgage 
loans, of regulated entities. 
(2) This Chapter applies in respect of mortgage borrowers in arrears and 
mortgage borrowers in pre–arrears, where the mortgage debt is secured by the 
mortgage borrower’s primary residence.


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mortgage borrower’s primary residence.    
(3) In the case of joint mortgage borrowers who notify the regulated entity 
in writing that they have separated or divorced, the regulated entity should treat 
each mortgage borrower as a single mortgage borrower under this Chapter, 
except to the extent that an action requires, as a matter of law, the agreement of 
both mortgage borrowers.    
(4) To the extent that this Chapter applies, Regulation 148, Regulations 188


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(4) To the extent that this Chapter applies, Regulation 148, Regulations 188 
to 190, and Chapter 10 of this Part do not apply. 
 
Meaning of not cooperating 
221. (1) In these Regulations, “not cooperating”, in relation to a mortgage 
borrower not cooperating with a regulated entity, means that condition 1 and 
condition 2 apply. 
(2) In paragraph (1), “condition 1” means that any of the following 
circumstances apply:   
(a) 
the mortgage borrower fails to make a full and honest disclosure


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circumstances apply:   
(a) 
the mortgage borrower fails to make a full and honest disclosure 
of information to the regulated entity and this information would 
have a significant impact on the regulated entity’s assessment of 
the mortgage borrower’s financial situation; 
(b) 
the mortgage borrower fails to provide information relevant to the 
mortgage borrower’s financial situation within the timeline 
specified by the regulated entity in accordance with Regulation 
251(3); 
(c)


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specified by the regulated entity in accordance with Regulation 
251(3); 
(c) 
a 3 month period elapses where – 
(i) 
the mortgage borrower has not entered into an alternative 
repayment arrangement and during that 3 month period the 
borrower – 
I. 
has failed to meet his or her mortgage loan 
repayments in full in accordance with the mortgage 
loan contract, or  
II. 
has met his or her mortgage loan repayments in full 
in accordance with the mortgage loan contract but has


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in accordance with the mortgage loan contract but has 
an arrears balance remaining on the mortgage, or  
(ii) 
the mortgage borrower has entered into an alternative 
repayment arrangement and during that 3 month period the 
mortgage borrower has failed to meet his or her repayments 
in full as specified in the terms of an alternative repayment 
arrangement, 
[81]  129 
 
and,  
(iii) during that 3 month period the mortgage borrower – 
I. 
has failed to make contact with, or respond to any


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I. 
has failed to make contact with, or respond to any 
communications from, the regulated entity or a third 
party acting on the regulated entity’s behalf, or   
II. 
has 
made 
contact 
with, 
or 
responded 
to 
communications from, the regulated entity or a third 
party acting on the regulated entity’s behalf, but has 
not engaged in such a way that enables the regulated 
entity to complete an assessment of the borrower’s 
circumstances.


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entity to complete an assessment of the borrower’s 
circumstances. 
(3) In paragraph (1), “condition 2” means that the letter, required pursuant 
to Regulation 249, has been issued to the mortgage borrower and the mortgage 
borrower has not carried out the actions specified in that letter.  
 
Dedicated person to be appointed for dealing with arrears 
222. A regulated entity shall ensure that within each branch of a regulated


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222. A regulated entity shall ensure that within each branch of a regulated 
entity, or office in the case of a regulated entity that does not operate a branch 
network, there is appointed at least one person in that branch, or office, with 
specific responsibility for – 
(a) 
dealing with arrears and pre–arrears cases, and 
(b) 
liaising with the regulated entity’s arrears support unit in respect 
of these cases.


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(b) 
liaising with the regulated entity’s arrears support unit in respect 
of these cases.  
  
All relevant information to be available prior to communicating with mortgage 
borrower 
223. Prior to communicating with a mortgage borrower in respect of arrears 
or pre–arrears, a regulated entity shall ensure that it has available all the relevant 
information that has been furnished to the regulated entity by the mortgage 
borrower.


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information that has been furnished to the regulated entity by the mortgage 
borrower.  
 
Regulated entities to have procedures for dealing with arrears and pre–arrears 
224. (1) A regulated entity shall establish, maintain and adhere to 
appropriate and effective policies and procedures for the handling of arrears, and 
pre–arrears cases, including those mortgage borrowers to whom the MARP 
applies.   
(2) The procedures referred to in paragraph (1) shall –  
(a)


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applies.   
(2) The procedures referred to in paragraph (1) shall –  
(a) 
allow for a flexible approach by the regulated entity in the 
handling of these cases,  
(b) 
be procedures which have the core objective of assisting the 
mortgage borrower to resolve their financial difficulties,  
130  [81] 
(c) 
set out how the regulated entity will implement the 4 steps of the 
MARP, and  
(d) 
set out how the arrears support unit will assess cases referred to


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MARP, and  
(d) 
set out how the arrears support unit will assess cases referred to 
it, including the types of alternative repayment arrangements or 
any other relief method that may be offered to mortgage 
borrowers by the regulated entity.  
 
Management information systems to be in place 
225. A regulated entity shall have in place management information systems 
to keep and maintain information on its dealings with mortgage borrowers in


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to keep and maintain information on its dealings with mortgage borrowers in 
relation to arrears, pre–arrears and MARP cases, including all alternative 
repayment arrangements with mortgage borrowers.  
 
Consumer–facing staff to be provided with training or information as 
appropriate 
226. (1) A regulated entity shall provide appropriate training to its 
consumer–facing staff dealing with mortgage borrowers in arrears or in pre–
arrears.


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consumer–facing staff dealing with mortgage borrowers in arrears or in pre–
arrears.   
(2) With respect to consumer–facing staff other than those referred to in 
paragraph (1), a regulated entity shall inform such staff of the regulated entity’s 
policy for dealing with arrears and pre–arrears cases, the relevant contact persons 
for dealing with such cases and the applicable process for dealing with such 
cases.  
 
Conditions for setting targets or offering incentives to relevant staff


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cases.  
 
Conditions for setting targets or offering incentives to relevant staff 
227. Where a regulated entity sets targets or offers incentives to staff dealing 
with mortgage borrowers in arrears or pre–arrears, the regulated entity shall 
ensure that such staff targets or incentives –  
(a) 
do not impair the quality of communication with a mortgage 
borrower or how the mortgage borrower is treated by the 
regulated entity, and  
(b)


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borrower or how the mortgage borrower is treated by the 
regulated entity, and  
(b) 
take into account compliance with the requirements of this 
Chapter.  
 
Timeline for processing mortgage borrower information requests relating to 
State support applications 
228. A regulated entity shall process all requests from mortgage borrowers 
for documentation or other information, for the purposes of applying for State 
supports in relation to mortgages, within 10 working days of receipt of the


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supports in relation to mortgages, within 10 working days of receipt of the 
request.  
 
 
[81]  131 
 
Mortgage borrower’s nominated third party to be liaised with 
229. (1) At a mortgage borrower’s written request, a regulated entity shall 
liaise with a third party nominated by the mortgage borrower to act on the 
mortgage borrower’s behalf in relation to the mortgage borrower’s arrears or 
pre–arrears case.   
(2) For the avoidance of doubt, paragraph (1) does not prohibit a regulated


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pre–arrears case.   
(2) For the avoidance of doubt, paragraph (1) does not prohibit a regulated 
entity from the following: 
(a) 
contacting a mortgage borrower directly in relation to matters 
other than the mortgage borrower’s arrears or pre–arrears case; 
(b) 
issuing communications required by these Regulations directly to 
a mortgage borrower.  
 
Mortgage borrower’s reasons for missing repayment schedule to be ascertained


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Mortgage borrower’s reasons for missing repayment schedule to be ascertained 
230. As soon as a mortgage borrower is in arrears, a regulated entity shall 
communicate promptly and clearly with the mortgage borrower to establish the 
reasons why the repayment schedule required by the mortgage borrower’s 
mortgage loan contract has not been adhered to by the mortgage borrower.   
 
Mortgage borrowers to be encouraged to engage on financial difficulties


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Mortgage borrowers to be encouraged to engage on financial difficulties 
231. (1) A regulated entity shall pro–actively encourage mortgage 
borrowers to engage with it about financial difficulties which may prevent the 
mortgage borrower from meeting the mortgage borrower’s mortgage loan 
repayments.  
(2) A regulated entity shall provide a written communication to all mortgage 
borrowers on at least an annual basis to encourage early contact with the


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borrowers on at least an annual basis to encourage early contact with the 
regulated entity if the mortgage borrower is in arrears or is concerned that he or 
she is in danger of going into arrears.  
 
No charges or surcharge interest on arrears where mortgage borrower is 
cooperating 
232. A regulated entity shall not impose charges, surcharge interest, or both, 
on arrears arising on a mortgage loan account in arrears to which this Chapter


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on arrears arising on a mortgage loan account in arrears to which this Chapter 
applies, unless the relevant mortgage borrower is not cooperating.   
 
Unsolicited personal visits to comply with certain conditions 
233. (1) A regulated entity may make an unsolicited personal visit to a 
mortgage borrower’s primary residence to discuss the mortgage borrower’s 
arrears and the steps to deal with the arrears only once in any 6 month period,


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arrears and the steps to deal with the arrears only once in any 6 month period, 
and only if, in that period, either of the following circumstances apply: 
(a) 
the regulated entity has been unsuccessful in its attempts to 
contact the mortgage borrower by other means; 
132  [81] 
(b) 
the visit is made immediately prior to classifying the mortgage 
borrower as not cooperating. 
(2) Before making an unsolicited personal visit for the purposes of paragraph


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(2) Before making an unsolicited personal visit for the purposes of paragraph 
(1), the regulated entity shall provide the mortgage borrower with at least 5 
working days’ notice in writing of – 
(a) 
the regulated entity’s intention to make the visit, and  
(b) 
the timeframe within which it intends to make the visit.  
(3) For the purposes of paragraph (2) – 
(a) 
the regulated entity shall not specify a timeframe that exceeds the


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(a) 
the regulated entity shall not specify a timeframe that exceeds the 
date that is 15 working days from the date of the notice, and  
(b) 
the regulated entity shall provide notice which –  
(i) 
outlines the importance of engagement between the 
mortgage borrower and the regulated entity,  
(ii) 
unless the mortgage borrower is already deemed to be not 
cooperating with the regulated entity, sets out the 
protections which are not available where a mortgage


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protections which are not available where a mortgage 
borrower is not cooperating with the regulated entity to 
address the mortgage borrower’s arrears,  
(iii) explains that the intention of the visit is to discuss the 
mortgage borrower’s arrears and the steps to deal with the 
arrears,   
(iv) provides the contact details for the regulated entity’s arrears 
support unit,  
(v) 
where the regulated entity has a local branch, provides the


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support unit,  
(v) 
where the regulated entity has a local branch, provides the 
contact details of that branch and offers to discuss the 
arrears at that branch, and  
(vi) states that the mortgage borrower may wish to consider 
having a third party present when the personal visit takes 
place, if he or she considers that this would be of assistance 
to the mortgage borrower.    
(4) When carrying out an unsolicited personal visit, a regulated entity shall 
offer to – 
(a)


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(4) When carrying out an unsolicited personal visit, a regulated entity shall 
offer to – 
(a) 
explain the standard financial statement to the mortgage 
borrower, and  
(b) 
assist the mortgage borrower to complete the standard financial 
statement.   
(5) A regulated entity shall not compel a mortgage borrower to complete a 
standard financial statement during the course of an unsolicited personal visit.   
(6) Regulation 108(1) applies subject to this Regulation.


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(6) Regulation 108(1) applies subject to this Regulation. 
(7) Paragraph (1) does not prevent a regulated entity from agreeing a further 
personal visit with the mortgage borrower in compliance with paragraphs (2) to 
(4) of Regulation 108. 
[81]  133 
 
Communications to be open to engaging with mortgage borrower  
234. A regulated entity shall use language in communications with a 
mortgage borrower which indicates a willingness to work with the mortgage


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mortgage borrower which indicates a willingness to work with the mortgage 
borrower to address the arrears or pre–arrears situation.    
  
Arrears and pre–arrears meetings with mortgage borrowers not to be in public 
235. A regulated entity shall ensure that all meetings that it conducts with 
mortgage borrowers in relation to arrears or pre–arrears are not conducted in 
public.  
 
MARP information booklet required 
236. (1) A regulated entity shall prepare and make available to mortgage


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236. (1) A regulated entity shall prepare and make available to mortgage 
borrowers an information booklet providing details of its MARP. 
(2) A regulated entity shall draft the information booklet in accordance with 
the requirements of Regulations 47, 48, and 234, and in accordance with any 
relevant standards prescribed by the Bank pursuant to section 17A(2) of the 
Central Bank Reform Act 2010 (No. 23 of 2010). 
(3) The information booklet shall include the following:  
(a)


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(3) The information booklet shall include the following:  
(a) 
an explanation of the regulated entity’s MARP;   
(b) 
an explanation of the alternative repayment arrangements 
available to mortgage borrowers including – 
(i) 
an explanation of how these arrangements work, 
(ii) 
the key features of the arrangements, and  
(iii) an outline, in general terms, of the regulated entity’s criteria 
for 
assessing 
requests 
for 
alternative 
repayment 
arrangements;  
(c)


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for 
assessing 
requests 
for 
alternative 
repayment 
arrangements;  
(c) 
a statement that the availability of alternative repayment 
arrangements is subject to an individual assessment of each case 
and meeting the regulated entity’s criteria;  
(d) 
an explanation of all options offered by the regulated entity for 
resolution of mortgage arrears other than an alternative 
repayment arrangement, such as voluntary surrender, voluntary


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repayment arrangement, such as voluntary surrender, voluntary 
sale, mortgage to rent, trading down, or otherwise, and a 
statement that the availability of such options is subject to an 
individual assessment of each case and meeting the regulated 
entity’s, or a third party’s, criteria;  
(e) 
in circumstances where the regulated entity may require a 
mortgage borrower to enter into a confidentiality agreement or 
similar agreement to maintain confidentiality, in circumstances


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similar agreement to maintain confidentiality, in circumstances 
where an alternative repayment arrangement 
or other 
arrangement for resolution of mortgage arrears is offered to a 
mortgage  borrower, summary information on the regulated 
entity’s potential use of such agreements;   
134  [81] 
(f) 
an explanation of when a mortgage borrower will be deemed by 
the regulated entity as not cooperating with the regulated entity; 
(g)


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the regulated entity as not cooperating with the regulated entity; 
(g) 
the implications, for the mortgage borrower, of not cooperating 
with the regulated entity, which shall include –  
(i) 
that the MARP does not apply if the mortgage borrower is 
not cooperating, 
(ii) 
information on the imposition of charges, surcharge 
interest, or both, on arrears arising on a mortgage loan 
account,  
(iii) a warning that the regulated entity may commence legal


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account,  
(iii) a warning that the regulated entity may commence legal 
proceedings for repossession of the property immediately 
after classifying a mortgage borrower as not cooperating, 
and 
(iv) a warning that not cooperating may impact on a mortgage 
borrower’s 
eligibility 
for 
a 
Personal 
Insolvency 
Arrangement in accordance with the eligibility criteria set 
out in the Act of 2012;  
(h) 
information about the potential availability of relevant State


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out in the Act of 2012;  
(h) 
information about the potential availability of relevant State 
supports that provide financial assistance to pay or refund the cost 
of a mortgage including, where potentially available, information 
about mortgage interest relief;   
(i) 
a statement reminding those who have purchased payment 
protection insurance in relation to a mortgage loan account that is 
in arrears that they may wish to investigate if a claim is possible 
on that policy;  
(j)


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in arrears that they may wish to investigate if a claim is possible 
on that policy;  
(j) 
information explaining how data relating to the mortgage 
borrower’s arrears will be reported by the regulated entity to the 
Central Credit Register or any other credit reference agency or 
credit register, where permitted by contract or required by law;  
(k) 
the regulated entity’s dedicated arrears contact points;   
(l) 
a statement that the mortgage borrower may wish to seek


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(l) 
a statement that the mortgage borrower may wish to seek 
assistance from the MABS, contact details for the MABS national 
helpline, and the website address of any relevant website operated 
by the MABS for the purpose of providing assistance to 
borrowers;   
(m) information on the mortgage borrower’s right to consult with a 
personal insolvency practitioner for the purposes of considering a 
Personal Insolvency Arrangement, the implications of a Personal


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Personal Insolvency Arrangement, the implications of a Personal 
Insolvency Arrangement for a mortgage borrower and his or her 
mortgage loan account, and a reiteration of the warning referred 
to in subparagraph (g)(iv); 
(n) 
a hyperlink to, or website address of, any website operated by the 
Insolvency Service of Ireland which provides information to 
mortgage borrowers on the debt solutions and the associated 
processes prescribed by the Act of 2012; 
[81]  135 
 
(o)


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processes prescribed by the Act of 2012; 
[81]  135 
 
(o) 
a summary of the regulated entity’s policy regarding 
communications 
with 
mortgage 
borrowers, 
required 
in 
accordance with Regulation 243;  
(p) 
information on how the mortgage borrower may appeal a decision 
of the regulated entity pursuant to the appeals process which the 
regulated entity is required to maintain in accordance with 
Regulation 258, including a description of the process and the


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Regulation 258, including a description of the process and the 
timeframe for submitting an appeal;  
(q) 
information on how the mortgage borrower may make a 
complaint in accordance with the complaints procedure which the 
regulated entity is required to maintain in accordance with 
Regulation 260, including a description of the procedure and 
timeframe for submitting a complaint;  
(r) 
a statement that in the event that legal proceedings are initiated,


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(r) 
a statement that in the event that legal proceedings are initiated, 
and the property is repossessed and disposed of, the mortgage 
borrower will remain liable for any outstanding debt related to the 
mortgage, including any accrued interest, charges, legal, selling 
and other related costs, if this is the case.  
(4) In this Regulation, “confidentiality agreement” means an agreement 
whereby the mortgage borrower is required to keep information relating to an


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whereby the mortgage borrower is required to keep information relating to an 
alternative repayment arrangement or other option, intended to resolve the 
arrears situation, confidential. 
 
Dedicated webpage to be maintained  
237. Where a regulated entity has or operates a website, a regulated entity 
shall have a dedicated webpage on its website for mortgage borrowers in, or 
concerned about, financial difficulties which satisfies the following conditions:  
(a)


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concerned about, financial difficulties which satisfies the following conditions:  
(a) 
The dedicated webpage shall make available – 
(i) 
the information booklet required by Regulation 236,   
(ii) 
information on the level of charges that may be imposed on 
mortgage borrowers who are deemed to be not cooperating 
with the regulated entity,   
(iii) a hyperlink to any website operated by the MABS that 
contains information for mortgage borrowers about taking


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contains information for mortgage borrowers about taking 
action to address mortgage arrears,  
(iv) the standard financial statement,   
(v) 
a copy of the regulated entity’s guide to completing a 
standard financial statement or a hyperlink to the Bank’s 
Consumer Guide to Completing a Standard Financial 
Statement, and  
(vi) a hyperlink to any website operated by the Insolvency 
Service of Ireland which provides information to mortgage 
borrowers on the debt solutions and the associated


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borrowers on the debt solutions and the associated 
processes prescribed by the Act of 2012;   
136  [81] 
(b) 
The dedicated webpage is made easily accessible to any mortgage 
borrower who accesses the website, and from a prominent 
hyperlink on the regulated entity’s home page.  
 
MARP required 
238. (1) A regulated entity shall establish, maintain and adhere to a 
mortgage arrears resolution process as its framework for handling cases referred 
to in Regulation 240.


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to in Regulation 240.   
(2) A regulated entity shall incorporate in its MARP the following steps:  
(a) 
“Step 1: Communication with borrowers”;  
(b) 
“Step 2: Financial information”;  
(c) 
“Step 3: Assessment”;  
(d) 
“Step 4: Resolution”.  
(3) A regulated entity shall comply with the following requirements under 
the corresponding step, subject to Regulation 241: 
(a) 
The requirements of “Step 1: Communication with borrowers”,


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(a) 
The requirements of “Step 1: Communication with borrowers”, 
as referred to in paragraph (2)(a), are prescribed by Regulations 
242 to 250; 
(b) 
The requirements of “Step 2: Financial information”, as referred 
to in paragraph (2)(b), are prescribed by Regulation 251; 
(c) 
The requirements of “Step 3: Assessment”, as referred to in 
paragraph (2)(c), are prescribed by Regulation 252; 
(d) 
The requirements of “Step 4: Resolution”, as referred to in


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(d) 
The requirements of “Step 4: Resolution”, as referred to in 
paragraph (2)(d), are prescribed by Regulations 253 to 257. 
  
Arrears support unit required 
239. A regulated entity shall establish and maintain an arrears support unit, 
being an adequately staffed centralised unit of the regulated entity dedicated to 
managing cases to which the regulated entity’s MARP applies.    
 
Circumstances in which MARP to be applied


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Circumstances in which MARP to be applied 
240. A regulated entity shall apply its MARP in the following cases:  
(a) 
a mortgage borrower’s mortgage loan account has been in arrears 
for 31 calendar days from the date the arrears first arose;  
(b) 
a pre–arrears case, subject to Regulation 241;  
(c) 
where an alternative repayment arrangement put in place breaks 
down;  
(d) 
where the term of an alternative repayment arrangement expires. 
 
[81]  137


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down;  
(d) 
where the term of an alternative repayment arrangement expires. 
 
[81]  137 
 
Application of MARP to pre–arrears cases 
241. A regulated entity shall apply its MARP to pre–arrears cases on the 
following basis: 
(a) 
Only the following requirements of “Step 1: Communication with 
borrowers”, apply: Regulations 242 to 244, Regulation 249 and 
Regulation 250;  
(b) 
Regulations 251 to 257 apply in full.


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Regulation 250;  
(b) 
Regulations 251 to 257 apply in full.  
 
Mortgage borrower to be informed of appointment of third party for engaging 
with mortgage borrower 
242. Where a regulated entity has appointed a third party to engage with a 
mortgage borrower in relation to a case referred to in Regulation 240, the 
regulated entity shall inform the mortgage borrower of that fact on paper or on 
another durable medium and shall explain to the mortgage borrower the role of 
the third party.


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the third party.   
 
Policy on communications with mortgage borrowers required 
243. (1) A regulated entity shall establish, maintain and adhere to a policy 
regarding the regulated entity’s communications with mortgage borrowers in the 
cases referred to in Regulation 240 which is consistent with the requirements 
imposed on regulated entities by Regulation 244.  
(2) A regulated entity shall ensure that its policy is approved by its board of


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(2) A regulated entity shall ensure that its policy is approved by its board of 
directors, or the entity or persons controlling the regulated entity.  
 
Standards for communicating with mortgage borrowers 
244. (1) A regulated entity shall ensure that the extent of communications 
from the regulated entity, including any third party acting on its behalf, to a 
mortgage borrower in a case referred to in Regulation 240, is proportionate,


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mortgage borrower in a case referred to in Regulation 240, is proportionate, 
reasonable and not excessive, taking into account the circumstances of the 
mortgage 
borrower, 
and 
the 
principle 
that 
unnecessarily 
frequent 
communications should not be made;   
(2) A regulated entity’s communications with mortgage borrowers in the 
cases referred to in Regulation 240 shall not be made in an aggressive, 
intimidating or harassing manner.


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intimidating or harassing manner.  
(3) A regulated entity shall provide sufficient time to a mortgage borrower, 
in a case referred to in Regulation 240, to complete an action that the mortgage 
borrower has committed to before follow up communication is attempted.  
(4) For the purposes of paragraph (3), a regulated entity shall provide the 
mortgage borrower sufficient time having regard to the action that a mortgage 
borrower has committed to complete and whether he or she may require


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borrower has committed to complete and whether he or she may require 
assistance from a third party in completing the action. 
138  [81] 
(5) A regulated entity shall take steps to agree with a mortgage borrower, in 
a case referred to in Regulation 240, on future communication with the mortgage 
borrower.   
 
Mortgage borrower and guarantor to be informed in case of arrears  
245. With regard to a case referred to in Regulation 240(a) where a mortgage


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245. With regard to a case referred to in Regulation 240(a) where a mortgage 
borrower’s mortgage loan account is in arrears for 31 calendar days after the 
arrears first arose, the regulated entity shall, within 3 working days, take the 
following action:  
(a) 
notify each mortgage borrower and any guarantor of the mortgage 
loan, unless the mortgage loan contract explicitly prohibits such 
information to be given to the guarantor, of the status of the


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information to be given to the guarantor, of the status of the 
account, on paper or on another durable medium;  
(b) 
include the following information in the notification given to a 
mortgage borrower or guarantor for the purposes of paragraph (a):  
(i) 
the date upon which the mortgage loan account fell into 
arrears;  
(ii) 
the number and total amount of repayments that have not 
been made by the mortgage borrower, including partial 
repayments that have been made;


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been made by the mortgage borrower, including partial 
repayments that have been made;  
(iii) the monetary amount that has not been repaid in relation to 
the arrears as of the date of the notice;  
(iv) confirmation that the regulated entity is treating the 
mortgage borrower’s situation as a case to which it is 
applying its MARP;  
(v) 
the regulated entity’s dedicated arrears contact points;  
(vi) an explanation of the meaning of “not cooperating” under


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(vi) an explanation of the meaning of “not cooperating” under 
the MARP  and, separately, the implications for the 
mortgage borrower of not cooperating including the 
following, where applicable:  
I. 
the imposition of charges, surcharge interest, or both, 
on arrears arising on the mortgage loan account, 
including details of any such charges or surcharge 
interest;  
II. 
that the regulated entity may commence legal 
proceedings for repossession of the property over


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that the regulated entity may commence legal 
proceedings for repossession of the property over 
which the mortgage loan is secured if the mortgage 
borrower is deemed to be not cooperating with the 
regulated entity;  
III. 
a warning that not cooperating with the regulated 
entity may impact on a mortgage borrower’s 
eligibility for a Personal Insolvency Arrangement in 
accordance with the Act of 2012;  
[81]  139 
 
(vii) a statement reminding those who have purchased payment


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[81]  139 
 
(vii) a statement reminding those who have purchased payment 
protection insurance in relation to the mortgage loan 
account in arrears that they may wish to investigate if a 
claim is possible on that policy and, if the mortgage 
borrower has purchased payment protection insurance from 
that regulated entity in relation to the account in arrears, a 
statement advising the mortgage borrower of the following: 
I. 
that the mortgage borrower has purchased payment


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I. 
that the mortgage borrower has purchased payment 
protection insurance; 
II. 
the mortgage borrower’s policy number;  
III.  that a copy of the mortgage borrower’s policy is 
available on request from the regulated entity;    
(viii) an explanation of how any data relating to the mortgage 
borrower’s arrears will be reported by the regulated entity 
to the Central Credit Register, or any other credit reference 
agency or credit register, where permitted by contract or


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agency or credit register, where permitted by contract or 
required by law, and an explanation of the  impact on the 
mortgage borrower’s credit report;  
(ix) a hyperlink to, or website address of, any website operated 
by the Insolvency Service of Ireland which provides 
information to mortgage borrowers on the debt solutions 
and the associated processes prescribed by the Act of 2012;  
(c) 
provide the borrower with the information booklet referred to in 
Regulation 236.


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(c) 
provide the borrower with the information booklet referred to in 
Regulation 236.   
 
MARP information booklet to be provided in pre–arrears case 
246. In the circumstances of a pre–arrears case referred to in Regulation 
240(b), in which the mortgage borrower contacts a regulated entity to inform it 
that either the mortgage borrower is in danger of going into financial difficulties, 
or the mortgage borrower is concerned about going into mortgage arrears, or


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or the mortgage borrower is concerned about going into mortgage arrears, or 
both, the regulated entity shall provide the mortgage borrower with the 
information booklet referred to in Regulation 236.  
 
Updated information to be provided where arrears persist 
247. Where the arrears persist in a case referred to in Regulation 240, a 
regulated entity shall, every 3 months, provide the mortgage borrower with an 
updated version of the information provided in accordance with Regulations


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updated version of the information provided in accordance with Regulations 
245(b)(ii), 245(b)(iii) and 245(b)(v), on paper or on another durable medium.   
 
Mortgage borrower to be notified of consequences when 3 repayments missed 
248. Where, in a case referred to in Regulation 240, a mortgage borrower 
fails to make 3 full mortgage loan repayments in accordance with the original 
mortgage loan contract agreed by the mortgage borrower, and such repayments


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mortgage loan contract agreed by the mortgage borrower, and such repayments 
remain outstanding, and an alternative repayment arrangement has not been put 
140  [81] 
in place, the regulated entity shall notify the mortgage borrower, on paper or on 
another durable medium, of the following:  
(a) 
an explanation of the meaning of “not cooperating” under the 
MARP  and, separately, the implications for the mortgage 
borrower of not cooperating including the following, where 
applicable:  
(i)


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borrower of not cooperating including the following, where 
applicable:  
(i) 
the imposition of charges, surcharge interest, or both, on 
arrears arising on the mortgage loan account, including 
details of any such charges or surcharge interest;  
(ii) 
that the regulated entity may commence legal proceedings 
for repossession of the property over which the mortgage 
loan is secured if the mortgage borrower is deemed to be 
not cooperating with the regulated entity, together with an


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not cooperating with the regulated entity, together with an 
estimate of the costs to the mortgage borrower of such 
proceedings; 
(iii) a warning that not cooperating with the regulated entity 
may impact on a mortgage borrower’s eligibility for a 
Personal Insolvency Arrangement in accordance with the 
Act of 2012; 
(b) 
that taking independent advice in such circumstances is important 
and that the mortgage borrower could take such advice from his


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and that the mortgage borrower could take such advice from his 
or her local MABS, or from a legal advisor or personal insolvency 
practitioner;  
(c) 
that irrespective of how the property on which the mortgage loan 
is secured is repossessed and disposed of, the mortgage borrower 
will remain liable for the outstanding debt, including any accrued 
interest, charges, legal, selling and other related costs, if this is 
the case;  
(d)


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interest, charges, legal, selling and other related costs, if this is 
the case;  
(d) 
a hyperlink to, or website address of, any website operated by the 
Insolvency Service of Ireland which provides information to 
mortgage borrowers on the debt solutions and the associated 
processes prescribed by the Act of 2012. 
 
Letter to be provided to mortgage borrower prior to classification as “not 
cooperating” 
249. In a case referred to in Regulation 240, a regulated entity shall write a


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cooperating” 
249. In a case referred to in Regulation 240, a regulated entity shall write a 
letter to a mortgage borrower, prior to classifying the mortgage borrower as not 
cooperating with the regulated entity, which shall notify the mortgage borrower 
of the following:   
(a) 
that he or she will be classified by the regulated entity as not 
cooperating with the regulated entity if he or she does not 
undertake the specific actions referred to in paragraph (b), within


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undertake the specific actions referred to in paragraph (b), within 
20 working days of the date of the letter, with the aim of enabling 
the regulated entity to complete an assessment of the mortgage 
borrower’s circumstances;    
[81]  141 
 
(b) 
the specific actions that the regulated entity requires the mortgage 
borrower to take within the 20 working day period referred to in 
paragraph (a) in order to avoid being classified by the regulated 
entity as not cooperating;  
(c)


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entity as not cooperating;  
(c) 
the ongoing actions that the regulated entity requires the mortgage 
borrower to take to avoid being classified by the regulated entity 
as not cooperating with the regulated entity, including a statement 
that if any of these ongoing actions are not undertaken at any point 
in the future, the regulated entity may classify the mortgage 
borrower as not cooperating without further warning;  
(d) 
the implications of the mortgage borrower not cooperating with


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(d) 
the implications of the mortgage borrower not cooperating with 
the regulated entity, including the following:  
(i) 
that the regulated entity’s MARP will not apply to the 
mortgage borrower and the protections of the MARP will 
no longer apply;  
(ii) 
that the regulated entity may commence legal proceedings 
for repossession of the property on which the mortgage loan 
is secured immediately after the regulated entity classifies 
the mortgage borrower as not cooperating with the


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the mortgage borrower as not cooperating with the 
regulated entity;  
(iii) a warning of the impact that classification of the mortgage 
borrower as not cooperating may have on the mortgage 
borrower’s 
eligibility 
for 
a 
Personal 
Insolvency 
Arrangement;  
(e) 
that the mortgage borrower may wish to seek independent legal 
or financial advice, including advice from a personal insolvency 
practitioner;  
(f) 
that the MABS is also an available advisory service; 
(g)


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practitioner;  
(f) 
that the MABS is also an available advisory service; 
(g) 
the potential for legal proceedings and that, irrespective of how 
the property on which the mortgage loan is secured is repossessed 
and disposed of, the mortgage borrower will remain liable for the 
outstanding debt related to the mortgage, including any accrued 
interest, charges, legal, selling and other related costs, if this is 
the case.


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interest, charges, legal, selling and other related costs, if this is 
the case.  
  
Mortgage borrower to be informed of certain matters following classification as 
“not cooperating” 
250. Where, in a case referred to in Regulation 240, a regulated entity has 
classified a mortgage borrower as not cooperating, following a period whereby 
the mortgage borrower has been given an opportunity by the regulated entity to


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the mortgage borrower has been given an opportunity by the regulated entity to 
cooperate in accordance with the requirements which the regulated entity has set 
out in the letter referred to in Regulation 249, the regulated entity shall notify 
the mortgage borrower on paper or on another durable medium that he or she has 
been classified by the regulated entity as not cooperating and shall inform the 
mortgage borrower of the following:  
142  [81] 
(a)


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mortgage borrower of the following:  
142  [81] 
(a) 
that legal proceedings for repossession of the property on which 
the mortgage loan is secured may commence immediately;  
(b) 
that the regulated entity’s MARP no longer applies to the 
mortgage borrower and the protections of the regulated entity’s 
MARP no longer apply;  
(c) 
options that may be available to the mortgage borrower in these 
circumstances, such as voluntary surrender, trading down,


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circumstances, such as voluntary surrender, trading down, 
mortgage to rent or voluntary sale, and the implications of each 
option for the mortgage borrower and his or her mortgage loan 
account, including the following information:  
(i) 
an estimate of the total amount of costs or the total amount 
of charges associated with each option presented to the 
mortgage borrower, where known, and where the total 
amount associated with an individual option is not known,


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amount associated with an individual option is not known, 
a list of the individual types of associated costs or charges;  
(ii) 
the requirement to repay outstanding arrears even where the 
mortgage borrower avails of an option presented, if this is 
the case;  
(iii) the impact on the mortgage borrower’s credit report, as 
anticipated by the regulated entity, where the mortgage 
borrower avails of such an option;  
(iv) that taking independent advice in relation to the options


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(iv) that taking independent advice in relation to the options 
presented is important and that the mortgage borrower 
should take such advice from his or her local MABS or from 
an appropriate alternative;  
(d) 
the mortgage borrower’s right to appeal in writing, setting out the 
grounds for the appeal, the regulated entity’s decision to classify 
the mortgage borrower as not cooperating;  
(e) 
the mortgage borrower’s right to consult a personal insolvency


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(e) 
the mortgage borrower’s right to consult a personal insolvency 
practitioner, provided however that the regulated entity shall also 
inform the mortgage borrower that the regulated entity’s 
classification of the mortgage borrower as not cooperating may 
impact on the mortgage borrower’s eligibility for a Personal 
Insolvency Arrangement.   
  
Requirements for obtaining financial information from a mortgage borrower


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Requirements for obtaining financial information from a mortgage borrower 
251. (1) A regulated entity shall use the standard financial statement to 
obtain financial information from a mortgage borrower in arrears or in pre–
arrears in a case referred to in Regulation 240.   
(2) For the purposes of paragraph (1), the regulated entity shall –  
(a) 
provide the mortgage borrower with the standard financial 
statement at the earliest appropriate opportunity,  
(b)


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statement at the earliest appropriate opportunity,  
(b) 
offer to assist the mortgage borrower to complete the standard 
financial statement, and  
[81]  143 
 
(c) 
inform the mortgage borrower that he or she may wish to seek 
independent advice, in order to assist the mortgage borrower to 
complete the standard financial statement, from his or her local 
MABS, from a personal insolvency practitioner, or from an 
appropriate alternative.


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MABS, from a personal insolvency practitioner, or from an 
appropriate alternative. 
(3) Where a regulated entity requires a mortgage borrower in a case referred 
to in Regulation 240 to return information, including a standard financial 
statement, according to a particular timeline, the timeline shall be fair and 
reasonable and shall provide sufficient time to the mortgage borrower having 
regard to the type of information requested and having regard to whether the


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regard to the type of information requested and having regard to whether the 
mortgage borrower may need to obtain such information from a third party.   
(4) A regulated entity shall ensure that its arrears support unit is provided 
with the standard financial statement completed by the mortgage borrower, 
immediately on the regulated entity’s receipt of same, and shall provide a copy 
of the completed standard financial statement to the mortgage borrower.


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of the completed standard financial statement to the mortgage borrower. 
(5) Subject to paragraph (6), where in a case referred to in Regulation 240, 
less than 12 months have elapsed since a completed standard financial statement 
was last received from the borrower, the regulated entity may deem that standard 
financial statement last received, together with any information which has 
changed in that standard financial statement according to the mortgage


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changed in that standard financial statement according to the mortgage 
borrower’s confirmation, to be the completed standard financial statement 
obtained for the purposes of paragraph (4). 
(6) Where in a case referred to in Regulation 240, 12 months or more have 
elapsed since a completed standard financial statement, excluding any completed 
standard financial statement deemed as such pursuant to paragraph (5), was last


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standard financial statement deemed as such pursuant to paragraph (5), was last 
received from the mortgage borrower, the regulated entity shall again comply 
with the requirements of paragraphs (1) to (4). 
(7) This Chapter shall not prevent a regulated entity from either – 
(a) 
requiring a mortgage borrower, in a case referred to in Regulation 
240, to provide supporting documentation to corroborate 
information provided by the mortgage borrower in a standard 
financial statement or, 
(b)


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information provided by the mortgage borrower in a standard 
financial statement or, 
(b) 
requiring 
a mortgage borrower to 
provide supporting 
documentation to corroborate information which has changed in 
a completed standard financial statement according to the 
mortgage borrower’s confirmation.  
 
Assessment of mortgage borrower case 
252. (1) In a case referred to in Regulation 240, a regulated entity shall, 
through its arrears support unit – 
(a)


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through its arrears support unit – 
(a) 
assess a completed standard financial statement in a timely 
manner,   
(b) 
examine the case on its individual merits, and  
144  [81] 
(c) 
assess the case on the full circumstances of the mortgage 
borrower relevant to the MARP including the following:  
(i) 
the personal circumstances of the mortgage borrower 
insofar as relevant to the MARP;  
(ii) 
the overall indebtedness of the mortgage borrower;


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insofar as relevant to the MARP;  
(ii) 
the overall indebtedness of the mortgage borrower;  
(iii) the information provided in the standard financial 
statement;  
(iv) the mortgage borrower’s current and future capacity to 
repay the mortgage loan;  
(v) 
the mortgage borrower’s history of repayment of the 
mortgage.  
(2) A regulated entity shall provide the mortgage borrower with a summary 
of the information assessed for the purposes of paragraph (1), in non–technical 
language.


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of the information assessed for the purposes of paragraph (1), in non–technical 
language. 
 
Requirements when considering alternative repayment arrangement options 
253. (1) In order to identify an alternative repayment arrangement that is 
appropriate and sustainable for a mortgage borrower’s individual circumstances, 
a regulated entity shall assess all of the options for alternative repayment 
arrangements offered by that regulated entity.


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arrangements offered by that regulated entity.   
(2) For the purposes of paragraph (1), the options for alternative repayment 
arrangements offered by the regulated entity shall be comprised of a suite of 
alternative repayment arrangements options that is, amongst any other relevant 
elements, broad enough to meet the needs of the regulated entity’s customers 
that are mortgage borrowers, in accordance with paragraph (3). 
(3) For the purposes of paragraph (2), the alternative repayment


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(3) For the purposes of paragraph (2), the alternative repayment 
arrangements within the suite of alternative repayment arrangement options shall 
have an objective of, amongst any other relevant objectives – 
(a) 
supporting the regulated entity’s customers that are mortgage 
borrowers to meet their mortgage obligations, and  
(b) 
addressing those mortgage borrowers’ financial difficulties as 
effectively as circumstances allow.


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effectively as circumstances allow. 
(4) The suite of alternative repayment arrangements referred to in paragraph 
(1) may include the following, amongst any other options for alternative 
arrangements offered by the regulated entity:  
(a) 
interest only repayments on the mortgage loan for a specified 
period of time;  
(b) 
permanently reducing the interest rate on the mortgage loan;   
(c) 
temporarily reducing the interest rate on the mortgage for a 
specified period of time;  
(d)


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(c) 
temporarily reducing the interest rate on the mortgage for a 
specified period of time;  
(d) 
fixing the interest rate on the mortgage loan; 
[81]  145 
 
(e) 
an arrangement to pay interest and part of the normal capital 
amount for a specified period of time;  
(f) 
deferring payment of all or part of the scheduled mortgage loan 
repayments for a specified period of time;   
(g) 
extending the term of the mortgage;  
(h) 
changing the type of the mortgage;  
(i)


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(g) 
extending the term of the mortgage;  
(h) 
changing the type of the mortgage;  
(i) 
adding arrears and interest to the principal amount due;  
(j) 
equity participation;  
(k) 
setting aside (“warehousing”) part of the mortgage, including 
through a split mortgage, where a regulated entity agrees to split 
a mortgage borrower’s mortgage loan into an affordable 
mortgage loan, which the mortgage borrower continues to repay,


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mortgage loan, which the mortgage borrower continues to repay, 
and a remaining balance, which is set aside (i.e. warehoused to a 
later date);   
(l) 
writing down the capital sum to a specified amount;  
(m) any voluntary scheme to which the regulated entity has signed up.  
(5) A regulated entity shall document its consideration of each option 
assessed in accordance with paragraph (1).  
(6) Paragraph (5) includes documenting the reasons why –  
(a)


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(6) Paragraph (5) includes documenting the reasons why –  
(a) 
any option offered to the mortgage borrower is appropriate and 
sustainable for his or her individual circumstances, and  
(b) 
any option assessed and not offered to the mortgage borrower is 
not appropriate and not sustainable for his or her individual 
circumstances.   
(7) A regulated entity shall provide the mortgage borrower with a copy of 
the information documented by the regulated entity in accordance with


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the information documented by the regulated entity in accordance with 
paragraphs (5) and (6).  
(8) In this Regulation, “equity participation” means an arrangement whereby 
the principal sum due on the primary residence is reduced, provided that a share 
in the mortgage borrower’s equity in the primary residence is transferred to the 
regulated entity, or a third party.    
 
Requirements when offering alternative repayment arrangements


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Requirements when offering alternative repayment arrangements 
254. (1) Where an alternative repayment arrangement is offered by a 
regulated entity to a mortgage borrower in a case referred to in Regulation 240, 
the regulated entity shall advise the mortgage borrower to take appropriate 
independent legal advice, financial advice, or both, and shall provide the 
mortgage borrower with a clear explanation, on paper or on another durable


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mortgage borrower with a clear explanation, on paper or on another durable 
medium, of how the alternative repayment arrangement works, including the 
following information:  
(a) 
the reasons why the alternative repayment arrangement offered is 
considered to be appropriate and sustainable for the mortgage 
146  [81] 
borrower’s individual circumstances as documented by the 
regulated entity in accordance with Regulation 253(5) and


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regulated entity in accordance with Regulation 253(5) and 
Regulation 253(6), including demonstrating, by reference to the 
mortgage borrower’s individual circumstances, the advantages of 
the offer for the mortgage borrower and explaining any 
disadvantages;   
(b) 
the new mortgage loan repayment amount;  
(c) 
the term of the alternative repayment arrangement;  
(d) 
the implications of entering into the alternative repayment 
arrangement for the mortgage borrower’s existing mortgage loan,


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arrangement for the mortgage borrower’s existing mortgage loan, 
including the impact  on –  
(i) 
the mortgage loan term,  
(ii) 
the balance outstanding on the mortgage loan account, and  
(iii) the existing arrears on the mortgage loan account, if any;  
(e) 
a statement that the alternative repayment arrangement may 
impact on the mortgage borrower’s mortgage protection 
insurance cover;   
(f) 
the frequency with which the alternative repayment arrangement


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insurance cover;   
(f) 
the frequency with which the alternative repayment arrangement 
will be reviewed by the regulated entity in accordance with 
Regulation 257(1), the reason for undertaking such reviews and 
the potential outcome of any such reviews where –  
(i) 
the mortgage borrower’s circumstances which require the 
alternative repayment arrangement improve,  
(ii) 
the mortgage borrower’s circumstances which require the 
alternative repayment arrangement disimprove, and


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alternative repayment arrangement disimprove, and  
(iii) the mortgage borrower’s circumstances which require the 
alternative repayment arrangement remain the same;  
(g) 
details of any residual mortgage debt which, at the end of the term 
of an alternative repayment arrangement, will remain due and 
owing by the mortgage borrower;  
(h) 
information on how interest will be applied to the mortgage loan 
account as a result of entering into the alternative repayment 
arrangement;  
(i)


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account as a result of entering into the alternative repayment 
arrangement;  
(i) 
information on how the alternative repayment arrangement will 
be reported by the regulated entity to the Central Credit Register 
or any other credit reference agency or credit register, and the 
anticipated impact of entering into this arrangement on the 
mortgage borrower’s credit report;  
(j) 
the timeframe within which the mortgage borrower is required to 
accept or decline the offer.


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the timeframe within which the mortgage borrower is required to 
accept or decline the offer.   
(2) A regulated entity shall not require a mortgage borrower in a case 
referred to in Regulation 240 to agree to amend his or her mortgage interest rate 
from a tracker interest rate to an interest rate other than a tracker interest rate, as 
[81]  147 
 
part of agreeing to any alternative repayment arrangement offered to the


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[81]  147 
 
part of agreeing to any alternative repayment arrangement offered to the 
mortgage borrower, except in the circumstances referred to in paragraph (3).  
(3) Where a regulated entity is considering alternative repayment 
arrangement options in respect of a mortgage loan with a tracker interest rate in 
accordance with Regulation 253(1) to Regulation 253(4) and the regulated entity 
concludes that there is no option which is appropriate and sustainable for the


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concludes that there is no option which is appropriate and sustainable for the 
mortgage borrower’s individual circumstances whereby the mortgage borrower 
may retain the tracker interest rate, the regulated entity may offer the mortgage 
borrower an alternative repayment arrangement pursuant to which the tracker 
interest rate is amended to an interest rate other than a tracker interest rate, if that 
alternative repayment arrangement is a long–term appropriate and sustainable


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alternative repayment arrangement is a long–term appropriate and sustainable 
arrangement for the mortgage borrower, and the reasons for same are 
documented in accordance with Regulation 253(5) and Regulation 253(6).  
(4) This Chapter does not prevent a regulated entity agreeing an alternative 
repayment arrangement with a mortgage borrower for a limited period of time, 
prior to completing its assessment of the mortgage borrower’s standard financial


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prior to completing its assessment of the mortgage borrower’s standard financial 
statement, if a delay in agreeing an alternative repayment arrangement would 
exacerbate a mortgage borrower’s arrears or, in a pre–arrears case, the mortgage 
borrower’s relevant financial difficulty or likelihood of financial difficulty. 
(5) For the purpose of paragraph (4), “limited period of time” means a period 
of time sufficient to enable the regulated entity to receive and complete a full


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of time sufficient to enable the regulated entity to receive and complete a full 
review of the standard financial statement.    
 
Reasons and additional information to be provided where alternative repayment 
arrangement refused 
255. (1) Where a regulated entity decides not to offer a mortgage borrower 
an alternative repayment arrangement in a case referred to in Regulation 240 for 
any reason, including where the regulated entity concludes that the mortgage


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any reason, including where the regulated entity concludes that the mortgage 
borrower’s mortgage is not sustainable for the mortgage borrower’s 
circumstances and an alternative repayment arrangement is unlikely to be 
appropriate, the regulated entity shall, within 10 working days of its decision, 
provide the reasons for that decision to the mortgage borrower on paper or on 
another durable medium.  
(2) In addition to the reasons referred to in paragraph (1), the regulated entity


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(2) In addition to the reasons referred to in paragraph (1), the regulated entity 
shall inform the borrower of the following:  
(a) 
options available to the mortgage borrower, other than alternative 
repayment arrangements, such as, where available, voluntary 
surrender, trading down, mortgage to rent, voluntary sale, or 
otherwise, and the implications of each option for the mortgage 
borrower and his or her mortgage loan account including –  
(i)


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borrower and his or her mortgage loan account including –  
(i) 
an estimate of the total amount of costs or charges 
associated with each option where known and, where the 
total amount associated with an individual option is not 
known, a list of the individual types of costs or charges 
associated with that option,   
148  [81] 
(ii) 
the requirement to repay outstanding arrears even where the 
borrower avails of such an option, if this is the case,


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borrower avails of such an option, if this is the case,  
(iii) the impact on the mortgage borrower’s credit report, as 
anticipated by the regulated entity, where the mortgage 
borrower avails of such an option, and  
(iv) that it is important for the mortgage borrower to seek 
independent legal or financial advice in relation to the 
options presented;  
(b) 
the mortgage borrower’s right to appeal, to the regulated entity’s 
appeals board, the regulated entity’s decision not to offer an


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appeals board, the regulated entity’s decision not to offer an 
alternative repayment arrangement to the borrower;  
(c) 
that the regulated entity’s MARP no longer applies to the 
mortgage borrower and that the protections of the regulated 
entity’s MARP no longer apply;   
(d) 
that the regulated entity may commence legal proceedings after 3 
months have elapsed from the date the reasons were provided to 
the mortgage borrower, or after 8 months have elapsed from the


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the mortgage borrower, or after 8 months have elapsed from the 
date upon which the arrears first arose, whichever date is the later, 
and that, irrespective of how the property on which the mortgage 
borrower’s mortgage loan is secured is repossessed and disposed 
of, the mortgage borrower will remain liable for the outstanding 
debt related to the mortgage loan, including any accrued interest, 
charges, legal, selling and other related costs, if this is the case;   
(e)


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charges, legal, selling and other related costs, if this is the case;   
(e) 
that the mortgage borrower should notify the regulated entity if 
his or her circumstances requiring consideration of an alternative 
repayment arrangement improve;   
(f) 
that it is important for the mortgage borrower to seek independent 
legal or financial advice;   
(g) 
the mortgage borrower’s right to consult with a personal 
insolvency practitioner;  
(h)


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(g) 
the mortgage borrower’s right to consult with a personal 
insolvency practitioner;  
(h) 
a hyperlink to, or website address of, any website operated by the 
Insolvency Service of Ireland which provides information to 
mortgage borrowers on the debt solutions and the associated 
processes prescribed by the Act of 2012;  
(i) 
that a copy of the most recent standard financial statement 
completed by the mortgage borrower can be obtained from the 
regulated entity on request.


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completed by the mortgage borrower can be obtained from the 
regulated entity on request.  
 
Information to be provided where alternative repayment arrangement offered 
but not agreed by mortgage borrower 
256. If a mortgage borrower does not agree to enter into an alternative 
repayment arrangement offered by the regulated entity, the regulated entity shall 
inform the mortgage borrower without delay, on paper or on another durable 
medium, of the following:  
[81]  149 
 
(a)


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medium, of the following:  
[81]  149 
 
(a) 
options available to the mortgage borrower, other than alternative 
repayment arrangements, such as, where available, voluntary 
surrender, trading down, mortgage to rent, voluntary sale, or 
otherwise, and the implications of each option for the mortgage 
borrower and his or her mortgage loan account, including–   
(i) 
an estimate of the total amount of costs or charges 
associated with each option where known and, where the


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associated with each option where known and, where the 
total amount associated with an individual option is not 
known, a list of the individual types of costs or charges 
associated with that option,  
(ii) 
the requirement to repay outstanding arrears even where the 
mortgage borrower avails of such an option, if this is the 
case,  
(iii) the impact on the mortgage borrower’s credit report, as 
anticipated by the regulated entity, where the mortgage 
borrower avails of such an option, and


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anticipated by the regulated entity, where the mortgage 
borrower avails of such an option, and  
(iv) that it is important for the mortgage borrower to seek 
independent legal or financial advice in relation to the 
options presented;  
(b) 
the mortgage borrower’s right  to appeal, to the regulated entity’s 
appeals board, the regulated entity’s decision on the alternative 
repayment arrangement;   
(c) 
that the regulated entity’s MARP no longer applies to the


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repayment arrangement;   
(c) 
that the regulated entity’s MARP no longer applies to the 
mortgage borrower and that the protections of the regulated 
entity’s MARP no longer apply;   
(d) 
that the regulated entity may commence legal proceedings after 3 
months have elapsed from the date that the information was 
provided to the mortgage borrower, on paper or on another 
durable medium, or after 8 months have elapsed from the date


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durable medium, or after 8 months have elapsed from the date 
upon which the arrears first arose, whichever date is later, and 
that, irrespective of how the property on which the mortgage 
borrower’s mortgage loan is secured is repossessed and disposed 
of, the mortgage borrower will remain liable for the outstanding 
debt related to the mortgage loan, including any accrued interest, 
charges, legal, selling and other related costs, if this is the case;   
(e)


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(g) 
the mortgage borrower’s right to consult with a personal 
insolvency practitioner;  
(h) 
a hyperlink to or website address of any website operated by the 
Insolvency Service of  Ireland which provides information to 
150  [81] 
mortgage borrowers on debt solutions and the associated 
processes prescribed by the Act of 2012;  
(i) 
that a copy of the most recent standard financial statement 
completed by the mortgage borrower may be obtained from the 
regulated entity on request.


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completed by the mortgage borrower may be obtained from the 
regulated entity on request.  
  
Alternative repayment arrangements with mortgage borrowers to be reviewed  
257. (1) A regulated entity shall review the appropriateness of an alternative 
repayment arrangement for a mortgage borrower at intervals that are appropriate 
to the type and duration of the arrangement, including at least 30 calendar days 
prior to the term of the alternative repayment arrangement coming to an end.


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prior to the term of the alternative repayment arrangement coming to an end.   
(2) In undertaking the review, the regulated entity shall request the mortgage 
borrower to confirm whether there has been any change in his or her 
circumstances in the period since the alternative repayment arrangement was put 
in place or since the last review was conducted.   
(3) Subject to paragraph (4), where in response to the request referred to in 
paragraph (2) – 
(a)


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paragraph (2) – 
(a) 
the mortgage borrower confirms that there has been a change in 
his or her circumstances, and 
(b) 
less than 12 months have elapsed since a completed standard 
financial statement was last received from the mortgage 
borrower,  
the regulated entity may deem that standard financial statement last received, 
together with any information which has changed in that standard financial 
statement according to the mortgage borrower’s confirmation, to be the


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statement according to the mortgage borrower’s confirmation, to be the 
completed standard financial statement, and shall consider the appropriateness 
of the alternative repayment arrangement for the mortgage borrower. 
(4) Where, in response to the request referred to in paragraph (2) – 
(a) 
the mortgage borrower confirms that there has been a change in 
his or her circumstances, and  
(b) 
12 months or more have elapsed since a completed standard


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his or her circumstances, and  
(b) 
12 months or more have elapsed since a completed standard 
financial statement, excluding any completed standard financial 
statement deemed as such pursuant to paragraph (3), was last 
received from the mortgage borrower, the regulated entity shall 
again comply with the requirements of Regulation 251(1) to 
Regulation 251(4) and shall consider the appropriateness of the 
alternative repayment arrangement for the mortgage borrower.


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alternative repayment arrangement for the mortgage borrower. 
(5) For the avoidance of doubt, Regulation 251(7) applies to a review 
referred to in this Regulation. 
(6) A regulated entity shall carry out a review of the terms of an alternative 
repayment arrangement at any time, if requested by a mortgage borrower.  
(7) A regulated entity shall ensure that its arrears support unit formally 
reviews the mortgage borrower’s case, including the standard financial 
[81]  151


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reviews the mortgage borrower’s case, including the standard financial 
[81]  151 
 
statement, immediately, where a mortgage borrower ceases to adhere to the 
terms of an alternative repayment arrangement.   
 
Appeals process to be in place 
258. (1) A regulated entity shall establish, maintain and adhere to an appeals 
process for a mortgage borrower to appeal a decision of the regulated entity made 
in accordance with this Chapter, including the following decisions:  
(a)


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in accordance with this Chapter, including the following decisions:  
(a) 
a decision by a regulated entity to offer an alternative repayment 
arrangement to a mortgage borrower which the borrower does not 
agree to enter into;  
(b) 
a decision by a regulated entity not to offer an alternative 
repayment arrangement to a mortgage borrower;  
(c) 
a decision by a regulated entity to classify a mortgage borrower 
as not cooperating.


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(c) 
a decision by a regulated entity to classify a mortgage borrower 
as not cooperating.  
(2) For the purposes of paragraph (1), a regulated entity shall establish an 
appeals board to consider and determine appeals submitted by mortgage 
borrowers.  
(3) A regulated entity shall establish the appeals board in compliance with 
the following conditions: 
(a) 
there shall be 3 members of the appeals board;  
(b) 
at least one member of the appeals board shall be a person who


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(b) 
at least one member of the appeals board shall be a person who 
meets the following conditions: 
(i) 
the person is an experienced professional, independent of 
the regulated entity’s management team, including an 
independent member of the regulated entity’s audit 
committee or an experienced professional who is 
independent of the regulated entity, such as a solicitor, 
barrister, accountant or other experienced professional; 
(ii)


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barrister, accountant or other experienced professional; 
(ii) 
the person does not have a conflict of interest in respect of 
cases referred to the appeals board; 
(c) 
any member of the appeals board other than a member referred to 
in subparagraph (b) is drawn from the regulated entity’s senior 
employees who have not previously been involved in dealing with 
the mortgage borrower’s arrears or pre–arrears in respect of the 
mortgage loan.


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the mortgage borrower’s arrears or pre–arrears in respect of the 
mortgage loan.  
(4) A regulated entity shall establish, maintain and adhere to a procedure for 
the proper handling of appeals.   
(5) At a minimum, the procedure referred to in paragraph (4) shall provide 
for the following:   
(a) 
the appeals board shall only consider written appeals;  
(b) 
the regulated entity shall acknowledge each appeal on paper or on 
another durable medium within 5 working days of the appeal


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another durable medium within 5 working days of the appeal 
being received by the regulated entity;  
152  [81] 
(c) 
the regulated entity shall provide the mortgage borrower with the 
name of one or more individuals appointed by the regulated entity 
to be the mortgage borrower’s point of contact in relation to the 
appeal, until the appeals board makes a decision in relation to the 
appeal;  
(d) 
the regulated entity shall provide the mortgage borrower with a


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appeal;  
(d) 
the regulated entity shall provide the mortgage borrower with a 
regular update, on paper or on another durable medium, on the 
progress of the appeal, at intervals of not greater than 20 working 
days, starting from the date on which the appeal was received;   
(e) 
the regulated entity shall consider and adjudicate on an appeal 
within 40 working days of having received the appeal;  
(f) 
the regulated entity shall, on paper or on another durable medium,


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(f) 
the regulated entity shall, on paper or on another durable medium, 
within 5 working days of the completion of the consideration of 
the appeal, notify the mortgage borrower of – 
(i) 
the decision of the appeals board, 
(ii) 
the reasons for that decision, and  
(iii) if the regulated entity is making an offer to the mortgage 
borrower, the terms of that offer; 
(g) 
the regulated entity shall inform the mortgage borrower of his or


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(g) 
the regulated entity shall inform the mortgage borrower of his or 
her right to refer the matter to the Financial Services and Pensions 
Ombudsman and shall provide the borrower with the contact 
details of the Financial Services and Pensions Ombudsman.  
(6) The procedure referred to in paragraph (4) may provide for any other 
matter that is relevant or appropriate to the regulated entity’s proper handling of 
appeals.


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matter that is relevant or appropriate to the regulated entity’s proper handling of 
appeals. 
(7) A regulated entity shall allow a mortgage borrower at least 20 working 
days from the date of notification of the decision of the regulated entity following 
assessment by its arrears support unit, to submit an appeal to the regulated entity 
for consideration by its appeals board.  
  
Appeals to be logged and analysed 
259. (1) A regulated entity shall keep and maintain an up–to–date log of all


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259. (1) A regulated entity shall keep and maintain an up–to–date log of all 
appeals received from mortgage borrowers. 
(2) The log referred to in paragraph (1) shall contain the following:  
(a) 
a summary of the information submitted by the mortgage 
borrower for the purposes of the appeal considered by the appeals 
board;  
(b) 
the date the appeal was received;  
(c) 
a summary of the regulated entity’s response including the date 
of such response;  
(d)


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(c) 
a summary of the regulated entity’s response including the date 
of such response;  
(d) 
details of any other relevant correspondence or records, including 
the grounds on which the appeal was considered by the appeals 
board;  
[81]  153 
 
(e) 
the steps taken by the appeals board to determine each appeal;  
(f) 
the date the appeal was determined by the appeals board and the 
decision of the appeals board;  
(g) 
where relevant, the current status of the appeal which has been


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(g) 
where relevant, the current status of the appeal which has been 
referred to the Financial Services and Pensions Ombudsman.  
(3) A regulated entity shall, at least once every 6 months, undertake an 
appropriate analysis of the patterns of appeals made to the regulated entity by 
mortgage borrowers, including analysing whether an appeal indicates an isolated 
issue or a more widespread issue.   
(4) The regulated entity shall ensure that the analysis of patterns of appeals


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(4) The regulated entity shall ensure that the analysis of patterns of appeals 
from mortgage borrowers is provided to – 
(a) 
the regulated entity’s arrears support unit,  
(b) 
the regulated entity’s compliance or risk function, and  
(c) 
the regulated entity’s senior management.    
 
Complaints resolution 
260. (1) For the purposes of this Regulation, “complaint” means a 
complaint submitted by a mortgage borrower in relation to either of the 
following:   
(a)


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complaint submitted by a mortgage borrower in relation to either of the 
following:   
(a) 
the regulated entity’s treatment of the mortgage borrower’s case 
under this Chapter; 
(b) 
the regulated entity’s compliance with the requirements of this 
Chapter.   
(2) A regulated entity shall apply Chapter 12 of Part 2, and Regulation 
115(1)(m) to deal with complaints referred to in paragraph (1). 
(3) A regulated entity shall ensure that the arrangements which, pursuant to


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(3) A regulated entity shall ensure that the arrangements which, pursuant to 
paragraph (2), it is required to have in place in accordance with Regulation 107 
to deal with complaints, and which include the analysis of those complaints in 
accordance with Regulation 107(2)(b), include arrangements for reporting of 
that analysis, in accordance with Regulation 107(2)(c), to the regulated entity’s 
arrears support unit. 
 
Requirements prior to commencement of legal proceedings for repossession


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arrears support unit. 
 
Requirements prior to commencement of legal proceedings for repossession 
261. (1) Subject to paragraph (3), where a mortgage borrower is in arrears, 
a regulated entity may only commence legal proceedings for repossession of the 
mortgage borrower’s primary residence where –   
(a) 
the regulated entity has taken reasonable steps in compliance with 
this Chapter to agree an alternative arrangement with the


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this Chapter to agree an alternative arrangement with the 
mortgage borrower, or his or her nominated representative, and  
(b) 
either of the conditions of paragraph (2) are satisfied. 
(2) The conditions referred to in paragraph (1)(b) are the following:  
  
154  [81] 
(a) 
the period referred to in Regulation 255(2)(d) or Regulation 
256(d), as applicable, has expired;  
(b) 
the mortgage borrower has been classified as not cooperating and


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(b) 
the mortgage borrower has been classified as not cooperating and 
the regulated entity has issued the notification required by 
Regulation 250.   
(3) Paragraphs (1) and (2) do not apply to the commencement of legal 
proceedings by the regulated entity for repossession of the mortgage borrower’s 
primary residence, where the mortgage borrower is in arrears, in circumstances 
where – 
(a) 
a fraud has been perpetrated on the regulated entity by the 
mortgage borrower, or  
(b)


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(a) 
a fraud has been perpetrated on the regulated entity by the 
mortgage borrower, or  
(b) 
there has been a breach of contract by the mortgage borrower 
other than the existence of arrears.   
(4) A regulated entity shall notify a mortgage borrower on paper or on 
another durable medium of the regulated entity’s application to court to 
repossess the mortgage borrower’s primary residence 7 days before it applies to 
court to commence those proceedings.


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court to commence those proceedings.   
 
Contact to be maintained with mortgage borrower where legal proceedings for 
repossession commenced 
262. (1) Where the legal proceedings referred to in Regulation 261(1) have 
commenced, the regulated entity shall continue to make contact periodically 
with the mortgage borrower, or his or her nominated representative, with the 
purpose of endeavouring to agree an alternative repayment arrangement.


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purpose of endeavouring to agree an alternative repayment arrangement.   
(2) Where an alternative repayment arrangement is agreed between the 
regulated entity and the mortgage borrower before a court order enabling 
repossession in those proceedings is granted, the regulated entity shall seek an 
order from the court to put the proceedings on hold, for the period during which 
the mortgage borrower adheres to the terms of the alternative repayment 
arrangement.


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the mortgage borrower adheres to the terms of the alternative repayment 
arrangement.   
 
Information to be provided following repossession 
263. (1) A regulated entity shall inform a mortgage borrower on paper or 
on another durable medium when, following repossession, the relevant property 
is placed on the market for sale, and shall inform the mortgage borrower in the 
same manner when the property has been sold. 
(2) Where, following repossession of the mortgage borrower’s primary


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(2) Where, following repossession of the mortgage borrower’s primary 
residence, a regulated entity has disposed of the relevant property, the regulated 
entity shall notify the mortgage borrower on paper or on another durable 
medium, of the following:   
(a) 
the balance of outstanding mortgage debt, if any;  
(b) 
details, including the amount, of any costs arising from the 
disposal which have been added to the mortgage loan account as 
debts of the mortgage borrower;  
[81]  155 
 
(c)


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debts of the mortgage borrower;  
[81]  155 
 
(c) 
the interest rate to be charged on the remaining balance of the 
mortgage loan account, if any; 
(d) 
any liability of the mortgage borrower to pay any of the debts or 
costs referred to subparagraphs (a) to (c).   
(3) A regulated entity shall provide the information referred to in paragraph 
(2) to the mortgage borrower in a timely manner following the completion of the 
disposal of the property concerned.


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disposal of the property concerned.  
  
Records to be kept and maintained  
264. (1) Other than where specified in this Regulation, Chapter 14 of Part 2 
of these Regulations does not apply for the purposes of this Chapter. 
(2) For the purposes of this Chapter, a regulated entity shall keep and 
maintain the following: 
(a) 
up–to–date records of – 
(i) 
all steps taken in compliance with this Chapter,  
(ii) 
all considerations taken into account by the regulated entity


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(ii) 
all considerations taken into account by the regulated entity 
when making a decision or assessment in compliance with 
this Chapter,  
(iii) the outcome of all assessments and decisions made in 
compliance with this Chapter, 
(iv) all communications with borrowers in arrears and in pre–
arrears, and 
(v) 
complaints in respect of which a regulated entity is required 
to apply Regulation 115(1)(m) in accordance with 
Regulation 260(2); 
(b)


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to apply Regulation 115(1)(m) in accordance with 
Regulation 260(2); 
(b) 
up–to–date recordings of all telephone calls made by the 
regulated entity’s arrears support unit to a mortgage borrower, or 
from a mortgage borrower to the arrears support unit, in relation 
to his or her arrears or pre–arrears.    
(3) For the purposes of paragraph (2)(b), a regulated entity shall inform a 
mortgage borrower, at the outset of the conversation, that the telephone 
conversation is being recorded.


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conversation is being recorded. 
(4) A regulated entity shall maintain the records required by this Regulation 
and for that purpose shall comply with Regulation 118(1) in relation to those 
records. 
(5) A regulated entity shall provide to the Bank the records required by this 
Regulation if requested to do so, and for that purpose shall provide those records 
in accordance with Regulation 118(2) and Regulation 118(3).


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in accordance with Regulation 118(2) and Regulation 118(3).  
(6) Subject to paragraph (7), a regulated entity shall retain records which it 
is required to keep by this Chapter and which demonstrate compliance with this 
Chapter, for 6 years.   
156  [81] 
(7) A regulated entity shall retain all records in respect of a mortgage 
borrower until a period of 6 years has elapsed following the date on which the 
mortgage borrower ceases to be a customer of the regulated entity concerned.


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mortgage borrower ceases to be a customer of the regulated entity concerned. 
 
Chapter 10 
Arrears – debts of personal consumers, other than mortgage debt secured by a 
mortgage borrower’s primary residence 
 
Scope and application (Chapter 10) 
265. (1) This Chapter applies only to the debts of a personal consumer owed 
to a regulated entity. 
(2) Subject to paragraph (3), and unless otherwise stated, this Chapter 
applies to mortgage debt and non–mortgage debt.


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applies to mortgage debt and non–mortgage debt. 
(3) This Chapter does not apply where Chapter 9 of this Part applies. 
 
Legal proceedings 
266. Where legal proceedings have been issued in respect of a relevant debt, 
Regulation 269 and paragraph (2) of Regulation 272 do not apply in respect of 
that debt.  
 
Policies and procedures for handling arrears to be in place 
267. A regulated entity shall establish, maintain and adhere to appropriate


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267. A regulated entity shall establish, maintain and adhere to appropriate 
and effective policies and procedures for the handling of arrears cases. 
 
Dedicated webpage to be maintained 
268. (1) Where a regulated entity has or operates a website, a regulated 
entity shall have a dedicated webpage on its website, which makes available the 
following: 
(a) 
information stating the potential legal and practical effects of not 
dealing with arrears cases, including the risk of any mortgaged


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dealing with arrears cases, including the risk of any mortgaged 
property being repossessed, legal proceedings and additional 
charges; 
(b) 
relevant contact details of the regulated entity for dealing with 
arrears cases; 
(c) 
details of the charges that may be imposed on personal consumers 
in arrears;  
(d) 
a hyperlink to the MABS website. 
(2) The information referred to in paragraph (1) shall be – 
(a) 
easily accessible from a prominent hyperlink on the homepage of


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(a) 
easily accessible from a prominent hyperlink on the homepage of 
each website of a regulated entity, and 
[81]  157 
 
(b) 
provided to a personal consumer in a durable medium on request. 
 
Agreed approach on arrears to be sought 
269. In relation to an arrears case, a regulated entity shall seek to agree a 
reasonable arrangement with a personal consumer, or through a third party 
nominated by the personal consumer in accordance with Regulation 271, that


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nominated by the personal consumer in accordance with Regulation 271, that 
will assist the personal consumer in resolving the arrears case. 
 
Notification of existing arrears and enquiries 
270. Where an account remains in arrears 10 working days following the 
date upon which arrears first arose, a regulated entity shall, within a further 3 
working days, communicate with the personal consumer concerned to notify the


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working days, communicate with the personal consumer concerned to notify the 
person of the existence of the arrears and to make enquiries as to why the arrears 
have arisen.   
 
Personal consumer’s nominated third party to be liaised with  
271. (1) At a personal consumer’s written request, a regulated entity shall 
liaise with a third party nominated by the personal consumer to act on his or her 
behalf in relation to the personal consumer’s arrears case.


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behalf in relation to the personal consumer’s arrears case.   
(2) For the avoidance of doubt, paragraph (1) does not prohibit a regulated 
entity from – 
(a) 
contacting a personal consumer directly in relation to matters 
other than the personal consumer’s arrears case; 
(b) 
issuing communications required by these Regulations directly to 
the personal consumer. 
 
Notification of particular information relating to account in arrears


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the personal consumer. 
 
Notification of particular information relating to account in arrears 
272. (1) Where an account is in arrears for 31 calendar days after the arrears 
first arose, the regulated entity shall, within 3 working days, take the following 
action: 
(a) 
notify the personal consumer and any guarantor of the personal 
consumer’s loan, on paper or on another durable medium, of the 
status of the account; 
(b) 
include the following information in the notification referred to


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status of the account; 
(b) 
include the following information in the notification referred to 
in subparagraph (a): 
(i) 
the date upon which the account fell into arrears; 
(ii) 
the number and total amount of repayments that have not 
been made by the personal consumer, including partial 
repayments that have been made; 
(iii) the monetary amount that has not been repaid in relation to 
the arrears as of the date of the notice; 
158  [81]


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the arrears as of the date of the notice; 
158  [81] 
(iv) the interest rate applicable to the amount that has not been 
repaid; 
(v) 
details of any charges that may become payable by the 
personal consumer arising from the arrears; 
(vi) the benefits of the personal consumer engaging with the 
regulated entity in order to address the arrears; 
(vii) relevant contact details of the regulated entity for dealing 
with arrears; 
(viii) the consequences of continuing to not make repayments,


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with arrears; 
(viii) the consequences of continuing to not make repayments, 
including the sharing of data relating to the personal 
consumer’s arrears with the Central Credit Register or, or 
where applicable, a credit reference agency; 
(ix) where applicable, any legal, contractual and practical 
impact of continuing to not make repayments on other 
accounts held by the personal consumer with that regulated 
entity, including a regulated entity’s entitlement to set–off


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entity, including a regulated entity’s entitlement to set–off 
accounts, where the personal consumer’s existing terms and 
conditions provide for this possibility;  
(x) 
a statement that the personal consumer may wish to seek 
assistance from the MABS, the contact details for the 
MABS national helpline and the link to the MABS website; 
(xi) a hyperlink to any website operated by the Insolvency 
Service of Ireland which provides information to personal


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Service of Ireland which provides information to personal 
consumers on the processes under personal insolvency 
legislation;   
(xii) a statement that personal consumers who have purchased 
payment protection insurance in relation to an account that 
is in arrears may wish to investigate if a claim is possible 
on that policy, and, if the personal consumer has purchased 
payment protection insurance from that regulated entity in 
relation to the account in arrears, a statement advising the


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relation to the account in arrears, a statement advising the 
personal consumer of the following: 
I. 
that the personal consumer has purchased payment 
protection insurance; 
II. 
the personal consumer’s policy number;  
III. 
that a copy of the personal consumer’s policy is 
available on request from the regulated entity. 
(2) Where the arrears persist, a regulated entity shall, every 3 months, 
provide the personal consumer with an updated version of the information


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provide the personal consumer with an updated version of the information 
provided in accordance with paragraph (1), on paper or on another durable 
medium. 
(3) In this Regulation, “Insolvency Service of Ireland” has the meaning 
given to it in Regulation 219. 
 
[81]  159 
 
Mortgage debt – notification of potential for further proceedings  
273. Where, in respect of a mortgage debt, a personal consumer fails to make


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273. Where, in respect of a mortgage debt, a personal consumer fails to make 
3 full mortgage loan repayments in accordance with the original mortgage loan 
contract agreed by the personal consumer, and such repayments remain 
outstanding, and a revised repayment arrangement has not been put in place, the 
regulated entity shall notify the personal consumer, on paper or on another 
durable medium, of the following:  
(a) 
the potential for legal proceedings for repossession of the


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(a) 
the potential for legal proceedings for repossession of the 
property on which the mortgage loan is secured, together with an 
estimate of the costs to the personal consumer of such 
proceedings;  
(b) 
that taking independent advice in such circumstances is important 
and that the personal consumer should take such advice from his 
or her local MABS or from an appropriate alternative;  
(c) 
that irrespective of how the property on which the mortgage loan


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(c) 
that irrespective of how the property on which the mortgage loan 
is secured is repossessed and disposed of, the personal consumer 
will remain liable for the outstanding debt, including any accrued 
interest, charges, legal, selling and other related costs, if this is 
the case. 
 
Notification to be provided where engaging third party 
274. (1) If a regulated entity intends to appoint a third party to engage on its


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274. (1) If a regulated entity intends to appoint a third party to engage on its 
behalf with a personal consumer in relation to arrears, it shall notify the personal 
consumer of its intention and explain the role of the third party, on paper or on 
another durable medium.   
(2) The regulated entity shall issue the notification referred to in paragraph 
(1) to the personal consumer prior to the third party making contact with the 
personal consumer.


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personal consumer. 
 
Information to be provided where agreement on revised repayment arrangement 
275. Where a regulated entity reaches an agreement on a revised repayment 
arrangement with a personal consumer, the regulated entity shall provide the 
personal consumer with the following on paper or on another durable medium 
within 5 working days of reaching such agreement: 
(a) 
all details of the revised repayment arrangement; 
(b)


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(a) 
all details of the revised repayment arrangement; 
(b) 
the data relating to the personal consumer’s arrears that will be 
shared with the Central Credit Register or a credit reference 
agency. 
 
Reasons to be recorded and provided where revised repayment arrangement is 
rejected 
276. Where an offer to a regulated entity, by a personal consumer, of a 
revised repayment arrangement, is rejected by the regulated entity, the regulated 
160  [81]


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revised repayment arrangement, is rejected by the regulated entity, the regulated 
160  [81] 
entity shall maintain a record of its reasons for rejecting the offer and 
communicate these reasons to the personal consumer on paper or on another 
durable medium within 10 working days of its decision. 
 
Communications policy on arrears to be in place and communications to reflect 
certain standards 
277. (1) A regulated entity shall produce and adhere to a policy regarding


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certain standards 
277. (1) A regulated entity shall produce and adhere to a policy regarding 
communications with personal consumers in arrears, and the regulated entity 
shall arrange for this policy to be approved by its board of directors, or the entity 
or persons controlling the regulated entity.  
(2) A regulated entity shall ensure that in its dealings with personal 
consumers in arrears, or those of a third party acting on the regulated entity’s 
behalf –  
(a)


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consumers in arrears, or those of a third party acting on the regulated entity’s 
behalf –  
(a) 
the extent of communications is proportionate, reasonable and not 
excessive taking into account the circumstances of the personal 
consumer, 
(b) 
communications with personal consumers are not aggressive, 
intimidating or harassing, and 
(c) 
personal consumers are given sufficient time to complete an 
action agreed with the regulated entity to which they have


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action agreed with the regulated entity to which they have 
committed, before follow up communication is attempted.  
 
Conditions for unsolicited personal visits to personal consumers in relation to 
arrears 
278. (1) A regulated entity may make an unsolicited personal visit to a 
personal consumer for the purposes of discussing arrears to which this Chapter 
applies, but only once in any 6 month period, and only where the regulated entity


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applies, but only once in any 6 month period, and only where the regulated entity 
has made unsuccessful attempts to contact the personal consumer by other 
means.   
(2) Before making an unsolicited personal visit for the purposes of paragraph 
(1), a regulated entity shall provide the personal consumer with at least 5 
working days’ notice, in writing, of the regulated entity’s intention to make an 
unsolicited personal visit.   
(3) The notice referred to in paragraph (2) shall – 
(a)


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unsolicited personal visit.   
(3) The notice referred to in paragraph (2) shall – 
(a) 
state the importance of engagement between the personal 
consumer and the regulated entity,  
(b) 
state the intention of the personal visit to discuss the personal 
consumer’s arrears and the steps to deal with the arrears,  
(c) 
state the timeframe within which the regulated entity intends to 
make the visit, not being a timeframe that exceeds the date that is


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make the visit, not being a timeframe that exceeds the date that is 
15 working days from the date of the notice, 
[81]  161 
 
(d) 
where the regulated entity has a local branch, provide the contact 
details of that branch and offer to discuss the arrears at that 
branch, and 
(e) 
state that the personal consumer may wish to consider having a 
third party present when the personal visit takes place, if the 
personal consumer considers that this would be of assistance to


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personal consumer considers that this would be of assistance to 
the personal consumer. 
(4) Regulation 108(1) applies subject to this Regulation. 
(5) Paragraph (1) does not prevent a regulated entity from agreeing a further 
personal visit with the mortgage borrower in compliance with paragraphs (2) to 
(4) of Regulation 108. 
(6) This Regulation does not apply to an unsolicited personal visit with 
regard to a hire–purchase agreement or a consumer–hire agreement.


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regard to a hire–purchase agreement or a consumer–hire agreement. 
 
Further conditions for unsolicited contact with personal consumers in respect of 
arrears  
279. (1) A regulated entity, shall not, in any calendar month, initiate more 
than 3 unsolicited communications by way of telephone call to a personal 
consumer in respect of arrears. 
(2) For the purposes of this Regulation, the 3 unsolicited communications do 
not include the following:  
(a)


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not include the following:  
(a) 
any communication where the telephone call is not answered, 
including where the response is an engaged tone, and there is no 
possibility of leaving a recorded message for subsequent 
playback by the recipient; 
(b) 
any communication that has been requested by, or agreed in 
advance with, the personal consumer;  
(c) 
any communication to the personal consumer the sole purpose of 
which is to comply with the requirements of these Regulations or


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which is to comply with the requirements of these Regulations or 
other regulatory requirements. 
 
Chapter 11 
Arrears – debts in relation to high cost credit agreements 
 
Interpretation (Chapter 11) 
280. (1) In this Chapter – 
“arrears” in relation to a high cost credit agreement means where a consumer has 
not made a full repayment of all outstanding amounts due, or only makes a partial 
repayment of any such amount, as set out in the original high cost credit


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repayment of any such amount, as set out in the original high cost credit 
agreement, by the scheduled due date; 
162  [81] 
“relevant Regulations” means the provisions of these Regulations which apply 
in accordance with Regulation 6 where a high cost credit provider is engaged in 
the activity of providing high cost credit. 
(2) In this Chapter, “consumer”, “high cost credit provider”, “high cost 
credit” and “high cost credit agreement” have the meaning given to them in


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credit” and “high cost credit agreement” have the meaning given to them in 
section 2(1) of the Act of 1995. 
 
Scope and application (Chapter 11) 
281. This Chapter applies to a high cost credit provider licensed under the 
Act of 1995 when engaged in the provision of high cost credit. 
 
Consumer’s nominated third party to be liaised with 
282. (1) At a consumer’s written request, a high cost credit provider shall 
liaise with a third party nominated by the consumer to act on the consumer’s


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liaise with a third party nominated by the consumer to act on the consumer’s 
behalf in relation to the consumer’s arrears case.   
(2) For the avoidance of doubt, paragraph (1) does not prohibit a regulated 
entity from – 
(a) 
contacting a consumer directly in relation to matters other than 
the consumer’s arrears case; 
(b) 
issuing communications required by the relevant Regulations 
directly to the consumer.    
 
Agreed approach on arrears to be sought


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directly to the consumer.    
 
Agreed approach on arrears to be sought 
283. In relation to an arrears case, a high cost credit provider shall seek to 
agree a reasonable arrangement with a consumer, or through a third party 
nominated by the consumer in accordance with Regulation 282, that will assist 
the consumer in resolving the arrears case. 
 
Arrears handling 
284. (1) A high cost credit provider shall establish, maintain and adhere to


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Arrears handling 
284. (1) A high cost credit provider shall establish, maintain and adhere to 
appropriate and effective policies and procedures for the handling of arrears 
cases.  
(2) A high cost credit provider shall advise a consumer of relevant debt 
counselling services, and the contact details for such services including the name 
and address of a local MABS office upon the sixth default or missed payment


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and address of a local MABS office upon the sixth default or missed payment 
under a high cost credit agreement, whether consecutive or otherwise, during the 
currency of a high cost credit agreement. 
(3) Paragraph (2) does not apply to circumstances where – 
(a) 
a consumer is unable to make one or more repayments, in 
accordance with a high cost credit agreement under which 
repayments are paid by the consumer to the high cost credit


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repayments are paid by the consumer to the high cost credit 
provider or his or her representative at any place other than the 
[81]  163 
 
business premises of the high cost credit provider or the business 
premises of the supplier of goods or services under the agreement, 
due to the consumer being unavailable to make the repayment at 
the usual time and location, where the consumer has contacted the 
high cost credit provider to re–arrange the repayment, 
(b)


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high cost credit provider to re–arrange the repayment, 
(b) 
the high cost credit provider has agreed in writing to the variation 
of the repayment schedule with the consumer in advance of the 
repayment falling due, or 
(c) 
the consumer has already paid, by way of pre–payment or 
previous over–payment, the amount due on the missed payment 
date. 
(4) A high cost credit provider shall maintain a record of such agreement to 
vary a repayment schedule as referred to in paragraph (3)(b).


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vary a repayment schedule as referred to in paragraph (3)(b). 
 
Debt collection 
285. If a high cost credit provider engages the services of a third party to 
collect debts on its behalf, the high cost credit provider shall have in place a 
written contractual arrangement with that third party which ensures that its 
consumers are treated in accordance with the relevant Regulations and the 
relevant provisions of the Act of 1995. 
 
Chapter 12 
Debt Management Firms


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relevant provisions of the Act of 1995. 
 
Chapter 12 
Debt Management Firms 
 
Interpretation (Chapter 12) 
286. In this Chapter  –  
“insolvency option” means a Debt Relief Notice, Debt Settlement Arrangement, 
Personal Insolvency Arrangement or bankruptcy (each within the meaning of the 
Personal Insolvency Act 2012 (No. 44 of 2012)); 
“standard financial statement” means the document in the prescribed form 
referred to in Schedule 5, which complies with the requirements of that


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referred to in Schedule 5, which complies with the requirements of that 
Schedule, and which a debt management firm shall use to obtain financial 
information from a consumer in order to complete a financial assessment.  
 
Scope and application (Chapter 12) 
287. This Chapter applies to the provision of debt management services by 
a debt management firm. 
 
Information about debt management services 
288. In addition to the requirements set out in Regulation 60, prior to


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288. In addition to the requirements set out in Regulation 60, prior to 
entering into an agreement with a consumer for the provision of debt 
164  [81] 
management services, a debt management firm shall provide the consumer with 
standard information, on paper or on another durable medium, in the form set 
out in Schedule 6 to these Regulations. 
 
Signed agreement to be obtained 
289. (1) A debt management firm shall not provide debt management


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Signed agreement to be obtained 
289. (1) A debt management firm shall not provide debt management 
services to a consumer, or accept payment in respect of those services from a 
consumer, prior to receiving an agreement that has been signed by the consumer 
demonstrating the consumer’s acceptance of the terms of that agreement. 
(2) The agreement referred to in paragraph (1) shall contain terms that 
specify the following: 
(a) 
the debt management services that will be provided by the debt


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specify the following: 
(a) 
the debt management services that will be provided by the debt 
management firm; 
(b) 
a clear breakdown of charges payable for those debt management 
services; 
(c) 
when the charges will become payable and the manner in which 
they may be paid; 
(d) 
the estimated duration of the agreement; 
(e) 
whether or not the debt management firm is authorised to hold 
client funds and make payments on behalf of the consumer to the 
consumer’s creditors;  
(f)


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client funds and make payments on behalf of the consumer to the 
consumer’s creditors;  
(f) 
any charges that will be payable if the consumer terminates the 
agreement and when, and in what circumstances, those charges 
will become payable; 
(g) 
if the debt management firm receives a fee, commission, or other 
reward or remuneration from any person in respect of customer 
referrals; 
(h) 
if the debt management firm receives a fee, commission, or other


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referrals; 
(h) 
if the debt management firm receives a fee, commission, or other 
reward or remuneration for the provision of information by the 
debt management firm to any person for identifying potential 
customers. 
(3) The agreement referred to in paragraph (1) shall include the following 
warning statement: 
“Warning: You may still have debt outstanding after completing the debt 
management process.” 
(4) The agreement referred to in paragraph (1) shall be provided to the


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management process.” 
(4) The agreement referred to in paragraph (1) shall be provided to the 
consumer on paper or on another durable medium. 
 
No recommendations, arrangements or assistance for payment of fees or 
charges by way of credit 
290. A debt management firm shall not –  
(a) 
recommend to a consumer a provider of credit, 
[81]  165 
 
(b) 
arrange for the provision of credit to a consumer, or 
(c) 
assist a consumer in entering into a credit agreement,


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(c) 
assist a consumer in entering into a credit agreement, 
for the purpose of the consumer paying fees or charges to the debt management 
firm for debt management services. 
 
Information to be provided where proposed payment of fees or charges by way 
of credit 
291. Where a consumer proposes to enter into a credit agreement with a 
provider of credit to pay fees or charges to a debt management firm for debt 
management services, the debt management firm shall inform the consumer that


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management services, the debt management firm shall inform the consumer that 
the credit provided will increase the amount of debt owed by the consumer. 
 
No payment of fees, commissions (etc.) for customer referrals or identification 
292. A debt management firm shall not pay a fee, commission, other reward 
or remuneration to any person in respect of customer referrals to the debt 
management firm or in respect of information identifying potential customers 
for the debt management firm.


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for the debt management firm.  
 
No prevention or obstruction of consumer from directly communicating with free 
services or creditors 
293. A debt management firm shall not prevent, seek to obstruct, or divert a 
consumer from communicating directly with – 
(a) 
providers of debt management services that are available free of 
charge, or 
(b) 
the consumer’s creditors. 
 
No standard financial statement to be provided to creditors without prior written 
consent


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No standard financial statement to be provided to creditors without prior written 
consent 
294. A debt management firm shall not provide a consumer’s standard 
financial statement to a creditor of that consumer unless the debt management 
firm has received the consumer’s prior written consent to do so. 
 
Standard financial statement to be used 
295. In the provision of debt management services, a debt management firm


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295. In the provision of debt management services, a debt management firm 
shall use a standard financial statement to obtain a consumer’s financial 
information required under Regulation 16(1) to (8). 
 
Certain specific matters to be assessed and recorded in assessing suitability 
296. (1) When providing debt management services to a consumer, a debt 
management firm shall, in addition to the requirements of Regulation 17(1) and 
166  [81]


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management firm shall, in addition to the requirements of Regulation 17(1) and 
166  [81] 
(2), also assess and record, on paper or on another durable medium, at a 
minimum: 
(a) 
whether the following options meet the consumer’s needs and 
objectives: 
(i) 
arrangements with creditors to apply reduced debt 
repayments for an interim period; 
(ii) 
arrangements with creditors to reschedule debt repayments, 
including reducing interest rates or extending debt 
repayments over a longer term;


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including reducing interest rates or extending debt 
repayments over a longer term; 
(iii) arrangements with creditors to restructure outstanding debt, 
including reducing or waiving the debt obligation;  
(iv) insolvency options; 
(b) 
whether the proposed course of action for the consumer is likely 
to be affordable and suitable for that consumer, taking into 
account the term of the arrangement and the consumer’s 
circumstances; 
(c)


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account the term of the arrangement and the consumer’s 
circumstances; 
(c) 
whether the course of action proposed by the debt management 
firm could impact on the consumer’s eligibility for, or ability to, 
pursue an insolvency option in the future. 
 
Debt management arrangement to be in best interests of consumer 
297. If, in the provision of debt management services, a debt management 
firm negotiates a debt management arrangement with a consumer’s creditors, it


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firm negotiates a debt management arrangement with a consumer’s creditors, it 
shall ensure that the arrangement is in the best interests of the consumer, taking 
into account both the short and long term interests of the consumer. 
 
Assessing suitability of transactions or series of transactions 
298. (1) Without prejudice to Regulations 17(1), 17(2) and 296, when 
assessing the suitability of a transaction or series of transactions for a consumer,


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assessing the suitability of a transaction or series of transactions for a consumer, 
a debt management firm shall determine that the transaction or series of 
transactions concerned is not suitable where the transaction or series of 
transactions is not aligned with the consumer’s attitude to risk, or financial 
situation, because of the frequency of such transactions or their amount.  
(2) Where a determination in accordance with paragraph (1) has been made


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(2) Where a determination in accordance with paragraph (1) has been made 
by the debt management firm, the debt management firm shall advise the 
consumer of that determination and shall advise the consumer not to proceed 
with the relevant transaction or series of transactions. 
 
Non–application of certain requirements in respect of negotiation without 
advice  
299. Regulations 296, Regulation 300 and Regulation 301 do not apply 
where a debt management firm –  
[81]  167 
 
(a)


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where a debt management firm –  
[81]  167 
 
(a) 
has been appointed by the consumer in accordance with the 
agreement referred to in Regulation 289 for the purpose only of 
negotiating with that consumer’s creditors for the discharge of 
their debts, and  
(b) 
does not provide the consumer with debt management services 
within the meaning of paragraph (a) of the definition of “debt 
management services” in section 28(1) of the Act of 1997, or any


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management services” in section 28(1) of the Act of 1997, or any 
similar activity to that activity as referred to in paragraph (c) of 
that definition except to the extent that this is solely in connection 
with the purpose referred to in paragraph (a). 
 
Statement of advice to be prepared following suitability assessment 
300. (1) When, following the assessment carried out in accordance with 
Regulation 296, a debt management firm has identified a proposed course of


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Regulation 296, a debt management firm has identified a proposed course of 
action for a consumer, it shall prepare a written statement of advice detailing the 
reasons for proposing the course of action to the consumer, including suitability 
and affordability for that consumer. 
(2) A debt management firm shall include the following notice at the 
beginning of the statement of advice: 
“Important Notice – Statement of Advice


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beginning of the statement of advice: 
“Important Notice – Statement of Advice 
This is an important document which sets out the reasons why the advice 
recommended is considered suitable, or the most suitable, for your particular 
needs, objectives and circumstances.” 
(3) The reasons set out in the statement of advice shall– 
(a) 
be based on information obtained in accordance with Regulation 
16(1) to (8) and Regulation 295, and 
(b)


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16(1) to (8) and Regulation 295, and 
(b) 
detail the options available to the consumer, including a 
description of how these options operate and of the actual, or 
potential, legal, contractual and practical consequences for the 
consumer of pursuing such options. 
(4) The description of consequences referred to in paragraph (3)(b) shall 
include, where relevant, the following: 
(a) 
that the consumer is responsible for making payments to 
creditors; 
(b)


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(a) 
that the consumer is responsible for making payments to 
creditors; 
(b) 
that the consumer is responsible for undertaking the actions 
proposed and whether a third party may be engaged to assist the 
consumer in any of those actions; 
(c) 
if, because of the nature of the proposed course of action, third 
party assistance is recommended by the debt management firm 
and the likely cost of that engagement if known to the debt 
management firm; 
(d)


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and the likely cost of that engagement if known to the debt 
management firm; 
(d) 
that a creditor is not obliged to accept reduced repayments or, 
temporarily or otherwise, waive interest or charges; 
168  [81] 
(e) 
that a creditor’s debt collection activities may continue even 
though a debt management firm has been engaged; 
(f) 
that if the consumer cancels payments to their creditors, they will 
be in breach of their agreement and their account will go into, or 
further into, arrears;


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be in breach of their agreement and their account will go into, or 
further into, arrears; 
(g) 
that reducing their debt repayments may mean it takes longer to 
pay off their creditors and they may pay more than if they made 
repayments over a shorter term; 
(h) 
that if the consumer is a property owner, they may be required to 
re–mortgage their property as part of any arrangement to 
discharge their debt obligations in whole or in part; 
(i)


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discharge their debt obligations in whole or in part; 
(i) 
that if the circumstances in subparagraph (h) apply, the 
consumer’s ability to re–mortgage may be restricted and a 
mortgage may only be offered at an interest rate higher than their 
existing mortgage interest rate; 
(j) 
that if the consumer is a property owner, failure to make the 
negotiated payments under the proposed course of action to 
creditors could result in the consumer losing their home.


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creditors could result in the consumer losing their home. 
(5) The statement of advice referred to in paragraph (1) shall include the 
following warning statement: 
“Warning: Undertaking the proposed course of action may affect your credit 
report, which may limit your ability to access credit in the future.” 
(6) 
(a) 
The statement of advice referred to in paragraph (1) shall detail 
the following: 
(i) 
the monetary amount of any cost savings that may be


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the following: 
(i) 
the monetary amount of any cost savings that may be 
achieved by the consumer when compared with the 
consumer’s existing expenditure as detailed in the 
information obtained in accordance with Regulation 16(1) 
to (8) and Regulation 295; 
(ii) 
if the proposed course of action will lead to an increase in 
the total cost of credit to the consumer under any credit 
agreement to which the consumer is a party; 
(iii) any additional fees or charges that may be incurred by the


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(iii) any additional fees or charges that may be incurred by the 
consumer in pursuing the proposed course of action, 
including those that will be charged by the debt 
management firm;  
(iv) any fee, commission or monetary benefit receivable by the 
debt management firm from a third party. 
(b) 
For the purposes of subparagraph (a)(i), a debt management firm 
shall not consider a reduction in debt repayments as constituting 
a cost saving where the total amount repayable in respect of that


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a cost saving where the total amount repayable in respect of that 
debt is increased or remains the same. 
(7) Where the debt management firm assesses that insolvency options are 
the most suitable course of action for the consumer, the debt management firm 
[81]  169 
 
shall inform the consumer of how the consumer can obtain further information 
in connection with considering those options. 
(8) A debt management firm shall provide a signed and dated statement of


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(8) A debt management firm shall provide a signed and dated statement of 
advice to the consumer on paper or on another durable medium. 
(9) When providing the statement of advice referred to in paragraph (1), the 
debt management firm shall also provide to the consumer, on paper or on another 
durable medium, details of the charges payable to the debt management firm as 
of the date of that statement. 
(10) A debt management firm shall ensure that the notice referred to in 
paragraph (2) is–


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(10) A debt management firm shall ensure that the notice referred to in 
paragraph (2) is– 
(a) 
presented in a prominent manner, 
(b) 
in a box, 
(c) 
in bold type, and 
(d) 
of a font size that is at least equal to the predominant font size 
used throughout the statement of advice.  
 
Oral explanation to be provided of next steps in relation to statement of advice 
301. When providing the statement of advice in accordance with Regulation


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301. When providing the statement of advice in accordance with Regulation 
300, or as soon as possible thereafter, a debt management firm shall provide the 
consumer with an oral explanation of – 
(a) 
 the steps that the consumer must take in order to undertake the 
proposed course of action, and 
(b) 
the matters referred to in Regulation 300(4)(b) and Regulation 
300(4)(c). 
 
Conditions to begin negotiations with creditors for discharge of debts


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300(4)(c). 
 
Conditions to begin negotiations with creditors for discharge of debts 
302. (1) Subject to paragraph (3), a debt management firm shall not 
undertake any action outlined in the statement of advice provided in accordance 
with Regulation 300 until after– 
(a) 
a period of 5 working days has elapsed following the provision of 
the statement of advice to the consumer, and  
(b) 
the debt management firm has received the consumer’s consent


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(b) 
the debt management firm has received the consumer’s consent 
to begin such actions and the terms upon which such actions will 
be conducted. 
(2) A debt management firm shall commence communicating with a 
consumer’s creditors in respect of negotiations within 3 working days following 
the date on which the conditions referred to in paragraph (1) are met.  
(3) Where Regulation 297 applies, the debt management firm shall 
commence communicating with the consumer’s creditors in respect of


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commence communicating with the consumer’s creditors in respect of 
negotiations within 3 working days of the consumer providing the debt 
management firm with the information required in accordance with Regulation 
16(1) to (8) and Regulation 295. 
170  [81] 
Notification to be provided of outcome of negotiations with each creditor 
303. (1) A debt management firm shall provide a separate notification to a 
consumer, on paper or on another durable medium, of the outcome of


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consumer, on paper or on another durable medium, of the outcome of 
negotiations with each creditor of the consumer for the discharge of that 
consumer’s debts within 3 working days of confirmation by that creditor to the 
debt management firm of the outcome. 
(2) Where in connection with negotiations with a creditor for the discharge 
of a consumer’s debt, a creditor has imposed a shorter timeframe for acceptance 
of a negotiated outcome than 3 working days, the notification referred to in


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of a negotiated outcome than 3 working days, the notification referred to in 
paragraph (1) shall be provided as soon as reasonably practicable before the 
expiry of that timeframe. 
(3) The notification referred to in paragraph (1) shall– 
(a) 
where relevant, highlight any variations from the proposed course 
of action outlined in Regulation 300,  
(b) 
detail the reasons that the negotiated outcome is considered by the 
debt management firm to be suitable and affordable for that


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debt management firm to be suitable and affordable for that 
consumer, and 
(c) 
include details of the following: 
(i) 
the steps that the consumer must take in order to comply 
with the terms negotiated with a creditor and the timeline 
imposed by the creditor for complying with these steps; 
(ii) 
the circumstances in which the consumer can withdraw 
from the arrangements proposed under the negotiated 
outcome and the steps required to withdraw from those 
arrangements;


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outcome and the steps required to withdraw from those 
arrangements; 
(iii) any charges which may become payable by the consumer 
if, following acceptance of those arrangements, the 
consumer withdraws from those arrangements; 
(iv) any penalties that may be applied by the creditor if the 
consumer fails to meet the terms of the arrangements 
proposed under the negotiated outcome.  
(4) A debt management firm shall notify a consumer of the details of any


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(4) A debt management firm shall notify a consumer of the details of any 
creditor of the consumer that has declined to engage with the debt management 
firm within 3 working days of the creditor so declining. 
 
No agreement to negotiated outcome for discharge of debts without prior written 
agreement of consumer 
304. (1) A debt management firm shall not communicate to a creditor of a 
consumer that the consumer agrees to the outcome negotiated with that creditor


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consumer that the consumer agrees to the outcome negotiated with that creditor 
for the discharge of that consumer’s debts without the prior written agreement 
of the consumer. 
(2) A debt management firm shall keep a copy of the agreement referred to 
in paragraph (1). 
[81]  171 
 
Regular updates on status of negotiations to be provided 
305. (1) While a debt management firm is engaged in ongoing negotiations 
with a consumer’s creditors for the discharge of that consumer’s debts, it shall


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with a consumer’s creditors for the discharge of that consumer’s debts, it shall 
provide details on paper or on another durable medium to the consumer, at least 
every 30 calendar days, on the status of the negotiations.  
(2) The details referred to in paragraph (1) shall be provided until the 
provision of services in relation to negotiating with the consumer’s creditors has 
concluded. 
 
Statement of activities and fees to be provided where services provided over 
more than 6 months


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Statement of activities and fees to be provided where services provided over 
more than 6 months 
306. (1) Where a debt management firm provides debt management 
services to a consumer over a period longer than 6 months, it shall provide a 
statement to the consumer at least every 6 months, on paper or on another durable 
medium.   
(2) The statement provided in accordance with paragraph (1) shall include 
the following in respect of the period to which that statement relates, where


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the following in respect of the period to which that statement relates, where 
relevant: 
(a) 
details of the services provided and actions completed by the debt 
management firm;  
(b) 
fees charged by the debt management firm in accordance with the 
agreement between the consumer and the debt management firm 
required pursuant to Regulation 289. 
 
Part 4 
INSURANCE 
Chapter 1 
Preliminary 
 
Interpretation (Part 4) 
307. In this Part –


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Part 4 
INSURANCE 
Chapter 1 
Preliminary 
 
Interpretation (Part 4) 
307. In this Part –  
“Act of 2019” means the Consumer Insurance Contracts Act 2019 (No. 53 of 
2019); 
“method of direct settlement” means a method of settlement whereby an 
insurance undertaking provides or arranges for a repair, replacement or 
reinstatement of property rather than paying a monetary sum in settlement of a 
claim;   
 “Personal Injuries Resolution Board” means the Personal Injuries Resolution


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claim;   
 “Personal Injuries Resolution Board” means the Personal Injuries Resolution 
Board established under the Personal Injuries Resolution Board Acts 2003 to 
2022, or any successor thereto.  
 
172  [81] 
Chapter 2 
Additional business requirements 
 
Receipt to be provided – insurance intermediaries 
308. Where an insurance intermediary provides a receipt to a consumer in 
accordance with Regulation 122, the receipt shall, in addition to the information


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accordance with Regulation 122, the receipt shall, in addition to the information 
specified in Regulation 122(2), state that the acceptance by the insurance 
intermediary of a completed insurance proposal does not itself constitute the 
effecting of a policy of insurance, where relevant. 
 
Chapter 3 
Premium Handling 
 
Non–application of chapter 
309. (1) This Chapter does not apply to an insurance intermediary where – 
(a) 
the State is not the insurance intermediary’s home Member State,


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(a) 
the State is not the insurance intermediary’s home Member State, 
and 
(b) 
responsibility for the requirements referred to in this Chapter is 
reserved to the insurance intermediary’s home Member State 
competent authority in accordance with Directive (EU) 2016/97 
of the European Parliament and of the Council of 20 January 
201612. 
(2) In this Regulation, “home Member State” has the meaning given to it in 
Regulation 2 of the Insurance Distribution Regulations.


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Regulation 2 of the Insurance Distribution Regulations. 
 
Client premium account 
310. (1) An insurance intermediary shall lodge funds received in respect of 
a premium or a premium rebate to a segregated bank account.  
(2) An insurance intermediary shall ensure that an account opened and 
operated in accordance with paragraph (1) is designated “Client Premium 
Account”. 
(3) An insurance intermediary shall operate separate client premium


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Account”. 
(3) An insurance intermediary shall operate separate client premium 
accounts for life insurance business and non–life insurance business. 
(4) An insurance intermediary shall ensure that all payments from a client 
premium account operated by the insurance intermediary clearly state that the 
payment emanated from a client premium account. 
(5) An insurance intermediary shall ensure that a client premium account 
operated by the insurance intermediary is not overdrawn.


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operated by the insurance intermediary is not overdrawn. 
 
 
12 OJ L 26, 2.2.2016, p. 19 
[81]  173 
 
Permitted payments into and out of client premium account 
311. (1) An insurance intermediary shall ensure that only the following are 
paid into a client premium account maintained in accordance with Regulation 
310: 
(a) 
funds received from a consumer in respect of the renewal of an 
insurance policy, which has been invited by an insurance


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insurance policy, which has been invited by an insurance 
undertaking, or a proposal for insurance accepted by an insurance 
undertaking; 
(b) 
funds received from a regulated entity representing a premium 
rebate intended for transmission to a consumer; 
(c) 
a transfer from another client premium account operated by the 
insurance intermediary for the same form of insurance; 
(d) 
a transfer from an office account of the insurance intermediary to


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(d) 
a transfer from an office account of the insurance intermediary to 
allow an amount to be maintained in the client premium account 
to cover the costs of the account, and any such transfers shall be 
clearly identifiable in terms of their source and purpose; 
(e) 
proceeds received from a regulated entity in respect of the 
settlement of a claim intended for transmission to the claimant; 
(f) 
any interest accruing on the funds in the account;  
(g)


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(f) 
any interest accruing on the funds in the account;  
(g) 
a mixed remittance consisting of premium and non–premium 
funds in accordance with paragraph (3)(a). 
(2) An insurance intermediary shall ensure that only the following are paid 
out of a client premium account maintained in accordance with Regulation 310: 
(a) 
funds paid to a regulated entity for renewal of an insurance policy, 
which has been accepted by an insurance undertaking, or a


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which has been accepted by an insurance undertaking, or a 
proposal, accepted by an insurance undertaking; 
(b) 
funds paid to a consumer or, where there is an agreement in place 
between the insurance intermediary and another insurance 
intermediary as referred to in Regulation 350, funds transferred 
to that other insurance intermediary for payment to a consumer, 
and which in either case represents a rebate of a premium received 
from an insurance undertaking; 
(c)


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from an insurance undertaking; 
(c) 
commissions and fees paid to the insurance intermediary where 
there is documentary evidence that these funds are properly due 
to the insurance intermediary; 
(d) 
a transfer to another client premium account operated by the 
insurance intermediary for the same form of insurance; 
(e) 
a payment of a settlement amount in satisfaction of a claim to a 
consumer; 
(f) 
any interest payable on the funds in the account; 
(g)


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consumer; 
(f) 
any interest payable on the funds in the account; 
(g) 
the portion of a mixed remittance that consists of non–premium 
funds in accordance with paragraph (3)(b);  
174  [81] 
(h) 
a payment in respect of a charitable donation in accordance with 
Regulation 349;  
(i) 
bank charges, where these are paid out of the amount 
referred to in paragraph (1)(d). 
(3) Where an insurance intermediary receives a mixed remittance consisting


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(3) Where an insurance intermediary receives a mixed remittance consisting 
of premium and non–premium funds, the insurance intermediary shall ensure 
that– 
(a) 
the total amount of the mixed remittance is first lodged to the 
appropriate client premium account, and 
(b) 
the portion of that mixed remittance that consists of non–premium 
funds is transferred to or to the order of the consumer without 
delay. 
 
Client premium account – reconciliation


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delay. 
 
Client premium account – reconciliation 
312. An insurance intermediary shall undertake a detailed reconciliation to 
establish the balance on each client premium account it operates on a monthly 
basis and, in so doing, ensure that funds in the account correspond to amounts 
due to regulated entities. 
 
Chapter 4 
Differential pricing 
 
Interpretation (Chapter 4) 
313. In this Chapter –  
“close matched product” means a home insurance product or motor insurance


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313. In this Chapter –  
“close matched product” means a home insurance product or motor insurance 
product which provides a consumer with core cover and benefits which are 
broadly equivalent to the core cover and benefits enjoyed by the consumer under 
their existing home insurance or motor insurance policy; 
“closed book” means an individual home insurance product or motor insurance 
product in respect of which its policies are not available for renewal by way of 
first renewal;


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product in respect of which its policies are not available for renewal by way of 
first renewal; 
“equivalent first renewal price” means the price an insurance undertaking or 
insurance intermediary would offer to a consumer upon the first renewal of a 
particular home insurance policy or motor insurance policy; 
“first renewal ” means any renewal of a home insurance policy or a motor 
insurance policy by a consumer which is a first renewal of such home insurance


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insurance policy by a consumer which is a first renewal of such home insurance 
policy or motor insurance policy; 
“first renewal price” means the price an insurance undertaking or insurance 
intermediary offers to a consumer upon the first renewal of a home insurance 
policy or motor insurance policy; 
[81]  175 
 
“related additional financial service” means a financial service related to a home 
insurance policy or a motor insurance policy sold to a consumer at the same time


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insurance policy or a motor insurance policy sold to a consumer at the same time 
as the insurance policy; 
“subsequent renewal” means any renewal of a home insurance policy or a motor 
insurance policy by a consumer subsequent to the first renewal of the home 
insurance policy or motor insurance policy; 
“subsequent renewal price” means the price offered by an insurance undertaking 
or insurance intermediary to a consumer to renew a home insurance policy or


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or insurance intermediary to a consumer to renew a home insurance policy or 
motor insurance policy on any renewal subsequent to the first renewal of the 
insurance policy, including where more than one policy is sold together as part 
of a package; 
“tenure” means the number of years a consumer has held their insurance policy, 
including any renewal of the insurance policy. 
 
Scope and application (Chapter 4) 
314. This Chapter applies to insurance undertakings and insurance


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314. This Chapter applies to insurance undertakings and insurance 
intermediaries in relation to the following activities: 
(a) 
setting the subsequent renewal price;  
(b) 
setting the price for any related additional financial service sold 
to the consumer at the subsequent renewal of a home insurance 
policy or motor insurance policy. 
 
Setting subsequent renewal prices 
315. (1) An insurance undertaking or insurance intermediary shall not set a


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315. (1) An insurance undertaking or insurance intermediary shall not set a 
subsequent renewal price that is higher than the equivalent first renewal price. 
(2) Subject to paragraph (3) and Regulation 316, in determining the 
equivalent first renewal price, an insurance undertaking or insurance 
intermediary shall apply the following assumptions: 
(a) 
that the consumer has used the same channel that the consumer 
most recently used for the purposes of renewing their insurance 
policy;  
(b)


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most recently used for the purposes of renewing their insurance 
policy;  
(b) 
that the consumer has selected the same payment method as they 
currently use to pay for the insurance policy. 
(3) Where an insurance undertaking or insurance intermediary no longer 
accepts renewals through the channel that the consumer most recently used to 
renew the insurance policy, the insurance undertaking or insurance intermediary 
shall assume that the consumer used the channel most commonly used by


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shall assume that the consumer used the channel most commonly used by 
consumers of the regulated entity. 
 
 
 
176  [81] 
Closed books 
316. (1) Where a consumer’s insurance policy is in a closed book, the 
insurance undertaking or insurance intermediary shall determine the consumer’s 
equivalent first renewal price in accordance with this Regulation. 
(2) The insurance undertaking or insurance intermediary shall identify from


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(2) The insurance undertaking or insurance intermediary shall identify from 
the home insurance and motor insurance products that it currently actively 
markets or distributes, whether it has one or more home insurance or motor 
insurance product that is a close matched product. 
(3) Where the insurance undertaking or insurance intermediary no longer 
actively markets or distributes any home insurance or motor insurance product


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actively markets or distributes any home insurance or motor insurance product 
which is a close matched product but it is part of a group which does actively 
market or distribute home insurance or motor insurance products, the insurance 
undertaking or insurance intermediary shall, where possible, identify a close 
matched product from those products actively marketed or distributed by the 
insurance undertaking’s or insurance intermediary’s group.


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insurance undertaking’s or insurance intermediary’s group. 
(4) Where there is more than one product which is a close matched product, 
the insurance undertaking or insurance intermediary shall either– 
(a) 
select the close matched product which is the most similar to the 
consumer’s existing insurance policy, or 
(b) 
where it is not possible to identify the most similar close matched 
product, select the close matched product which will lead to the


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product, select the close matched product which will lead to the 
most favourable pricing outcome for consumers who hold an 
insurance policy in the closed book. 
(5) 
(a) 
Where a close matched product is identified or selected, the 
equivalent first renewal price for a consumer in the relevant book 
shall be the equivalent first renewal price the insurance 
undertaking or insurance intermediary would offer for the close 
matched product, subject to any permitted adjustments set out in


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matched product, subject to any permitted adjustments set out in 
subparagraph (b) and, where appropriate, the assumptions set out 
at Regulations 315(2) and 315(3).  
(b) 
The permitted adjustments are those which fairly and 
proportionately reflect the difference in costs for the insurance 
undertaking or insurance intermediary arising from differences 
between the cost to serve or cover or benefits (including any 
compulsory excess) provided by the insurance policies in the


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compulsory excess) provided by the insurance policies in the 
closed book and the close matched product. 
(6) Where an insurance undertaking or insurance intermediary is unable to 
generate an equivalent first renewal price or identify a product which is a close 
matched product because an insurance policy – 
(a) 
is not part of an insurance undertaking’s or insurance 
intermediary’s or its group’s standard insurance policy offering,  
(b)


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intermediary’s or its group’s standard insurance policy offering,  
(b) 
falls outside the insurance undertaking’s or insurance 
intermediary’s or its group’s underwriting policies, or 
(c) 
although part of its group’s standard policy offering, is not an 
insurance policy in respect of which the insurance undertaking’s 
[81]  177 
 
or the insurance intermediary’s group may share the relevant 
pricing information,  
the insurance undertaking or insurance intermediary shall set the subsequent


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the insurance undertaking or insurance intermediary shall set the subsequent 
renewal price in accordance with Regulation 321. 
 
Insurance intermediaries’ involvement in setting price 
317. An insurance intermediary that is involved in the setting of any portion 
of the subsequent renewal price of an insurance policy shall ensure that the 
portion the insurance intermediary sets or its contribution to that portion is set at 
a level that is no higher than it would be set for a first renewal.


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a level that is no higher than it would be set for a first renewal. 
 
Responsibility of insurance undertaking or insurance intermediary where more 
than one insurance undertaking or insurance intermediary is involved in setting 
the subsequent renewal price 
318. Where more than one insurance undertaking or insurance intermediary 
is jointly responsible for setting the subsequent renewal price, each insurance 
undertaking or insurance intermediary shall take reasonable steps to assure itself


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undertaking or insurance intermediary shall take reasonable steps to assure itself 
that the subsequent renewal price is set in accordance with Regulations 314 to 
321. 
 
Related additional financial services 
319. Subject to Regulation 320, an insurance undertaking or insurance 
intermediary that has responsibility for setting the price of a related additional 
financial service that is available to a consumer in connection with a home


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financial service that is available to a consumer in connection with a home 
insurance policy or motor insurance policy shall ensure that the price of the 
related additional financial service at the subsequent renewal of the home 
insurance policy or motor insurance policy is no higher than the price at which 
the related additional financial service would be offered to the consumer at first 
renewal. 
 
Related additional financial services where financial service no longer available


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renewal. 
 
Related additional financial services where financial service no longer available 
at first renewal 
320. Where an insurance undertaking or insurance intermediary no longer 
offers to consumers at first renewal a related additional financial service which 
is available to a consumer in connection with the subsequent renewal of a home 
insurance policy or motor insurance policy, the price for that related additional 
financial service shall be set as follows: 
(a)


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financial service shall be set as follows: 
(a) 
where the related additional financial service is an insurance 
policy, the insurance undertaking or insurance intermediary shall, 
subject to any necessary modifications: 
(i) 
apply the requirements in respect of closed books in 
accordance with Regulation 316; or 
178  [81] 
(ii) 
if the related additional financial service has no close 
matched product, apply Regulation 321; 
(b)


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matched product, apply Regulation 321; 
(b) 
where the related additional financial service is not an insurance 
policy, the insurance undertaking or insurance intermediary shall 
apply Regulation 321. 
 
Firms’ assurance over consumer outcomes 
321. (1) An insurance undertaking or insurance intermediary shall ensure 
that it does not systematically discriminate against consumers based on their 
tenure, when determining any of the following: 
(a) 
an equivalent first renewal price; 
(b)


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tenure, when determining any of the following: 
(a) 
an equivalent first renewal price; 
(b) 
the subsequent renewal price for consumers in closed books 
where an insurance undertaking or insurance intermediary is 
unable to identify a close matched product;  
(c) 
the price for any related additional financial service sold to the 
consumer at subsequent renewal of an insurance policy;  
(d) 
any other matter provided for under Regulations 314 to 321.


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(d) 
any other matter provided for under Regulations 314 to 321. 
(2) An insurance undertaking or insurance intermediary shall ensure that the 
equivalent first renewal price does not systematically exceed the first renewal 
price for consumers. 
 
Annual review and record keeping 
322. (1) An insurance undertaking or insurance intermediary shall carry 
out, within 2 months of each year end, an annual review of its home insurance


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out, within 2 months of each year end, an annual review of its home insurance 
and motor insurance pricing policies and processes in order to assess the 
following – 
(a) 
whether the insurance undertaking or insurance intermediary 
complies with the obligation, set out at Regulation 321, that the 
insurance undertaking or insurance intermediary shall not 
systematically discriminate against consumers based on tenure; 
(b) 
whether the equivalent first renewal price for consumers of longer


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(b) 
whether the equivalent first renewal price for consumers of longer 
tenure systematically exceeds the first renewal price for 
consumers; 
(c) 
whether adequate controls are in place, including controls to 
ensure that any pricing models used do not– 
(i) 
generate prices which are systematically higher the longer 
a consumer’s tenure, or 
(ii) 
impair 
the 
insurance 
undertaking’s 
or 
insurance 
intermediary’s obligation to comply with Regulations


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the 
insurance 
undertaking’s 
or 
insurance 
intermediary’s obligation to comply with Regulations 
4(1)(a), (b) and (d) of the Central Bank Reform Act 2010 
(Section 17A) (Standards for Business) Regulations 2025. 
[81]  179 
 
(2) An insurance undertaking or insurance intermediary shall, following the 
annual review referred to in paragraph (1), rectify any deficiencies identified in 
its pricing policies and processes.


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its pricing policies and processes. 
(3) An insurance undertaking or insurance intermediary shall retain written 
records of the annual review referred to in paragraph (1), including the action 
taken to rectify any deficiencies found.  
(4) Prior to implementing a material decision in relation to the insurance 
undertaking’s or insurance intermediary’s compliance with Regulations 314 to 
321, an insurance undertaking or insurance intermediary shall keep a record in


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321, an insurance undertaking or insurance intermediary shall keep a record in 
writing of its consideration of the extent to which that decision is consistent with 
Regulations 314 to 321. 
 
Chapter 5 
Automatic renewals 
 
Scope and application (Chapter 5) 
323. This Chapter applies to insurance undertakings and insurance 
intermediaries in respect of policies of non–life insurance. 
 
Automatic renewals – cancellations 
324. An insurance undertaking or insurance intermediary shall allow a


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324. An insurance undertaking or insurance intermediary shall allow a 
consumer to exercise the right to cancel the automatic renewal of an insurance 
policy – 
(a) 
at any time during the duration of the insurance policy, and  
(b) 
free of charge. 
 
Automatic renewals – notifications in respect of policies with a duration of 10 
months or more 
325. (1) Where an insurance undertaking or an insurance intermediary 
proposes to automatically renew a consumer’s insurance policy, with a duration


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proposes to automatically renew a consumer’s insurance policy, with a duration 
of 10 months or more, the insurance undertaking or insurance intermediary shall 
provide a notification on paper or on another durable medium to the consumer 
at least 20 working days prior to the renewal date of the insurance policy which 
shall include the following: 
(a) 
a statement that the insurance policy will renew automatically if 
the consumer does not cancel the automatic renewal before a


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the consumer does not cancel the automatic renewal before a 
specified date;  
(b) 
details on how the consumer can stop the automatic renewal of 
the insurance policy if the consumer does not wish to 
automatically renew, including – 
(i) 
the existence of the right to cancel the automatic renewal of 
the insurance policy,  
180  [81] 
(ii) 
the conditions for exercising the right to cancel the 
automatic renewal of the insurance policy,


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the conditions for exercising the right to cancel the 
automatic renewal of the insurance policy,  
(iii) the consequences of exercising the right to cancel the 
automatic renewal of the insurance policy, and 
(iv) the practical steps required for exercising the right to cancel 
the automatic renewal of the insurance policy, including, at 
a minimum, the options available for cancelling the 
automatic renewal of the insurance policy; 
(c) 
except where Section 14(6) of the Act of 2019 applies,


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(c) 
except where Section 14(6) of the Act of 2019 applies, 
confirmation of any changes to the terms of the insurance policy 
upon renewal; 
(d) 
details of any fee payable specifically in respect of the automatic 
renewal of the insurance policy and the services provided for such 
fee;  
(e) 
the website address of the relevant section of the Competition and 
Consumer Protection Commission’s website and, where relevant, 
the Health Insurance Authority’s website relating to getting


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the Health Insurance Authority’s website relating to getting 
insurance quotes;  
(f) 
a statement that the consumer should keep their insurance 
arrangements under review as there may be other alternatives in 
the market that could provide savings for the consumer for similar 
cover. 
(2) Where an automatic renewal arrangement of a consumer’s insurance 
policy, with a duration of 10 months or more, is in place and the insurance


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policy, with a duration of 10 months or more, is in place and the insurance 
undertaking or insurance intermediary does not propose to renew such insurance 
policy, the insurance undertaking or insurance intermediary shall provide a 
notification on paper or on another durable medium to the consumer at least 20 
working days prior to the renewal date that the insurance undertaking or 
insurance intermediary does not wish to invite a renewal.


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insurance intermediary does not wish to invite a renewal. 
(3) Paragraph (2) does not apply where Regulation 5(1)(b) of the Non–Life 
Insurance (Provision of Information) Regulations 2007 applies. 
 
Automatic renewals – notifications in respect of policies with a duration of less 
than 10 months 
326. (1) Where an insurance undertaking or an insurance intermediary 
proposes to automatically renew a consumer’s insurance policy, with a duration


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proposes to automatically renew a consumer’s insurance policy, with a duration 
of less than 10 months, the insurance undertaking or insurance intermediary shall 
provide a notification on paper or on another durable medium to the consumer, 
at least once a year from the date of entry into of the insurance policy for so long 
as the insurance policy continues to be renewed, which shall include the 
following: 
(a) 
a statement that the insurance policy renews automatically


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following: 
(a) 
a statement that the insurance policy renews automatically 
including the frequency of the automatic renewal and any end 
date of such automatic renewal;  
[81]  181 
 
(b) 
details on how the consumer can stop the automatic renewal of 
the insurance policy if the consumer does not wish to 
automatically renew, including – 
(i) 
the existence of the right to cancel the automatic renewal of 
the insurance policy,  
(ii) 
the conditions for exercising the right to cancel the


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the insurance policy,  
(ii) 
the conditions for exercising the right to cancel the 
automatic renewal of the insurance policy,  
(iii) the consequences of exercising the right to cancel the 
automatic renewal of the insurance policy, and 
(iv) the practical steps required for exercising the right to cancel 
the automatic renewal of the insurance policy, including, at 
a minimum, the options available for cancelling the 
automatic renewal of the insurance policy;  
(c)


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automatic renewal of the insurance policy;  
(c) 
details of any fee payable specifically in respect of the automatic 
renewal of the insurance policy and the services provided for such 
fee;  
(d) 
the website address of the relevant section of the Competition and 
Consumer Protection Commission’s website and, where relevant, 
the Health Insurance Authority’s website relating to getting 
insurance quotes;  
(e) 
a statement that the consumer should keep their insurance


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insurance quotes;  
(e) 
a statement that the consumer should keep their insurance 
arrangements under review as there may be other alternatives in 
the market that could provide savings for the consumer for similar 
cover. 
(2) Where an automatic renewal arrangement of a consumer’s insurance 
policy, with a duration of less than 10 months, is in place and the insurance 
undertaking or insurance intermediary does not propose to renew such insurance


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undertaking or insurance intermediary does not propose to renew such insurance 
policy, the insurance undertaking or insurance intermediary shall provide a 
notification on paper or on another durable medium to the consumer prior to the 
renewal date that the insurance undertaking or insurance intermediary does not 
wish to invite a renewal. 
(3) Paragraph (2) does not apply where Regulation 5(1)(b) of the Non–Life 
Insurance (Provision of Information) Regulations 2007 applies.


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Insurance (Provision of Information) Regulations 2007 applies. 
 
Automatic renewal of pet insurance, travel insurance, gadget insurance or 
dental insurance 
327. (1) An insurance undertaking or insurance intermediary shall not 
automatically renew a policy of pet insurance, travel insurance, gadget insurance 
or dental insurance with a consumer unless the consumer has, prior to the entry 
into of the insurance policy which is being renewed, provided their consent to 
such automatic renewal.


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such automatic renewal. 
(2) Paragraph (1) shall apply only in relation to an insurance policy which is 
first entered into after the commencement of these Regulations (and to the 
renewal of such a policy after the commencement of these Regulations).    
182  [81] 
(3) In this Regulation – 
“dental insurance” means insurance the sole purpose of which is to provide for 
the making of payments by an insurance undertaking for the reimbursement or


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the making of payments by an insurance undertaking for the reimbursement or 
discharge, in whole or in part, of fees or charges in respect of dental expenses or 
services and related ancillary benefits; 
“gadget insurance” means insurance which provides cover against the risk of 
breakdown, theft, loss, or damage, solely in respect of one or more personal 
electronic devices.  
 
Chapter 6 
Information about insurance products specifically


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electronic devices.  
 
Chapter 6 
Information about insurance products specifically 
 
Information to be provided in insurance quotation – general 
328. (1) An insurance undertaking or insurance intermediary shall provide 
the following information in any insurance quotation:  
(a) 
the monetary amount of the quotation; 
(b) 
the period of time for which the quotation is valid;  
(c) 
the registered legal name of the proposed underwriter of the 
insurance policy.


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(c) 
the registered legal name of the proposed underwriter of the 
insurance policy. 
(2) In this Regulation and in Regulations 329 to 330, the term “insurance 
quotation” shall be understood to include a renewal notification containing an 
insurance quotation. 
 
Information to be provided in insurance quotation – warranties and 
endorsements 
329. (1) An insurance undertaking or insurance intermediary shall set out


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endorsements 
329. (1) An insurance undertaking or insurance intermediary shall set out 
clearly any warranties or endorsements that apply to an insurance policy in an 
insurance quotation provided to a consumer.  
(2) If the insurance quotation is provided on paper or on another durable 
medium, the information referred to in paragraph (1) shall not be in a smaller 
font size than is used for other information appearing in the document.


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font size than is used for other information appearing in the document. 
 
Information to be provided in insurance quotation – discounts or loadings 
330. An insurance undertaking or insurance intermediary shall set out clearly 
in an insurance quotation – 
(a) 
any discount or loading that has been applied in generating the 
insurance quotation for a consumer, including the monetary value 
and percentage of any discount or loading that has been so 
applied, and 
(b)


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and percentage of any discount or loading that has been so 
applied, and 
(b) 
the premium that would apply in the absence of any such discount 
or loading.   
[81]  183 
 
 
Policy documentation to state name of underwriter 
331. An insurance undertaking or insurance intermediary shall state the 
registered legal name of the underwriter of the insurance policy on all policy 
documentation issued to a consumer. 
 
Information to be provided about disclosure obligations


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documentation issued to a consumer. 
 
Information to be provided about disclosure obligations 
332. (1) Where a consumer is applying for an insurance policy, an insurance 
undertaking or insurance intermediary shall notify the consumer, on paper or on 
another durable medium, of the possible consequences for the consumer of 
failing to comply with the duty of disclosure applicable to that consumer. 
(2) The notification referred to in paragraph (1) shall include the following


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(2) The notification referred to in paragraph (1) shall include the following 
consequences, as applicable: 
(a) 
that a policy may be cancelled; 
(b) 
that claims may not be paid; 
(c) 
that the consumer may encounter difficulty in trying to purchase 
insurance elsewhere; 
(d) 
in the case of property insurance, that the failure to have property 
insurance in place, including by way of cancellation, could lead 
to a breach of the terms and conditions attaching to any loan


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to a breach of the terms and conditions attaching to any loan 
secured on that property. 
 
Information to be provided about permanent health insurance 
333. (1) Prior to a consumer completing a proposal form for a permanent 
health insurance policy, an insurance undertaking or insurance intermediary 
shall explain the following to a consumer:  
(a) 
the meaning of disability as defined in the policy;  
(b) 
any benefit available under the policy;  
(c)


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(b) 
any benefit available under the policy;  
(c) 
the exclusions that apply to the policy;  
(d) 
any reduction applied to any available benefit if the consumer 
receives a disability payment from another source. 
(2) In this Regulation, “permanent health insurance policy” means a policy 
of insurance of class 4 as set out in Schedule 2 to the Insurance and Reinsurance 
Regulations, or class IV as set out in Annex I to the European Communities (Life 
Assurance) Framework Regulations 1994.


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Assurance) Framework Regulations 1994. 
 
Information to be provided about serious or critical illness insurance 
334. Prior to a consumer completing a proposal form for a serious or critical 
illness policy, an insurance undertaking or insurance intermediary shall explain 
to the consumer any restriction, condition or exclusion applicable to the policy. 
 
184  [81] 
Information to be provided about property or motor insurance


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184  [81] 
Information to be provided about property or motor insurance 
335. Prior to offering a property or motor insurance policy to a consumer, an 
insurance undertaking or insurance intermediary shall explain to the consumer 
that the insurance undertaking may, where relevant, appoint its own expert to 
undertake restitution work on a property or motor vehicle.  
 
Refusal to quote for motor or property insurance 
336. (1) An insurance undertaking that refuses to quote a consumer for


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336. (1) An insurance undertaking that refuses to quote a consumer for 
motor insurance shall do the following within 5 working days of the date of its 
decision to refuse: 
(a) 
inform the consumer of its decision to refuse; 
(b) 
provide the consumer with the reasons for refusing cover; 
(c) 
notify the consumer of their right to refer the matter to the 
Declined Cases Committee and provide details of the process for 
such a referral; 
(d)


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Declined Cases Committee and provide details of the process for 
such a referral; 
(d) 
inform the consumer that they may request that the information 
in subparagraphs (a) to (c) be provided to them on paper or on 
another durable medium.  
(2) An insurance undertaking that refuses to quote a consumer for property 
insurance shall do the following within 5 working days of the date of its decision 
to refuse: 
(a) 
inform the consumer of its decision to refuse; 
(b)


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to refuse: 
(a) 
inform the consumer of its decision to refuse; 
(b) 
provide the consumer with the reasons for refusing cover; 
(c) 
notify the consumer that failure to insure a property may result in 
a breach of terms and conditions of any loan agreement which has 
been secured on that property;  
(d) 
inform the consumer that they may request that the information 
in subparagraphs (a) to (c) be provided to them on paper or on 
another durable medium.


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in subparagraphs (a) to (c) be provided to them on paper or on 
another durable medium.  
(3) Where a consumer makes a request in accordance with paragraph (1)(d) 
or 2(d), an insurance undertaking shall provide this information on paper or on 
another durable medium within 5 working days of the request. 
 
Information to be provided where premium may be subject to review 
337. (1) Prior to offering, recommending, arranging or providing an


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337. (1) Prior to offering, recommending, arranging or providing an 
insurance policy where the premium payable by the consumer may be subject to 
review by the insurance undertaking during the term of the policy, an insurance 
undertaking or insurance intermediary shall – 
(a) 
explain clearly to the consumer the risk that the premium may 
increase, and 
(b) 
provide the consumer with details of the time period for which 
the initial premium is fixed.  
[81]  185


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the initial premium is fixed.  
[81]  185 
 
(2) An insurance undertaking shall include a warning statement in the 
following format on the application form for an insurance policy of the kind 
referred to in paragraph (1), inserting the appropriate information in place of the 
instruction in square brackets for that purpose: 
“Warning: The Premium [insert ‘may’ or ‘will’ as appropriate] increase after 
[insert period of time for which the premium is fixed].”


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[insert period of time for which the premium is fixed].” 
(3) This Regulation does not apply where the premium payable by a 
consumer may be subject to review as a result of an amendment to the policy 
requested by the consumer. 
 
Insurance quotation – explanation of difference in cost between payment of 
premium by lump sum or by instalment 
338. (1) When providing an insurance quotation to a consumer, an 
insurance undertaking or insurance intermediary shall explain any difference in


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insurance undertaking or insurance intermediary shall explain any difference in 
cost between paying the premium by way of a lump sum or in instalments. 
(2) The explanation referred to in paragraph (1) shall detail the monetary 
value of any difference arising between the 2 options. 
(3) In this Regulation, the term “insurance quotation” shall be understood to 
include a renewal notification containing an insurance quotation.


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include a renewal notification containing an insurance quotation. 
 
Consent to be obtained for follow up telephone communication in respect of an 
insurance quotation provided on a digital platform 
339. (1) Notwithstanding Regulations 109 and 110, where a consumer 
requests an insurance quotation from an insurance undertaking or insurance 
intermediary on a digital platform or via a website, the insurance undertaking or


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intermediary on a digital platform or via a website, the insurance undertaking or 
insurance intermediary shall not make follow up oral communication by means 
of telephone call for the purposes of discussing the insurance quotation unless 
the consumer has provided his or her consent to it doing so. 
(2) Paragraph (1) is subject to the further condition that the making of the 
follow up telephone call is not prohibited under any other applicable law. 
 
 
186  [81] 
Chapter 7


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186  [81] 
Chapter 7 
Knowing the consumer and suitability – insurance specific provisions 
 
Statement of suitability where immediate cover required 
340. In the case of an insurance policy where immediate cover is required by 
a consumer, the statement of suitability referred to in Regulation 18(1) may be 
issued to the consumer prior to, or within 5 working days of, the insurance policy 
being entered into. 
 
Statement of suitability in the case of travel, motor or home insurance


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being entered into. 
 
Statement of suitability in the case of travel, motor or home insurance 
341. In the case of a policy of travel, motor or home insurance provided to a 
personal consumer, the statement of suitability referred to in Regulation 18(1) 
may be in a common format. 
 
Chapter 8 
Post–sale information requirements – information about insurance products 
 
Issuance of insurance policy 
342. (1) An insurance undertaking shall issue an insurance policy, within 5


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342. (1) An insurance undertaking shall issue an insurance policy, within 5 
working days of the insurance policy being entered into, to any consumer to 
whom it has sold its insurance policy directly or to any insurance intermediary 
that has sold its insurance policy.  
(2) On receipt of the insurance policy issued in accordance with paragraph 
(1), an insurance intermediary shall provide the insurance policy to the consumer 
that purchased it within 5 working days.


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that purchased it within 5 working days. 
(3) When an insurance policy is entered into by a consumer by means of 
telephonic, video or other electronic communication, including through a digital 
platform, the insurance undertaking or, where the insurance policy was entered 
into by the consumer through an insurance intermediary, the insurance 
intermediary, shall provide the consumer with immediate digital confirmation 
that– 
(a) 
the insurance policy is in place, and  
(b)


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that– 
(a) 
the insurance policy is in place, and  
(b) 
the insurance policy documents will be issued within 5 working 
days. 
(4) In the circumstances referred to in paragraph (3), an insurance 
undertaking or insurance intermediary may provide the consumer with the terms 
of business referred to in Regulation 51 at the same time as the insurance 
undertaking or insurance intermediary provides the consumer with the 
confirmation referred to in that paragraph.


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confirmation referred to in that paragraph. 
(5) This Regulation shall apply equally where a consumer renews an existing 
policy. 
[81]  187 
 
Terms and conditions applicable to no claims discount to be provided to 
consumer 
343. Where a no claims discount has been applied to the premium charged 
in respect of an insurance policy, an insurance undertaking or insurance 
intermediary shall include with the insurance policy issued to the consumer in


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intermediary shall include with the insurance policy issued to the consumer in 
accordance with Regulation 342, notification, on paper or on another durable 
medium, of the terms and conditions that apply to such discount, including any 
restrictions on the use or availability of the discount. 
 
Appointed claims representative 
344. When a consumer is a holder of a motor insurance policy and notifies 
the insurance undertaking or insurance intermediary that provided that policy of


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the insurance undertaking or insurance intermediary that provided that policy of 
an intention to use an insured vehicle in another Member State, the insurance 
undertaking or insurance intermediary shall provide the consumer with contact 
details of the insurance undertaking’s appointed claims representative for that 
Member State. 
 
Information concerning surrender value of a life insurance policy 
345. (1) Where a policyholder seeks information on the early surrender of


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345. (1) Where a policyholder seeks information on the early surrender of 
a life insurance policy from the insurance undertaking or insurance intermediary 
that has provided that policy and the policyholder is a consumer, the insurance 
undertaking or insurance intermediary shall provide the consumer with details 
of the surrender value of the policy.  
(2) If a secondary market exists for the sale of a policy of the kind referred


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(2) If a secondary market exists for the sale of a policy of the kind referred 
to in paragraph (1) on which the policy may be sold, the insurance undertaking 
or insurance intermediary shall disclose this fact to the consumer at the same 
time as providing the details required in accordance with paragraph (1).  
 
Advance notification of expiry date of a policy of non–life insurance 
346. An insurance undertaking or insurance intermediary shall, not less than


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346. An insurance undertaking or insurance intermediary shall, not less than 
20 working days prior to issuing a notification to a consumer in respect of a 
policy of insurance pursuant to –  
(a) 
Regulation 5 or Regulation 6 of the Non–Life Insurance 
(Provision of Information) Regulations 2007, or 
(b) 
Regulation 325, 
provide a consumer with notification on paper or on another durable medium of 
the date on which that policy is due to expire or fall due for renewal.


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the date on which that policy is due to expire or fall due for renewal.  
 
Notification of lapse of cover under health insurance contract 
347. (1) Subject to paragraph (2), this Regulation applies in relation to a 
health insurance contract entered into after the commencement of these 
Regulations (including a renewal in a case where the health insurance contract 
was concluded before such commencement). 
188  [81] 
(2) This Regulation does not apply in respect of a health insurance contract


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188  [81] 
(2) This Regulation does not apply in respect of a health insurance contract 
under a corporate health insurance scheme arranged by an employer with an 
insurance undertaking for a group of employees.  
(3) An insurance undertaking shall notify a consumer that is a natural person 
aged 18 years or older within 10 working days of the consumer ceasing to be 
insured under a health insurance contract with that insurance undertaking.


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insured under a health insurance contract with that insurance undertaking. 
(4) The notification referred to in paragraph (3) shall inform the consumer –  
(a) 
that the consumer is no longer insured under a health insurance 
contract with that insurance undertaking, and  
(b) 
the date on which the consumer ceased to be so insured. 
(5) Paragraphs (3) and (4) do not apply where –  
(a) 
the consumer ceased to be insured under the health insurance


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(a) 
the consumer ceased to be insured under the health insurance 
contract referred to in paragraph (1) on account of the expiry of 
that health insurance contract,  
(b) 
the health insurance contract is immediately replaced with 
another health insurance contract with the same insurance 
undertaking, and  
(c) 
the consumer is insured under that replacement health insurance 
contract. 
(6) For the purposes of providing notification pursuant to paragraphs (3) and


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contract. 
(6) For the purposes of providing notification pursuant to paragraphs (3) and 
(4), an insurance undertaking shall gather contact details of each consumer that 
is a natural person aged 18 years or older who is insured under a health insurance 
contract with that insurance undertaking. 
(7) Paragraphs (3) and (4) do not apply where the insurance undertaking has 
requested contact details in accordance with paragraph (6) but has not been


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requested contact details in accordance with paragraph (6) but has not been 
provided with same before the 10 working day period referred to in paragraph 
(3) has commenced. 
 
Chapter 9 
Premium Rebates 
 
Premium rebates – timing 
348. (1) Subject to paragraph (3), an insurance undertaking shall provide to 
a consumer any premium rebate that is due from the insurance undertaking to 
the consumer within 10 working days of the rebate becoming due.


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the consumer within 10 working days of the rebate becoming due. 
(2) For the purposes of this Regulation, a premium rebate is due from an 
insurance undertaking as soon as the insurance undertaking becomes aware of 
the circumstances giving rise to the premium rebate and determines that the 
premium rebate is due. 
(3) Where an insurance intermediary acts as agent of an insurance 
undertaking in respect of a consumer, the insurance undertaking shall either –  
[81]  189 
 
(a)


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undertaking in respect of a consumer, the insurance undertaking shall either –  
[81]  189 
 
(a) 
provide to the insurance intermediary a premium rebate due from 
the insurance undertaking to the consumer within 5 working days 
of the rebate becoming due, or  
(b) 
notify the insurance intermediary, within 5 working days of the 
premium rebate becoming due, that the rebate is due and at the 
same time permit the intermediary to issue the premium rebate


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same time permit the intermediary to issue the premium rebate 
from funds held by the insurance intermediary which are due to 
the insurance undertaking.   
(4) An insurance intermediary shall provide the premium rebate referred to 
in paragraph (3) to the consumer within 5 working days of the insurance 
intermediary either – 
(a) 
receiving the premium rebate referred to in paragraph (3)(a), or 
(b) 
receiving the notification referred to paragraph (3)(b).


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(b) 
receiving the notification referred to paragraph (3)(b). 
 
Option of deduction from renewal or other premium or donation in lieu of 
premium rebate 
349. (1) Prior to providing a premium rebate to a consumer for the purposes 
of Regulation 348, an insurance undertaking or insurance intermediary may offer 
the consumer the choice of, instead of receiving the premium rebate, either – 
(a) 
receiving a corresponding deduction from a renewal premium or


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(a) 
receiving a corresponding deduction from a renewal premium or 
other premium currently due to that insurance undertaking or 
insurance intermediary from the consumer, or 
(b) 
the insurance undertaking or insurance intermediary making a 
donation of the premium rebate amount to a registered charity. 
(2) An insurance undertaking or insurance intermediary shall obtain a 
consumer’s consent on each occasion for the purposes of making either a


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consumer’s consent on each occasion for the purposes of making either a 
deduction in accordance with paragraph (1)(a) or a donation in accordance with 
paragraph (1)(b).  
(3) Where an insurance undertaking or insurance intermediary obtains a 
consumer’s consent for the purposes of paragraph (2), the insurance undertaking 
or insurance intermediary shall make a deduction or donation in accordance with 
that consent and Regulation 348 shall not apply to the insurance undertaking or


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that consent and Regulation 348 shall not apply to the insurance undertaking or 
insurance intermediary concerned. 
(4) Where an insurance undertaking or insurance intermediary does not 
obtain a consumer’s consent for the purposes of paragraph (2), the insurance 
undertaking or insurance intermediary shall provide the premium rebate to the 
consumer within the time period referred to in Regulation 348. 
(5) An insurance undertaking or insurance intermediary shall document a


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(5) An insurance undertaking or insurance intermediary shall document a 
donation made in accordance with the consent obtained from the consumer for 
the purposes of paragraph (2) and shall obtain and retain a receipt from the 
relevant charity. 
(6) In this Regulation, “registered charity” means a registered charitable 
organisation within the meaning of section 2 of the Charities Act 2009 (No. 6 of 
2009). 
190  [81] 
Premium rebate processing agreement


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2009). 
190  [81] 
Premium rebate processing agreement 
350. An insurance intermediary shall process premium rebates due to 
consumers only on the basis of a written agreement pursuant to which the 
insurance intermediary acts as agent of an insurance undertaking or another 
insurance intermediary in processing such rebates due to consumers and 
pursuant to which the insurance intermediary does not become a debtor of the 
consumer when processing such rebates.


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consumer when processing such rebates. 
 
Full rebate amount to be paid in the absence of agreement 
351. (1) Subject to Regulation 349, an insurance undertaking or insurance 
intermediary shall provide to a consumer the full rebate amount due to the 
consumer by way of premium rebate. 
(2) For the purposes of paragraph (1), any charges that the consumer owes 
the insurance undertaking or insurance intermediary shall not be deducted from


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the insurance undertaking or insurance intermediary shall not be deducted from 
the rebate amount without obtaining the prior written consent of the consumer. 
(3) Where a consumer has agreed to the deduction of any charges for the 
purposes of paragraph (2), these charges shall be clearly specified by the 
insurance 
undertaking 
or 
insurance 
intermediary 
in 
correspondence 
accompanying notification of the rebate to the consumer. 
 
Return and reissue of rebate


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accompanying notification of the rebate to the consumer. 
 
Return and reissue of rebate 
352. (1) Where an insurance intermediary has issued a rebate cheque to a 
consumer on behalf of an insurance undertaking, and the rebate cheque has not 
been presented for payment within 6 months from the date of issue, the insurance 
intermediary shall return the rebate to the insurance undertaking.  
(2) Where a consumer requests from an insurance undertaking or insurance


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(2) Where a consumer requests from an insurance undertaking or insurance 
intermediary a rebate that has been returned to an insurance undertaking in 
accordance with paragraph (1), the requested insurance undertaking or insurance 
intermediary shall provide the rebate in accordance with Regulations 348, 349 
and 351. 
 
Chapter 10 
Claims processing 
 
Scope and application (Chapter 10) 
353. (1) This Chapter does not apply where a method of direct settlement in


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353. (1) This Chapter does not apply where a method of direct settlement in 
respect of health insurance is used by an insurance undertaking in respect of a 
claim under a health insurance contract. 
(2) In this Regulation – 
“method of direct settlement in respect of health insurance” means a method of 
settlement whereby an insurance undertaking pays a health care provider directly 
[81]  191 
 
in settlement of a claim by a policyholder under a health insurance contract,


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[81]  191 
 
in settlement of a claim by a policyholder under a health insurance contract, 
rather than paying a monetary sum to the policyholder at a later date. 
 
Verification of claims 
354. An insurance undertaking shall endeavour to verify the validity of a 
claim received from a claimant prior to making a decision on its outcome. 
 
Claims handling procedure 
355. (1) An insurance undertaking shall establish, maintain and adhere to a


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355. (1) An insurance undertaking shall establish, maintain and adhere to a 
procedure for the effective and proper handling of claims.  
(2) The procedure referred to in paragraph (1) shall, at a minimum, provide 
for the following: 
(a) 
where an accident or event has occurred giving rise to a personal 
injury claim, the insurance undertaking shall provide a copy of a 
guide for claimants produced by the Personal Injuries Resolution


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guide for claimants produced by the Personal Injuries Resolution 
Board to a claimant as soon as the insurance undertaking is 
notified of the claim; 
(b) 
where a consumer has been involved in a motor accident with an 
uninsured or unidentified vehicle or with a foreign registered 
vehicle, the insurance undertaking shall advise the consumer to 
contact the Motor Insurers’ Bureau of Ireland; 
(c) 
where a claim form is required to be completed for the purposes


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(c) 
where a claim form is required to be completed for the purposes 
of a claimant making a claim, the insurance undertaking shall 
provide the form to the claimant within 5 working days of it 
becoming apparent to the insurance undertaking that the form is 
required; 
(d) 
the insurance undertaking shall offer to assist a claimant in the 
process of making a claim, including, in the case of a claimant 
falling within paragraph (a) or (c) of the definition of “claimant”,


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falling within paragraph (a) or (c) of the definition of “claimant”, 
alerting the claimant to policy terms and conditions that may be 
of benefit to the claimant, where relevant; 
(e) 
the insurance undertaking shall comply with a request from a 
claimant for the insurance undertaking to use a particular means 
of communication with the claimant in relation to a claim, unless 
to do so would be unreasonable or the means of communication


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to do so would be unreasonable or the means of communication 
requested by the claimant is not a means of communication 
currently employed by the insurance undertaking for this purpose; 
(f) 
the insurance undertaking shall keep a record of all conversations 
with the claimant in relation to the claim, including audio 
recordings of telephone calls where these are recorded;   
(g) 
where the insurance undertaking makes audio recordings of


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(g) 
where the insurance undertaking makes audio recordings of 
telephone calls in connection with the provision of financial 
services to consumers, the insurance undertaking shall make and 
keep audio recordings of telephone calls with a claimant in 
192  [81] 
relation to a claim and shall inform a claimant at the outset of a 
telephone conversation that the telephone conversation is being 
recorded; 
(h) 
the insurance undertaking shall, while the claim is being


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recorded; 
(h) 
the insurance undertaking shall, while the claim is being 
processed, provide the claimant with updates of any 
developments concerning the outcome of the claim within 10 
working days of learning of the development;  
(i) 
where the insurance undertaking requires additional 
documentation or clarification from a claimant, the 
insurance undertaking shall notify the claimant as soon as 
the additional document or clarification is required and, if


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the additional document or clarification is required and, if 
necessary, the insurance undertaking shall provide the 
claimant with a reminder of the notification on paper or on 
another durable medium. 
 
Assisting a consumer in making a claim 
356. An insurance intermediary who assists a consumer in making a claim 
under an insurance policy shall, on receipt of the completed claims 
documentation in respect of that claim, transmit such documentation to the


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documentation in respect of that claim, transmit such documentation to the 
insurance undertaking with whom the policy is held within one working day. 
 
Engagement of loss adjustor or expert appraiser 
357. (1) Where an insurance undertaking engages the services of a loss 
adjustor or an expert appraiser, or both, for the purposes of assisting in the 
processing of a claimant’s claim, it shall provide the claimant with the contact 
details of the person engaged.


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details of the person engaged.  
(2) When an insurance undertaking provides a claimant with contact details 
for the purposes of paragraph (1), the insurance undertaking shall, at the same 
time, notify the claimant on paper or on another durable medium that the person 
engaged acts in the interest of the insurance undertaking and such notification 
shall include an explanation of the function of the person engaged.   
 
Notification that a claimant may appoint a loss assessor


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Notification that a claimant may appoint a loss assessor 
358. Within 5 working days of an insurance undertaking receiving notice of 
a motor insurance, property insurance, or other claim, the insurance undertaking 
shall, where relevant to the type of claim, notify the claimant on paper or on 
another durable medium that the claimant may appoint a loss assessor to act in 
the claimant’s interests but that any such appointment will be at the claimant’s 
expense.


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the claimant’s interests but that any such appointment will be at the claimant’s 
expense. 
 
Engagement with third party in relation to a claim 
359. Upon a claimant’s written request, an insurance undertaking or 
insurance intermediary shall engage with a third party which a claimant has 
appointed to act on his or her behalf in relation to a claim. 
[81]  193 
 
Insurance undertaking to be available to discuss claims


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[81]  193 
 
Insurance undertaking to be available to discuss claims 
360. An insurance undertaking shall be available to discuss all aspects of a 
claim with the claimant, including assessment of liability and damages, during 
normal office hours which are deemed to be between 09.00 and 17.00 on a 
working day. 
 
Restitution work – appointment of third party 
361. (1) Where an insurance undertaking proposes to appoint a third party


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361. (1) Where an insurance undertaking proposes to appoint a third party 
to undertake restitution work in respect of the settlement of a claim, the insurance 
undertaking shall provide the claimant with details of the scope of the work that 
has been approved by the insurance undertaking for the purposes of settlement 
and a detailed breakdown of the proposed cost to the insurance undertaking. 
(2) The information referred to in paragraph (1) shall be provided to the


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(2) The information referred to in paragraph (1) shall be provided to the 
claimant on paper or on another durable medium in advance of the appointment 
of the third party. 
 
Restitution work – certification 
362. (1) Where a method of direct settlement has been used, an insurance 
undertaking shall certify to the claimant, on paper or on another durable medium, 
that the restitution work undertaken by any third party appointed by the


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that the restitution work undertaken by any third party appointed by the 
insurance undertaking to restore the claimant’s property has been undertaken in 
a manner in which the claimant’s property has been restored at least to the 
standard of the property that existed prior to the insured event. 
(2) An insurance undertaking shall not require a claimant to provide any 
form of certification of the kind referenced in paragraph (1) above on its behalf.


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form of certification of the kind referenced in paragraph (1) above on its behalf. 
 
Claim settlement offer to represent best estimate of a claimant’s reasonable 
entitlement 
363. (1) An insurance undertaking shall ensure that any claim settlement 
offer made to a claimant represents its best estimate of the claimant’s reasonable 
entitlement. 
(2) In determining that any claim settlement offer made to a claimant is its


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entitlement. 
(2) In determining that any claim settlement offer made to a claimant is its 
best estimate of the claimant’s reasonable entitlement, an insurance undertaking 
shall take into account all relevant factors, including the following: 
(a) 
any evidence submitted by the claimant, or any third party acting 
on his or her behalf, to support the value of the claim;  
(b) 
any evidence made known to the insurance undertaking by a third


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(b) 
any evidence made known to the insurance undertaking by a third 
party or evidence that should be reasonably available to the 
insurance undertaking;  
(c) 
the procedures used by the insurance undertaking in determining 
the monetary amount of compensation offered. 
(3) This Regulation does not apply to a claimant falling within paragraph (b) 
of the definition of “claimant” where liability is not agreed. 
194  [81] 
Decision on a claim


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of the definition of “claimant” where liability is not agreed. 
194  [81] 
Decision on a claim 
364. (1) Within 5 working days of making a decision in respect of a claim, 
an insurance undertaking shall inform the claimant of the following, on paper or 
on another durable medium: 
(a) 
the outcome of its investigation of the claim; 
(b) 
where applicable, the terms of any claim settlement offer; 
(c) 
where the insurance undertaking has decided to decline the claim,


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(c) 
where the insurance undertaking has decided to decline the claim, 
the reasons for this decision; 
(d) 
any appeals mechanism provided by the insurance undertaking in 
respect of the decision made.  
(2) When making a claim settlement offer, the insurance undertaking shall 
ensure that the following conditions have been satisfied: 
(a) 
the insured event has been proven, or accepted by the insurance 
undertaking; 
(b) 
all specified documentation has been received by the insurance


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undertaking; 
(b) 
all specified documentation has been received by the insurance 
undertaking from the claimant;  
(c) 
the entitlement of the claimant to receive payment under the 
policy has been established. 
(3) An insurance undertaking shall retain a record of the decision referred to 
in paragraph (1). 
 
Minimum period for acceptance or rejection of a claim settlement offer 
365. (1) An insurance undertaking shall allow a claimant at least 10


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365. (1) An insurance undertaking shall allow a claimant at least 10 
working days to accept or reject a claim settlement offer unless this right is 
waived by the claimant.  
(2) Where a claimant waives this right as provided for in paragraph (1), the 
insurance undertaking shall retain a record of the claimant’s decision. 
(3) This Regulation does not apply – 
(a) 
in the case of surrender or encashment of insurance–based 
investment products,  
(b)


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(a) 
in the case of surrender or encashment of insurance–based 
investment products,  
(b) 
to claims on policies falling within paragraph (b) of the definition 
of “protection policies” where the settlement amount is set out in 
the policy’s terms and conditions, or 
(c) 
to a claimant falling within paragraph (b) of the definition of 
“claimant” who has issued legal proceedings in respect of their 
claim. 
 
Settlement of claim


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“claimant” who has issued legal proceedings in respect of their 
claim. 
 
Settlement of claim 
366. (1) Where a claimant has agreed to accept the offer made by an 
insurance undertaking to settle a claim or, where applicable, that part of a claim 
that has been quantified, the insurance undertaking shall pay the claim settlement 
[81]  195 
 
offer to the claimant within 10 working days from the date on which the claimant


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[81]  195 
 
offer to the claimant within 10 working days from the date on which the claimant 
agreed to accept the offer notwithstanding that legal costs, where applicable, may 
not yet have been agreed. 
(2) Where a method of direct settlement is being applied, the insurance 
undertaking shall discharge any claim without delay. 
 
Insurance undertaking to publish details of appeals mechanism 
367. (1) An insurance undertaking shall publish details of any appeals


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367. (1) An insurance undertaking shall publish details of any appeals 
mechanism it provides in respect of decisions regarding claims on its website. 
(2) An insurance undertaking shall provide the details referred to in 
paragraph (1) to claimants on paper or on another durable medium on request.  
A request under this paragraph (2) shall be facilitated within 5 working days. 
 
Information concerning settlement where a consumer policyholder is not the 
beneficiary


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Information concerning settlement where a consumer policyholder is not the 
beneficiary 
368. (1) Where a policyholder who is a consumer is not the beneficiary of 
a settlement, the insurance undertaking shall advise the policyholder at the time 
that settlement is made, on paper or on another durable medium, of the 
following:  
(a) 
subject to paragraph (2), the amount for which the claim has been 
settled and the reason or reasons for it being settled; 
(b)


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settled and the reason or reasons for it being settled; 
(b) 
where applicable, that the settlement of the claim will affect 
future insurance contracts entered into by the policyholder of the 
type that was the subject of the settlement. 
(2) Paragraph (1)(a) does not apply to a claim in respect of which section 
16(4)(d) of the Act of 2019 applies.  
 
Part 5 
Investments 
Chapter 1 
Preliminary 
 
Interpretation (Part 5) 
369. In this Part –


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Part 5 
Investments 
Chapter 1 
Preliminary 
 
Interpretation (Part 5) 
369. In this Part – 
“compound annual rate” means the equivalent annual rate of interest, where 
interest is paid on previously earned interest as well as on the principal, payable 
at the end of the year, on a deposit; 
“Key Features Document” means the document referred to in Regulation 376; 
“PRSA” has the meaning given to it in Part X of the Pensions Act 1990;


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“PRSA” has the meaning given to it in Part X of the Pensions Act 1990; 
“Standard PRSA” has the meaning given to it in Part X of the Pensions Act 1990;  
196  [81] 
“target market” for an investment product means the profile of the group of 
consumers at which the regulated entity aims a particular investment product. 
 
Chapter 2 
Additional suitability requirements 
 
Assessing and determining suitability of investment product transaction or series 
of such transactions


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of such transactions 
370. (1) For the purposes of Regulation 17, when assessing the suitability 
of an investment product transaction or series of investment product 
transactions, should a regulated entity determine that the investment product 
transaction or series is not aligned with a consumer’s attitude to risk, or financial 
situation, because of the frequency of such transactions or their amount, it shall 
determine that the investment product transaction or series is not suitable.


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determine that the investment product transaction or series is not suitable.  
(2) A regulated entity shall advise a consumer of the determination referred 
to in paragraph (1) on paper or on another durable medium and shall advise the 
consumer not to proceed with the relevant investment product transaction or 
series. 
(3) If a regulated entity has advised the consumer as referred to in paragraph 
(2), and the consumer instructs the regulated entity to proceed with the relevant


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(2), and the consumer instructs the regulated entity to proceed with the relevant 
transaction or series, the regulated entity shall make a contemporaneous record 
that it has advised the consumer of its determination.  
 
Chapter 3 
Information about investment products 
 
Information to be provided to consumers 
371. Prior to offering, recommending, arranging or providing an investment 
product, a regulated entity shall provide a consumer with information on, or in


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product, a regulated entity shall provide a consumer with information on, or in 
relation to, the following, where relevant: 
(a) 
capital security; 
(b) 
the risk that some or all of the investment may be lost; 
(c) 
leverage and its effects; 
(d) 
any limitation on the sale or disposal of the investment product; 
(e) 
any restriction on access to funds invested; 
(f) 
any restriction on the redemption of the investment product; 
(g)


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(f) 
any restriction on the redemption of the investment product; 
(g) 
the impact, including the cost, of exiting the investment product 
early; 
(h) 
the minimum recommended investment period; 
[81]  197 
 
(i) 
the risk that the estimated or anticipated return on the investment 
product may not be achieved; 
(j) 
the potential effects of volatility in price, fluctuation in interest 
rates, and movements in exchange rates on the value of the 
investment;  
(k)


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rates, and movements in exchange rates on the value of the 
investment;  
(k) 
the identity of any guarantor and the level, nature, extent and 
limitations of its guarantee. 
(2) The information referred to in paragraph (1) shall be provided in a stand–
alone document, except where such information is already required to be 
disclosed in accordance with the Life Assurance (Provision of Information) 
Regulations 2001 (S.I. No. 15 of 2001) or any other regulations made under


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Regulations 2001 (S.I. No. 15 of 2001) or any other regulations made under 
Section 43D of the Insurance Act 1989 (No. 3 of 1989) concerning provision of 
information for life assurance policies and where such information is disclosed 
to the consumer in a manner which complies with such Regulations. 
(3) This Regulation does not apply to a tracker bond. 
 
Warning statement to be provided with illustrations of figures on performance 
of investment product


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of investment product 
372. (1) A regulated entity shall include the following warning statement 
with all illustrations of figures in relation to performance of an investment 
product, including graphs and other visual representations: 
“Warning: These figures are estimates only. They are not a reliable guide to 
the future performance of your investment.”  
(2) This Regulation does not apply to illustrations included in the key


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(2) This Regulation does not apply to illustrations included in the key 
information document to be drawn up and provided to retail investors in 
accordance with the PRIIPs Regulation. 
 
Prospectus to state where representing or containing terms of contract  
373. (1) Where a prospectus represents or contains the terms of a contract 
between a regulated entity and one or more of its consumers, this fact must be 
clearly stated in the prospectus.


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clearly stated in the prospectus. 
(2) This Regulation does not apply to a prospectus within the scope of the 
Prospectus Regulation. 
 
Information on periodic suitability assessments to be provided 
374. (1) Where a regulated entity recommends an investment product 
falling within paragraph (a) of the definition of “investment product” to a 
consumer, the regulated entity shall, prior to the conclusion of a contract for that 
investment product, inform the consumer –  
(a)


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investment product, inform the consumer –  
(a) 
whether the regulated entity will provide the consumer with a 
periodic assessment of the suitability of the investment product 
recommended to that consumer, 
198  [81] 
(b) 
where applicable, the steps that the regulated entity will take to 
periodically assess whether the investment product remains 
suitable for the consumer and the frequency with which that 
assessment will be carried out, and 
(c)


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assessment will be carried out, and 
(c) 
any services that the regulated entity will provide to the consumer 
relating to the management of the investment product. 
(2) Where a regulated entity recommends an investment product falling 
within paragraph (a) or (b) of the definition of “investment product” to a 
consumer, and where the regulated entity will not provide the consumer with a 
periodic assessment of the suitability of the investment product recommended to


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periodic assessment of the suitability of the investment product recommended to 
that consumer, the regulated entity shall, prior to the conclusion of a contract for 
that investment product, provide the consumer with an explanation why such 
periodic assessment will not be done. 
(3) The information referred to in paragraphs (1) and (2) shall be provided 
to the consumer on paper or on another durable medium. 
(4) A regulated entity shall include a warning statement in the following


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(4) A regulated entity shall include a warning statement in the following 
format on any application form for an investment product falling within 
paragraph (a) or (b) of the definition of “investment product” other than an 
insurance–based investment product: 
“Warning: Due to the nature of this product, it is important to ensure that it 
remains suitable for you. We recommend that you engage with your financial 
advisor on a regular basis to ensure its ongoing suitability.”


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advisor on a regular basis to ensure its ongoing suitability.” 
 
Tracker bonds – product brochure and application form 
375. 
A regulated entity shall give the following information prominently in 
any tracker bond product brochure and tracker bond application form, inserting 
the appropriate information in place of any related instruction in square brackets: 
(a) 
for an investment in a product that does not commit to provide a 
100% return of a consumer’s capital on maturity, the following


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100% return of a consumer’s capital on maturity, the following 
warning: 
“Warning: The value of your investment may go down as well as 
up. You may get back less than you invest.”; 
(b) 
where there is a promised return which is known but is less than 
the initial 100% invested by a consumer, the following warning: 
“Warning: If you invest in this product you could lose [insert 
figure]% of the money you invest.”; 
(c) 
if a consumer’s return on capital only becomes payable on a


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(c) 
if a consumer’s return on capital only becomes payable on a 
specific date, the following warning: 
“Warning: If you cash in your investment before [specify the 
particular date] you may lose some or all of the money you 
invest.”; 
(d) 
if there is no access to funds for the term of the product, the 
following warning: 
[81]  199 
 
“Warning: If you invest in this product you will not have any 
access to your money for [insert time required before the product 
matures].”; 
(e)


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access to your money for [insert time required before the product 
matures].”; 
(e) 
the identity of any guarantor and the nature, extent and limitations 
of its guarantee. 
 
Tracker bonds – Key Features Document  
376. (1) A product producer of a tracker bond shall provide a document 
(referred to in this Regulation as a “Key Features Document”), in the form 
prescribed in Schedule 7 to these Regulations, to any intermediary that offers


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prescribed in Schedule 7 to these Regulations, to any intermediary that offers 
that tracker bond to consumers, for provision to those consumers.  
(2) Where the information required by the Key Features Document referred 
to in paragraph (1) is otherwise already provided to a consumer as required 
pursuant to the Life Assurance (Provision of Information) Regulations 2001 or 
any other regulations made under Section 43D of the Insurance Act 1989


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any other regulations made under Section 43D of the Insurance Act 1989 
requiring the provision of information to consumers regarding life assurance 
policies, the regulated entity is not required to include that information in the 
Key Features Document. 
(3) A regulated entity shall provide a Key Features Document to a consumer 
prior to them signing an application form for a tracker bond.  
(4) Where the terms of the tracker bond provide that return on investment is


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(4) Where the terms of the tracker bond provide that return on investment is 
limited, the Key Features Document shall include an explanation in relation to 
this limitation. 
 
Tracker bonds – illustration to be provided where facility to borrow funds to 
invest  
377. (1) Where a regulated entity offers a consumer the facility to borrow 
funds to invest in a tracker bond, the regulated entity shall provide an illustration 
to the consumer showing the following: 
(a)


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to the consumer showing the following: 
(a) 
the year–by–year and total interest payments the consumer is 
likely to be required to pay in respect of the borrowed funds, until 
the date the product matures; 
(b) 
the equivalent compound annual rate of the return payable under 
the relevant tracker bond shown prominently;  
(c) 
the difference between the return payable under the tracker bond 
and the total projected outgoings of the consumer over the period


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and the total projected outgoings of the consumer over the period 
to the maturity date of the tracker bond. 
(2) For the purposes of the illustration referred to in paragraph (1)(a), the 
fixed interest rate offered by the lender for the period to the date of the promised 
payment under the tracker bond shall be used or, if the lender does not offer a 
fixed interest rate over this period, an equivalent open market fixed interest rate 
shall be used. 
200  [81]


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shall be used. 
200  [81] 
(3) For the purposes of paragraph (1)(c), “total projected outgoings” means 
any borrowed funds, any capital repayments related to such borrowings and any 
capital investment by the consumer other than the borrowed funds. 
 
PRSAs – information to be provided 
378. (1) Prior to offering, recommending, arranging or providing a PRSA, 
a regulated entity shall provide to a consumer the information referred to in 
Schedule 8 to these Regulations in the prescribed form.


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Schedule 8 to these Regulations in the prescribed form.  
(2) If a non–standard PRSA is offered or recommended to a consumer, the 
regulated entity shall, in addition to the requirement referred to in paragraph (1) 
complete the declaration in Schedule 9 to these Regulations in the prescribed 
form. 
 
Product producers to provide statement on investment products 
379. (1) For each investment product held with it, a product producer shall,


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379. (1) For each investment product held with it, a product producer shall, 
at least once every 12 months, provide to a consumer, on paper or on another 
durable medium, a statement in respect of the previous 12 month period, which 
includes, where applicable, the following: 
(a) 
the opening balance or statement of value at the beginning of the 
relevant 12 month period; 
(b) 
any additions, including additional amounts invested; 
(c) 
any withdrawals; 
(d) 
the total sum invested; 
(e)


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(c) 
any withdrawals; 
(d) 
the total sum invested; 
(e) 
the number of units held; 
(f) 
any interest charged or accrued; 
(g) 
any charges and deductions affecting the investment product 
including any charges associated with the management, sale, set 
up and ongoing administration of the investment product; 
(h) 
the aggregate amount, expressed as a monetary amount, of the 
charges and deductions referred to in subparagraph (g);  
(i)


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charges and deductions referred to in subparagraph (g);  
(i) 
the closing balance or statement of value at the end of the relevant 
12 month period. 
(2) In the case of an investment product falling within paragraph (b) of the 
definition of “investment product” and for which the policy terms and conditions 
provide for periodic premium reviews, the statement referred to in paragraph (1) 
shall include the following warning statement:


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shall include the following warning statement: 
“Warning: You hold a policy for which your existing premiums may not be 
sufficient to maintain existing protection benefits in the future. You should 
ask your insurance company for an assessment of the projected increases in 
premiums. You should seek financial advice on the choices available to you.” 
(3) A product producer shall include the following warning statement in the 
statement referred to in paragraph (1): 
[81]  201


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statement referred to in paragraph (1): 
[81]  201 
 
“Warning: Due to the nature of this product, it is important to ensure that it 
remains suitable for you. We recommend that you engage with your financial 
advisor on a regular basis to ensure its ongoing suitability.” 
(4) Where a product producer is required to provide a consumer with a 
statement pursuant to this Regulation, the product producer shall, where the


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statement pursuant to this Regulation, the product producer shall, where the 
statement has not already been provided on paper, inform the consumer that he 
or she may request the statement to be provided on paper, and, if requested by 
the consumer, the product producer shall provide the statement on paper to the 
consumer. 
 
Tracker bonds – product producers to issue information document following sale 
380. (1) A product producer of a tracker bond shall issue a document to a


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380. (1) A product producer of a tracker bond shall issue a document to a 
consumer to whom it has sold its tracker bond, or to an intermediary that has 
sold its tracker bond (to be provided to the consumer), within 5 working days of 
the start date of the term of the tracker bond with the following information: 
(a) 
the name and address of the consumer; 
(b) 
the start date of the term of the tracker bond; 
(c) 
the amount of investment; 
(d)


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(b) 
the start date of the term of the tracker bond; 
(c) 
the amount of investment; 
(d) 
the date or dates on which any right to a minimum payment 
amount becomes payable; 
(e) 
disclosure of the key features of the investment, if those features 
differ from those shown in the Key Features Document provided 
in accordance with Regulation 376; 
(f) 
the date that the investment will mature;  
(g) 
the number of days from the commencement of the investment


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(g) 
the number of days from the commencement of the investment 
date or date of receipt of the policy document a consumer has 
available to cancel the tracker bond, if such a right is available in 
respect of the investment. 
(2) An intermediary shall, within 5 working days of receiving the document 
from a product producer in accordance with paragraph (1), provide that 
document to the consumer that purchased the tracker bond. 
 
Chapter 4 
Advertisements 
 
Scope and application (Chapter 4)


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Chapter 4 
Advertisements 
 
Scope and application (Chapter 4) 
381. This Part applies to advertisements for an investment product which 
refer, or relate, to a regulated activity which can be provided, or is available, to 
a consumer. 
 
 
 
202  [81] 
Warning statement regarding return on investment 
382. A regulated entity shall ensure that an advertisement for an investment 
product where a consumer’s return on their investment may not include the full


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product where a consumer’s return on their investment may not include the full 
amount of their capital invested contains the following warning statement: 
“Warning: If you invest in this product, you may lose some, or all, of the 
money you invest.” 
 
Warning statement where return on capital applicable on or from a specific date 
383. A regulated entity shall ensure that an advertisement for an investment 
product where the advertised return of capital applies on, or from, a specific date,


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product where the advertised return of capital applies on, or from, a specific date, 
contains the following warning statement, inserting the appropriate information 
in place of the instruction in square brackets for that purpose: 
“Warning: If you seek to realise your investment before [specify the particular 
date], you may lose some, or all, of the money you invest.” 
 
Warning statement where no access to funds invested for product term


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Warning statement where no access to funds invested for product term 
384. A regulated entity shall ensure that an advertisement for an investment 
product where there is no access to the funds invested for the term of the 
investment product contains the following warning statement, inserting the 
appropriate information in place of the instruction in square brackets for that 
purpose: 
“Warning: If you invest in this product you will not have any access to your


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purpose: 
“Warning: If you invest in this product you will not have any access to your 
money for [insert time required before the product matures].” 
 
Provision of information on past performance to meet certain conditions 
385. Where a regulated entity provides information about the past 
performance of an advertised financial service or of the regulated entity, this 
information shall – 
(a) 
be based on a financial service similar to that being advertised, 
(b)


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information shall – 
(a) 
be based on a financial service similar to that being advertised, 
(b) 
not be selected so as to exaggerate the success or disguise the lack 
of success of the advertised financial service, 
(c) 
state the source of the information, 
(d) 
be based on actual performance,  
(e) 
state clearly the period chosen, which must cover the preceding 5 
years, or the whole period for which the advertised financial 
service has been provided, where less than 5 years, 
(f)


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service has been provided, where less than 5 years, 
(f) 
include the most recent period where more than one period of past 
performance may be used, 
(g) 
specify, where applicable, details of transaction costs, interest and 
taxation, and take these details into account in the calculations 
outlining past performance, and  
[81]  203 
 
(h) 
disclose the effect of commissions, fees or other charges, where 
the indication is based on gross performance.


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the indication is based on gross performance. 
 
Warning statement to be provided regarding past performance 
386. A regulated entity shall ensure that an advertisement which contains 
information on past performance contains the following warning statement: 
“Warning: Past performance is not a reliable guide to future performance.” 
 
Statement to be included where position or holding in a financial service  
387. (1) Where a regulated entity has a position or holding in the financial


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387. (1) Where a regulated entity has a position or holding in the financial 
service that is the subject of an advertisement by that regulated entity, it shall 
include a statement to this effect in accordance with paragraph (2) in the 
advertisement.   
(2) For the purposes of paragraph (1), a regulated entity shall be deemed to 
have a position or holding in a financial service where it has an interest in the


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have a position or holding in a financial service where it has an interest in the 
financial service in respect of which it may be subject to a financial gain or loss, 
and the statement required in accordance with paragraph (1) shall detail this 
possibility.  
 
Information on simulated performance to meet certain conditions 
388. Where a regulated entity provides information in an advertisement 
about the simulated performance of the advertised financial service or of a


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about the simulated performance of the advertised financial service or of a 
regulated entity, this information shall – 
(a) 
in relation to an advertised financial service, be based on the 
actual past performance of one or more investment products 
which are the same as or substantially the same as the advertised 
financial service, and the information relating to the past 
performance used for this purpose shall comply with Regulation 
385, 
(b)


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performance used for this purpose shall comply with Regulation 
385, 
(b) 
not be selected so as to exaggerate the success or disguise the lack 
of success of the advertised financial service or of the regulated 
entity, 
(c) 
state the source, and 
(d) 
indicate whether, and to what extent, transaction costs, interest 
and taxation have been taken into account. 
 
Warning statement to be provided where illustrations or information on 
simulated performance


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Warning statement to be provided where illustrations or information on 
simulated performance 
389. A regulated entity shall ensure that an advertisement which contains 
illustrations or information on simulated performance contains the following 
warning statement: 
204  [81] 
“Warning: These figures are estimates only. They are not a reliable guide to 
the future performance of this investment.” 
 
Conditions for describing product as guaranteed or conveying the same meaning 
or impression


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Conditions for describing product as guaranteed or conveying the same meaning 
or impression 
390. A regulated entity shall ensure that an advertisement does not describe 
an investment product as guaranteed, either fully or partially, or by using 
descriptive terms that convey such a meaning or impression, unless – 
(a) 
there is a legally enforceable guarantee agreement in place in 
which a guarantor undertakes to meet, to whatever extent is stated


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which a guarantor undertakes to meet, to whatever extent is stated 
in the advertisement, a consumer’s claim under the guarantee, 
(b) 
the regulated entity has made, and can demonstrate that it has 
made, an assessment of the amount of the guarantee, 
(c) 
it clearly states the nature and extent of limitations of the 
guarantee and the name of the guarantor, and  
(d) 
the advertisement states that the guarantee is provided by a 
connected party of the regulated entity, if applicable.


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connected party of the regulated entity, if applicable. 
 
Reference to the impact of taxation 
391. A regulated entity shall ensure that where an advertisement contains a 
reference to the impact of taxation, it shall – 
(a) 
state the assumed rate of taxation, 
(b) 
where tax reliefs are applied, reference the reliefs that apply as of 
the date of publication of the advertisement, 
(c) 
specify the person to which the tax reliefs referred to in the 
advertisement are available, 
(d)


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specify the person to which the tax reliefs referred to in the 
advertisement are available, 
(d) 
state, where applicable, if the taxation impacts referenced are 
limited in their application to a particular class of consumer with 
particular tax liabilities, identifying the class of consumer and the 
type of liabilities concerned, 
(e) 
identify the party that is responsible for applying for the tax 
benefits advertised, 
(f) 
identify, where applicable, if income payable from an investment


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benefits advertised, 
(f) 
identify, where applicable, if income payable from an investment 
product is subject to income tax that is deducted at source, and 
(g) 
identify, where applicable, if the value of the advertised financial 
service is linked to a product which is liable to capital taxation. 
 
Warning on value of investment that can fluctuate 
392. A regulated entity shall ensure that if the value or price of the advertised


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392. A regulated entity shall ensure that if the value or price of the advertised 
financial service can fluctuate, an advertisement contains the following warning 
statement:  
[81]  205 
 
“Warning: The value of your investment may go down as well as up.” 
 
Statement to be made if return determined on a particular date 
393. A regulated entity shall ensure that where the return on an advertised 
financial service is determined on a particular date, this information is stated in


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financial service is determined on a particular date, this information is stated in 
the advertisement and the relevant date identified. 
 
Warning statement where income can fluctuate  
394. A regulated entity shall ensure that where an investment product is 
described in an advertisement as potentially yielding income or as suitable for a 
consumer seeking income, and the income arising with respect to that investment 
product may fluctuate, the advertisement contains the following warning


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product may fluctuate, the advertisement contains the following warning 
statement: 
“Warning: The income you earn from this investment may go down as well 
as up.” 
 
Effect of withdrawal of amount from capital amount invested as income 
equivalent to be explained 
395. Where an investment product that is the subject of an advertisement 
includes an option to withdraw an amount from the capital amount invested in


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includes an option to withdraw an amount from the capital amount invested in 
the product as an income equivalent, a regulated entity shall ensure that the effect 
of that withdrawal upon the investment product is explained in the 
advertisement. 
 
Warning statement where financial service may be affected by change in 
currency exchange rates 
396. A regulated entity shall ensure that where an advertised financial


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currency exchange rates 
396. A regulated entity shall ensure that where an advertised financial 
service is denominated or priced in a currency other than euro, or where the value 
of an advertised financial service may be directly affected by changes in 
currency exchange rates, the advertisement contains the following warning 
statement, inserting the appropriate information in place of the instruction in 
square brackets for that purpose:


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square brackets for that purpose: 
“Warning: This [insert “product” or “service” as appropriate] may be affected 
by changes in currency exchange rates.” 
 
Required warning where investment product not readily realisable 
397. A regulated entity shall ensure that an advertisement for an investment 
product, which is not readily realisable, states that it may be difficult for 
consumers to do either or both of the following: 
(a) 
sell or exit the investment product; 
(b)


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consumers to do either or both of the following: 
(a) 
sell or exit the investment product; 
(b) 
obtain reliable information about its value or the extent of the 
risks to which it is exposed. 
206  [81] 
Statement to be provided if investment product cannot be encashed prior to 
maturity date or early redemption charge  
398. A regulated entity shall ensure that an advertisement for an investment 
product states if the relevant investment product cannot be encashed prior to its


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product states if the relevant investment product cannot be encashed prior to its 
maturity date, or if a consumer incurs an early redemption charge if encashed 
prior to its maturity date. 
 
Statement to be provided where deductions for charges and expenses not made 
uniformly 
399. A regulated entity shall ensure that an advertisement for an investment 
product subject to deductions for charges and expenses that are not made


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product subject to deductions for charges and expenses that are not made 
uniformly throughout the term of the investment product, and are applied earlier 
in the investment product’s term, states that – 
(a) 
deductions for charges and expenses are applied in this manner, 
(b) 
if a consumer withdraws from the investment product prior to its 
maturity date, the practice of applying deductions for charges and 
expenses in this manner will impact on the amount of the 
consumer’s return, and


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expenses in this manner will impact on the amount of the 
consumer’s return, and  
(c) 
if applicable, that a consumer may not get back the full amount 
they invested on the maturity date of the product. 
 
 
 
[81]  207 
 
Information on deposit interest rate on investment represented by tracker bond 
or component thereof 
400. (1) Where a regulated entity advertises a deposit interest rate in respect 
of an investment represented by a tracker bond, or a component of that


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of an investment represented by a tracker bond, or a component of that 
investment, the advertisement shall state the following: 
(a) 
whether the interest rate quoted is fixed or variable; 
(b) 
if the interest rate quoted is fixed, the period for which it is fixed 
and, where relevant, an indication of the rate that will apply after 
that fixed period if the term of the tracker bond is longer than the 
applicable fixed period; 
(c)


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applicable fixed period; 
(c) 
the relevant compound annual rate calculated in respect of the 
term of the tracker bond that is applicable to the investment, or a 
component of that investment, to be placed on deposit; 
(d) 
whether any tax is payable on the interest earned on the 
investment, or a component of that investment, placed on deposit. 
(2) Each rate provided to a consumer in accordance with this Regulation 
shall be of equal font size and prominence.


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shall be of equal font size and prominence. 
 
Information on projected return on investment for tracker bond  
401. (1) Where a regulated entity advertises a projected return on 
investment for a tracker bond, the regulated entity shall ensure that the equivalent 
compound annual rate is expressed and shown as prominently in the 
advertisement as the projected return of that tracker bond. 
(2) For the purposes of paragraph (1), where the investment representing a


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(2) For the purposes of paragraph (1), where the investment representing a 
tracker bond is invested in separate components, the requirement to express and 
show the equivalent compound annual rate as prominently shall apply in respect 
of each of those components over the term of the tracker bond. 
 
Chapter 5 
Product producer responsibilities 
 
Information to be provided to intermediaries for consumers in relation to new 
investment products


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Information to be provided to intermediaries for consumers in relation to new 
investment products 
402. A product producer shall provide the following information to an 
intermediary in relation to a new investment product designed by that product 
producer for sale by an intermediary to consumers: 
(a) 
the key characteristics and features of the product; 
(b) 
the target market of consumers for the product; 
(c) 
the nature and extent of the risks inherent in the product;  
(d)


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(c) 
the nature and extent of the risks inherent in the product;  
(d) 
the level, nature, extent and limitations of any guarantee attaching 
to the product and the name of the guarantor. 
208  [81] 
Information on investment products to meet certain standards 
403. A product producer using an intermediary to sell its investment product 
to consumers shall provide information about the investment product to the 
intermediary that is clear, accurate, up to date, and not misleading, and includes


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intermediary that is clear, accurate, up to date, and not misleading, and includes 
the information referred to in Regulations 371 and 402.  
 
Facility to be given to intermediaries when seeking information on investment 
product 
404. (1) A product producer shall provide an ongoing facility to an 
intermediary to raise questions and obtain information on an investment product 
that is the subject of Regulations 371 and 402.


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that is the subject of Regulations 371 and 402.  
(2) A product producer shall notify the intermediary of the availability of the 
facility referred to in paragraph (1) and shall provide it to the intermediary for 
the duration of the period in which that investment product is offered for sale by 
the product producer and sold to consumers through that intermediary. 
 
Information on new investment product to be updated and provided to 
intermediary


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Information on new investment product to be updated and provided to 
intermediary 
405. (1) Subject to paragraph (2), within one year of providing the 
information referred to in Regulation 402 and within each year thereafter, or on 
a more frequent basis, a product producer shall update that information and shall 
provide the updated information to the intermediary.   
(2) A product producer shall update the intermediary with respect to any


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(2) A product producer shall update the intermediary with respect to any 
additional material information, which the product producer has implemented or 
of which the product producer is aware, in relation to the matters referred to in 
Regulation 402(a) to Regulation 402(d), within 10 working days of 
implementation or of becoming aware. 
 
Chapter 6 
MiFID Article 3 services 
 
Scope and application (Chapter 6) 
406. This Chapter applies to a regulated entity when providing MiFID


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406. This Chapter applies to a regulated entity when providing MiFID 
Article 3 Services. 
 
Recording of telephone conversations or electronic communications  
407. (1) A regulated entity shall either – 
(a) 
comply with Regulations 23(5) to (12) of the MiFID Regulations 
2017 and Article 76(1)(b), 76(8) and 76(10) of the MiFID 
Delegated Regulation, or  
[81]  209 
 
(b) 
where telephone conversations or electronic communications


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[81]  209 
 
(b) 
where telephone conversations or electronic communications 
relating to the provision of client order services that relate to 
offering, arranging or providing an investment product are not 
recorded – 
(i) 
promptly follow up the telephone conversation with a 
written communication to the client which confirms the key 
details of the telephone conversation, and 
(ii) 
provide the client with an opportunity to disagree with the


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(ii) 
provide the client with an opportunity to disagree with the 
content of the written communication or to otherwise stop 
the order being executed within a specified time–frame.  
(2) The written confirmation referred to in paragraph (1)(b)(i) shall include, 
at a minimum, the order details and the details of any recommendation in 
connection with that order.  
 
Disclosure of conflicts of interest  
408. (1) A regulated entity shall ensure that disclosure to consumers


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408. (1) A regulated entity shall ensure that disclosure to consumers 
includes a specific description of the conflicts of interest that arise in offering, 
recommending, arranging or providing an investment product.  
(2) The description referred to in paragraph (1) shall explain –  
(a) 
the risks to the client that arise as a result of the conflicts of 
interest, and  
(b) 
the steps undertaken to mitigate those risks,


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interest, and  
(b) 
the steps undertaken to mitigate those risks,  
in sufficient detail to enable that client to take an informed decision with respect 
to the investment business service in the context of which the conflicts of interest 
arise.  
 
Conflicts of interest policy 
409. A regulated entity shall assess and periodically review, on at least an 
annual basis, its conflicts of interest policy and shall take all appropriate 
measures to address any deficiencies.


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measures to address any deficiencies.  
 
Target market and information on products  
410. Where a regulated entity offers, recommends, arranges or provides an 
investment product, it shall have in place adequate arrangements to –  
(a) 
obtain all appropriate information on the investment product and 
the investment product approval process, including the identified 
target market of the investment product, and  
(b) 
understand the characteristics and identified target market of each


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(b) 
understand the characteristics and identified target market of each 
investment product.  
 
 
 
210  [81] 
Independent advice – fees, commissions, etc. 
411. A regulated entity shall comply with Regulation 32(13)(b) of the MiFID 
Regulations 2017, subject to Regulation 32(15) of those Regulations.  
 
Independent advice – information 
412. A regulated entity shall comply with Article 52(1) and 52(3) of the 
MiFID Delegated Regulation.


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MiFID Delegated Regulation.  
 
Independent advice – restriction on natural person providing both independent 
and non–independent advice 
413. A regulated entity offering investment advice on both an independent 
basis and on a non–independent basis shall not allow a natural person to provide 
both independent and non–independent advice.  
 
Information relating to execution of orders  
414. A regulated entity shall ensure that Article 59 of the MiFID Delegated 
Regulation is complied with.


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Regulation is complied with.  
 
Information on costs and associated charges  
415. A regulated entity shall comply with the following: 
(a) 
Regulations 32(4)(d) and 32(7) to (9) of the MiFID Regulations 
2017;  
(b) 
Article 50(2), 50(5), 50(8), 50(9) (second subparagraph) and 
50(10) of the MiFID Delegated Regulation.  
 
Periodic suitability assessments  
416. A regulated entity shall comply with the following: 
(a) 
Regulation 32(5)(c) of the MiFID Regulations 2017;  
(b)


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(a) 
Regulation 32(5)(c) of the MiFID Regulations 2017;  
(b) 
Article 54(12) (third subparagraph) and Article 54(13) of the 
MiFID Delegated Regulation.  
 
Remuneration  
417. A regulated entity shall comply with Article 27(4) of the MiFID 
Delegated Regulation.  
 
 
 
[81]  211 
 
Part 6 
FINAL PROVISIONS AND REVOCATIONS 
 
Revocations  
418. (1) The following are revoked: 
(a) 
Central Bank (Supervision and Enforcement) Act 2013 (Section


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(a) 
Central Bank (Supervision and Enforcement) Act 2013 (Section 
48) (Licensed Moneylenders) Regulations 2020 (S.I. No. 196 of 
2020); 
(b) 
Central Bank (Supervision and Enforcement) Act 2013 (Section 
48(1)) (Insurance Requirements) Regulations 2022 (S.I. No. 126 
of 2022). 
(2) The revocation of the Consumer Protection Code as amended, the Code 
of Conduct on Mortgage Arrears as amended, the Central Bank (Supervision and


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of Conduct on Mortgage Arrears as amended, the Central Bank (Supervision and 
Enforcement) Act 2013 (Section 48) (Licensed Moneylenders) Regulations 
2020, or the Central Bank (Supervision and Enforcement) Act 2013 (Section 
48(1)) (Insurance Requirements) Regulations 2022 does not – 
(a) 
affect any direction given by the Bank, investigation undertaken, 
or disciplinary, sanctioning or enforcement action undertaken by 
the Bank or any other person, in respect of any matter in existence


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the Bank or any other person, in respect of any matter in existence 
at, or before, the time of the revocation, or 
(b) 
preclude the taking of any legal proceedings, or the undertaking 
of any investigation, or disciplinary, sanctioning or enforcement 
action by the Bank or any other person, in respect of any 
contravention of an enactment or requirement imposed under an 
enactment, or any misconduct which may have been committed 
before the time of the revocation. 
Amendments


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before the time of the revocation. 
Amendments 
419. (1) Regulation 4(c) of the Central Bank (Supervision and 
Enforcement) Act 2013 (Section 48(1)) (Housing Loan Requirements) 
Regulations 2022 is substituted with the following: 
“(c) without limiting the generality of paragraph (b), a housing loan entered 
into as part of the mortgage arrears resolution process described in provision 
16 of the Code of Conduct on Mortgage Arrears issued by the Bank or as part


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16 of the Code of Conduct on Mortgage Arrears issued by the Bank or as part 
of the mortgage arrears resolution process described in Regulation 238 of the 
Central Bank (Supervision and Enforcement) Act 2013 (Section 48) 
(Consumer Protection) Regulations 2025.” 
(2) Regulation 4(3) and (4) of the Central Bank (Supervision and 
Enforcement) Act 2013 (Section 48(1)) (Investment Firms) Regulations 2023 
(S.I. No. 10 of 2023) is substituted by the following: 
“(3) An investment firm shall – 
(a)


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(S.I. No. 10 of 2023) is substituted by the following: 
“(3) An investment firm shall – 
(a) 
not change its name without the prior written approval of the 
Bank, 
212  [81] 
(b) 
notify the Bank within 5 working days, in writing, of any change 
to the investment firm’s registered office address, postal address, 
telephone number or email address,  
(c) 
where issuing correspondence relating to regulated activities, 
state on the investment firm’s headed paper that it is regulated by


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state on the investment firm’s headed paper that it is regulated by 
the Bank, and 
(d) 
take appropriate steps to mitigate the risk that a customer will 
understand an activity to be, or to carry the protections of, a 
regulated activity where this is not the case, including through 
clearly distinguishing between the firm’s regulated activities and 
its unregulated activities. 
(4) An investment firm shall not provide the Bank, in purported compliance


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(4) An investment firm shall not provide the Bank, in purported compliance 
with supervisory and regulatory requirements, with information which it knows 
or ought reasonably to know to be false or misleading in a material respect. 
(5) In this Regulation – 
“regulated activities” means the provision of financial services, including 
financial products, that are provided in this State by an investment firm and 
which are subject to the regulation of the Bank;


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which are subject to the regulation of the Bank; 
“unregulated activities” means the provision of services of a financial nature, 
which are not otherwise regulated activities, to consumers in the State.”  
 
Failure to comply with these Regulations 
420. A failure by a regulated entity to comply with any requirement or 
obligation imposed pursuant to these Regulations is a prescribed contravention 
for the purpose of the administrative sanctions procedure under Part IIIC of the


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for the purpose of the administrative sanctions procedure under Part IIIC of the 
Act of 1942 and may be subject to enforcement action and the imposition of 
administrative sanctions by the Bank in accordance with that Part. 
 
[81]  213 
 
SCHEDULE 1 
Summary statement on variable mortgage interest rates 
Regulation 172(4)(d) 
Variable Rate Policy Statement 
[Note to regulated entities: Warning statements must be in compliance with


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[Note to regulated entities: Warning statements must be in compliance with 
Regulation 45 i.e. in a box, in bold type and of a font size that is at least equal to 
the predominant font size used throughout the summary statement.] 
[Include the following warning statement: 
“Warning: We may change the interest rate on this loan. This means the cost of 
your monthly repayments may increase or decrease.”]  
 
What do we consider when setting our variable interest rates?


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What do we consider when setting our variable interest rates? 
[Include the following information:  
(a) 
the factors and criteria that the regulated entity uses in making a 
decision on the setting or changing of the variable interest rate. 
For example, where factors and criteria such as credit risk, cost of 
funds, operational costs, regulatory requirements, competitive 
position and environment, profitability and business strategy are


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position and environment, profitability and business strategy are 
relevant, include these factors and criteria in a manner that seeks 
to explain these factors and criteria in an informative and non–
technical manner;  
(b) 
a statement outlining that variations/changes in the factors and 
criteria stated under this heading could result in changes to the 
variable interest rate.]   
 
How do we make decisions when setting variable interest rates?


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variable interest rate.]   
 
How do we make decisions when setting variable interest rates? 
[Include information on the governance processes and procedures applied by the 
regulated entity in setting the variable interest rate. Explain these processes and 
procedures at a high level using non–technical terms with a focus on the level 
within the regulated entity at which decisions are made and their frequency on 
both a normal and extraordinary basis.]


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both a normal and extraordinary basis.]  
 
Why do we have different variable interest rates? 
[Set out the circumstances when the regulated entity applies different variable 
interest rates to different cohorts of personal consumers and the reasons why 
different rates apply to those consumer cohorts.]  
 
Could you get a different type of interest rate or a lower interest rate? 
[Encourage the personal consumer to consider their mortgage options on a


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[Encourage the personal consumer to consider their mortgage options on a 
regular basis, note where information on alternative options with the regulated 
entity is available (e.g. a website address or hyperlink to the relevant section of 
214  [81] 
the regulated entity’s website), and encourage the personal consumer to contact 
the regulated entity if they consider that there may be a better offer available for 
them, explaining how the personal consumer can do so.]


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them, explaining how the personal consumer can do so.] 
 
Instructions to regulated entities when completing their Variable Rate 
Policy Statement 
Draft the statement in a clear, consumer friendly manner and in plain English. 
Before providing the Variable Rate Policy Statement to personal consumers or 
publishing it on its website, the regulated entity shall first conduct consumer 
testing on the content to ensure that the content is clear and easily understood. 
 
 
[81]  215 
 
SCHEDULE 2


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[81]  215 
 
SCHEDULE 2 
Information notice (number 1) (high cost credit provider) 
Regulation 207 
 
Information notice 
✓If you require this credit to pay for accommodation, food, electricity, heating, 
medication or other similar costs, availing of credit from a high cost credit 
provider may not be in your best interests. You can find more information on the 
Money Advice and Budgeting Service website at www.mabs.ie, including in


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Money Advice and Budgeting Service website at www.mabs.ie, including in 
relation to the debt counselling services of the Money Advice and Budgeting 
Service. [Insert the contact details for the Money Advice and Budgeting Service 
and information on any relevant charities which have notified the high cost credit 
provider that they may be able to assist consumers through the provision of 
emergency funds or items to meet their immediate basic needs.]


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emergency funds or items to meet their immediate basic needs.] 
 
✓If you would like to take time to consider your options prior to completing a 
credit application further, please do so. However, you can proceed with your 
credit application if you wish. If you choose not to proceed with your credit 
application today, you can contact us again should you wish to discuss future 
credit. 
 
 
 
216  [81] 
SCHEDULE 3 
Information notice (number 2) (high cost credit provider)


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credit. 
 
 
 
216  [81] 
SCHEDULE 3 
Information notice (number 2) (high cost credit provider) 
Regulations 210 and 211 
 
Information notice about credit from a licensed high cost credit provider 
 
Warning: This is high–cost credit. 
 
[Name of high cost credit provider] is the provider of high–cost credit. 
 
Consider alternative options before applying for this credit, including 
alternatives from other lenders regulated by the Central Bank of Ireland. 
 
For example: 
✓


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alternatives from other lenders regulated by the Central Bank of Ireland. 
 
For example: 
✓ 
Shop around in order to know whether you can obtain credit on terms 
better suited to you. 
✓ 
If you are struggling to manage your finances, talk to your creditors to 
agree a payment plan and ask the Money Advice and Budgeting Service 
for help. You can find more information on the MABS website at 
www.mabs.ie. 
✓ 
If you are in receipt of social welfare payments, you may qualify for


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www.mabs.ie. 
✓ 
If you are in receipt of social welfare payments, you may qualify for 
additional financial support which may address your immediate financial 
needs. Contact your local citizens information office for more information. 
 
[Our high cost credit agreements have an APR of [insert interest rate as APR] 
with a cost of credit of [insert cost of credit in euro] per €100 borrowed. 
 
or 
 
Our high cost credit agreements range from having an APR of [insert lowest


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or 
 
Our high cost credit agreements range from having an APR of [insert lowest 
interest rate product provided as APR] with a cost of credit of [insert lowest cost 
of credit in euro] per €100 borrowed, to an APR of [insert highest interest rate 
product provided as APR] with a cost of credit of [insert highest cost of credit in 
euro] per €100 borrowed. 
 
or in relation to running accounts 
 
Our high cost credit agreements have a maximum APR of [insert interest rate as 
APR].]


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Our high cost credit agreements have a maximum APR of [insert interest rate as 
APR].] 
[81]  217 
 
Licensed high cost credit providers must assess your creditworthiness in 
accordance with regulatory requirements. Before providing credit, we will seek 
such information from you. 
 
[Payments collected in person include a home collection charge. There are 
alternative collection methods that do not incur a charge, these are: [include 
details] [delete if not applicable]]. 
 
218  [81]


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details] [delete if not applicable]]. 
 
218  [81] 
SCHEDULE 4 
 
Standard financial statement  
(mortgage borrowers) 
 
Regulation 219 – definition of  
“standard financial statement” 
 
[Note to regulated entities: Provided that the standard financial statement (SFS) 
meets the prescribed format, a regulated entity may improve the design and 
presentation of the SFS for the purpose of making the SFS more user–friendly 
for mortgage borrowers.]


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for mortgage borrowers.] 
 
Information to help you with completing the Standard Financial 
Statement (SFS) 
Please read carefully 
To complete the SFS, please use the Guide to completing a Standard Financial 
Statement published by the Central Bank and available on its website [insert 
“here” with relevant hyperlink].  
We at [insert name of regulated entity] are committed to working with customers 
who are in or facing financial difficulties to find a solution where that is possible.


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who are in or facing financial difficulties to find a solution where that is possible. 
Before you complete this Standard Financial Statement (SFS), please read the 
following information which will assist you with understanding the document.  
What is this Standard Financial Statement?  
This SFS helps you set out your financial situation. After you complete it, we 
will assess your information as part of the Mortgage Arrears Resolution Process


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will assess your information as part of the Mortgage Arrears Resolution Process 
(MARP). We will then explore what type of alternative repayment arrangement 
(ARA), from the options we offer, is appropriate and sustainable for your 
individual circumstances. While it may look like a lot of information to provide, 
we only ask for the information we really need to help us to assess your financial 
situation and find, when possible, a suitable solution for you.


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situation and find, when possible, a suitable solution for you.  
Where can I find more information on the MARP?  
▪ Our MARP booklet can be found [insert “here” with relevant 
hyperlink]. The MARP booklet also provides useful information 
where no alternative solution is offered to you.  
▪ The Central Bank’s [guide to the requirements of Chapter 9 of Part 3] 
outlines your protections when experiencing difficulties with your


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outlines your protections when experiencing difficulties with your 
mortgage and can be found [insert “here” with relevant hyperlink].  
What supports are available to help me complete the SFS?  
Check our website for the range of the supports we provide [insert “here” with 
relevant hyperlink].  
The Central Bank’s Guide to completing a Standard Financial Statement 
can be found  [insert “here” with relevant hyperlink].   
[81]  219


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can be found  [insert “here” with relevant hyperlink].   
[81]  219 
 
The Money Advice and Budgeting Service (MABS): MABS is a free, 
confidential and independent service which will help you to complete the SFS. 
They will talk you through the document and give advice about the supporting 
documents you may need to provide.   
Call the MABS [insert “Helpline” or succeeding name of MABS Helpline] on 
[insert appropriate telephone number] and/or visit the website of MABS [insert


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[insert appropriate telephone number] and/or visit the website of MABS [insert 
“here” with relevant hyperlink].  
Abhaile is a service to help homeowners find a resolution to home mortgage 
arrears. Depending on your situation, Abhaile provides vouchers for you to get 
financial advice, legal advice or insolvency advice and help from experts. The 
vouchers are available through MABS.  
Mortgage to Rent (MTR) is a government scheme to help homeowners who


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Mortgage to Rent (MTR) is a government scheme to help homeowners who 
are at risk of losing their homes due to mortgage arrears. The MTR scheme is a 
social housing option only available if you are eligible for social housing support 
and your mortgage is unsustainable.  
For more information visit [insert “here” with hyperlink to relevant government 
website].  
Other debt advisory services like a financial adviser


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website].  
Other debt advisory services like a financial adviser  
If you decide that you want a MABS adviser or a lawyer, accountant or financial 
adviser to act for you, we ask that you agree in writing for us to contact them. 
We will then work with them directly and no longer contact you except in 
relation to matters other than your arrears situation.  
Other resources:  
You can also check the website of the Competition and Consumer Protection


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Other resources:  
You can also check the website of the Competition and Consumer Protection 
Commission (CCPC) for useful information about loans and mortgages [insert 
“here” with hyperlink to CCPC website].   
Who do I contact if I have a question?  
If you have any questions, please contact us at [insert relevant contact details]. 
We have specially trained staff to deal with customers experiencing financial 
difficulties, and can help you with completing your SFS.  
What’s in the SFS?


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difficulties, and can help you with completing your SFS.  
What’s in the SFS?  
Please fill out all sections of the SFS fully and accurately and provide any 
documents that we may need to assess your financial circumstances. Any 
missing documents will slow down the assessment of your SFS. The Table below 
outlines the content of each section of the SFS along with key points for you to 
note.  
For information, all the terms in blue are explained in Appendix 1 available at


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note.  
For information, all the terms in blue are explained in Appendix 1 available at 
the end of this document. Please refer to this Appendix as you complete the SFS.  
Appendix 2 provides a checklist of all documents which may be required to 
complete your SFS. Please note we may request additional documents from you 
if necessary to the assessment of your SFS.   
[Note to regulated entities: In the following pages of the document, use blue font


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[Note to regulated entities: In the following pages of the document, use blue font 
for text in square brackets marked with an asterisk. “Borrower” has the same 
meaning as the defined term “mortgage borrower”.] 
 
220  [81] 
Information to be provided 
 
 
 
Section  
This section asks for? 
Tick 
when 
completed  
Section A 
My details 
Details about your personal circumstances, your name, address, 
occupation and the number of people living in your household. 
 
[  ] 
Section B 
My


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occupation and the number of people living in your household. 
 
[  ] 
Section B 
My 
mortgage 
Details about your mortgage on your primary residence, that 
is, the residential property you occupy as your primary 
residence, or the only residential property you own. This 
section also helps you to better understand the key elements of 
your mortgage. 
[  ] 
Section C 
My monthly 
income 
Details on all your monthly income. 
[  ] 
Section D 
My monthly 
household 
expenditure


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income 
Details on all your monthly income. 
[  ] 
Section D 
My monthly 
household 
expenditure 
Details of all your expenditure or outgoings, calculated on a 
monthly basis. Details of all expenses that may be incurred 
during the expected period of financial difficulty should be 
included in the SFS 
[  ] 
Section E 
My monthly 
debt 
payments 
Details about monthly amounts of all your other debt 
repayments (other than your mortgage repayment on your 
primary residence). 
[  ] 
Section F


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repayments (other than your mortgage repayment on your 
primary residence). 
[  ] 
Section F 
My other 
properties 
Details on properties you own which are not your primary 
residence. 
[  ] 
Section G 
My 
other 
assets 
Details of all other assets you own, either on your own or with 
someone else for example savings, cars, and shares. 
[  ] 
Section H  
Summary of 
your SFS 
This section will help you to review the figures you inputted in 
sections B, C, D and E. 
[  ] 
[81]  221


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sections B, C, D and E. 
[  ] 
[81]  221 
 
Section A: My details 
 
Borrower 1 
Borrower 2 
A1 Name 
A2 [Correspondence address*] 
A3 
Property address  
(if different to correspondence 
Address) 
 
Please indicate 
preferred 
contact method 
A4 Home telephone 
A5 Mobile 
A6 E–mail 
A7 Marital status 
 
A8 Date of birth  
DD/MM/YYYY 
DD/MM/YYYY 
A9 Total number of all persons in 
household 
A10 No. and age of [ 
dependants*] 
Dependant 1 
Dependant 2 
Dependant 3 
Dependant 4 
A11


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A10 No. and age of [ 
dependants*] 
Dependant 1 
Dependant 2 
Dependant 3 
Dependant 4 
A11 
Are any of these dependants in 
third level education? [Yes/No] If 
Yes, please provide the number of 
expected years remaining. 
A12 
Are any of these dependants or 
persons living in the household 
without being a dependant 
financially contributing to the 
household on a monthly basis? 
[Yes/No] If Yes, please include 
the monthly contribution in field 
C8. 
A13 
Do any of these dependants have


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the monthly contribution in field 
C8. 
A13 
Do any of these dependants have 
medical or care needs that have an 
impact on your financial situation? 
[Yes/No] If Yes, please include 
the monthly cost of any related 
medical expenses in field D4. 
A14 
Are you currently employed? 
[Yes/No] If you are self–
employed, please provide details. 
A15 
What is your current occupation? 
If you are unemployed or retired, 
please include your previous 
occupation. 
A16 Are you in permanent


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please include your previous 
occupation. 
A16 Are you in permanent 
employment? [Yes/No] 
A17 Name of current employer and 
your length of service 
222  [81] 
 
 
 
A18 
For what reason(s) are you having, 
difficulty meeting your mortgage 
and/or other debt repayments?  
Please select all that apply. 
[..] Unemployment 
[..] Reduced Income 
[..] Illness 
[..] Divorce/Separation 
[..] Bereavement 
[..] School/College Fees  
[..] Household bills 
[..] Other (Please specify) 
[..] Unemployment


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[..] School/College Fees  
[..] Household bills 
[..] Other (Please specify) 
[..] Unemployment 
[..] Reduced Income 
[..] Illness 
[..] Divorce/Separation 
[..] Bereavement 
[..] School/College Fees  
[..] Household bills 
[..] Other (Please specify) 
A19 
How long do you expect these 
difficulties to continue? (If you are 
not in a position to answer this
question, 
please 
contact 
your 
mortgage provider to seek support 
on how to answer this question) 
[..] 0–3 months 
[..] 3–6 months


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on how to answer this question) 
[..] 0–3 months 
[..] 3–6 months 
[..] 6–12 months 
[..] 12+ months 
[..] 0–3 months 
[..] 3–6 months 
[..] 6–12 months 
[..] 12+ months 
[81]  223 
 
Section B: My mortgage 
 
This section relates to the mortgage on your primary residence, that is, the residential property 
you occupy as your primary residence, or the only residential property in the State you own.  
B1 
Mortgage provider 
 
B2 
Mortgage Account Reference Number(s)  
 
B3


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B1 
Mortgage provider 
 
B2 
Mortgage Account Reference Number(s)  
 
B3 
Account reference of any other mortgage account(s) on 
your primary residence (for example top–up account) 
 
B4 
Total outstanding mortgage balance (€) (do not include 
arrears) This total should include the balances of B2 and 
B3 (if applicable) 
 
B5 
Estimated current value of primary residence (€) 
 
B6 
Monthly mortgage repayments due (€) 
 
H4 
B7 
Monthly mortgage repayments being paid (€) 
 
B8


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Monthly mortgage repayments due (€) 
 
H4 
B7 
Monthly mortgage repayments being paid (€) 
 
B8 
Remaining term of mortgage 
 
B9 
Current Interest Rate (%) 
Is this rate fixed, or variable? 
Please select Variable for tracker rate. 
 Fixed  
 Variable 
 Part fixed and 
part variable 
B10 
Arrears balance (€) (if applicable) 
 
B11 
Is your mortgage currently [restructured*]? 
[Yes/No]  
 
 
B12 
Do you have a Payment Protection Insurance policy? 
[Yes/No] 
 
 
 
 
 
224  [81]


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B12 
Do you have a Payment Protection Insurance policy? 
[Yes/No] 
 
 
 
 
 
224  [81] 
Section C: My monthly income 
If you face seasonal or irregular income, please engage with your mortgage provider 
for further assistance on completing this section. 
Please consult the SFS consumer Guide on how to calculate monthly income. 
 
 
Borrower 1 
Borrower 2 
TOTAL € 
C1 
[Gross monthly 
salary*]  
(for self–employed 
please refer to 
Revenue Form 11) 
  
  
 
C2 
[Net monthly salary*]


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(for self–employed 
please refer to 
Revenue Form 11) 
  
  
 
C2 
[Net monthly salary*]  
(for self–employed 
please refer to 
Revenue Form 11)  
 
 
 
C3 
Monthly social 
welfare benefits  
Please list under rows 
C3 a, b and c. 
  
 
 
 
  
  
 
C3 (a) 
Benefit (please 
specify)  
 
 
 
C3 (b) 
Benefit (please 
specify) 
 
 
 
C3 (c) 
Benefit (please 
specify)  
 
 
 
C4 
Child Benefit 
 
  
 
C5 
[Mortgage Interest 
Supplement*] 
 
  
 
C6 
Working Family 
Payment 
 
 
 
C7


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C5 
[Mortgage Interest 
Supplement*] 
 
  
 
C6 
Working Family 
Payment 
 
 
 
C7 
Maintenance received 
 
 
 
C8 
[Other (please 
specify)*]  
 
 
 
C9 
Monthly rental income 
(from other properties) 
(report figure from F5) 
 
 
 
C10 
Monthly income from 
non–property assets 
(report figure from 
G7) 
 
 
 
C11 
Total monthly 
income (sum of C2 to 
C10) 
  
  
  
 
H1 
 
 
 
[81]  225 
 
Section D: My monthly household expenditure – Guidance


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C10) 
  
  
  
 
H1 
 
 
 
[81]  225 
 
Section D: My monthly household expenditure – Guidance 
 
The figures you include in section D are based on your household’s individual circumstances. 
When calculating the average monthly cost for each of the expenses, you should seek to 
include the examples of items listed below in your figure for ‘average monthly cost’. To 
calculate your monthly average costs consult the SFS Guide [here]. You only need to include


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calculate your monthly average costs consult the SFS Guide [here]. You only need to include 
costs that are relevant to your household.  
 
Expense 
Examples of items to include in average monthly cost figure 
D1 
Food 
Groceries, takeaways and eating out (restaurants, cafés, canteens) 
D2 
Clothing 
Clothes and footwear 
D3 
Personal care 
Personal hygiene, baby/infant costs and grooming items 
D4 
Health 
Medicines and medical visits and appointments 
D5 
Household 
goods


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D4 
Health 
Medicines and medical visits and appointments 
D5 
Household 
goods 
Furniture, appliances, cleaning products 
D6 
Household 
services 
Bin charges, household repairs and maintenance, local property 
tax, management fees, TV licence, TV channels and streaming 
services, bank charges or fees 
D7 
Communications 
Phone (mobile and landline) and internet 
D8 
Education 
Uniforms, books, school/college/course fees and contributions,


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D8 
Education 
Uniforms, books, school/college/course fees and contributions, 
extracurricular activities and costs linked to 3rd level 
accommodation. 
D9 
Transport 
Petrol, motor tax, NCT, vehicle repairs and maintenance, parking 
and tolls, public transport costs (including school transport), 
taxis, rental costs 
D10 
Household 
Energy 
Electricity and home heating 
D11 
Insurance and 
Pension 
Any type of insurance, including motor, home, health, mortgage


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D11 
Insurance and 
Pension 
Any type of insurance, including motor, home, health, mortgage 
protection, payment protection, income protection, life assurance, 
pension contribution, where not deducted from salary at source. 
D12 
Savings 
 
D13 
Social inclusion 
and participation 
Social events, sports and hobbies, special occasions such as 
Christmas or any religious holidays and birthdays, and other 
events or activities 
D14  Childcare 
 
D15 
Rent


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events or activities 
D14  Childcare 
 
D15 
Rent 
For example, in the case of separated borrowers, where one 
borrower is not living in the household and is paying rent for other 
accommodation. 
D16 
Other 
Any other expenses not already captured. May include 
maintenance paid to spouse/child, costs associated with another 
property, elderly care, nursing home fees, carer fees, legal costs, 
children’s/ teenagers’ pocket money. 
 
 
 
226  [81] 
 
Section D: My monthly household expenditure


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226  [81] 
 
Section D: My monthly household expenditure 
Please read the guidance above before you fill in this section. 
 
Average Monthly Cost € 
Arrears 
(where 
applicable) 
€ 
D1 
Food 
  
 
D2 
Clothing 
  
 
D3  
Personal care 
  
 
D4 
Health 
 
 
D5 
Household goods 
 
 
D6 
Household services 
 
 
D7 
Communications 
 
 
D8 
Education 
 
 
D9  
Transport 
 
 
D10  Household energy 
 
 
D11  Insurance and pension 
 
 
D12 
Savings 
 
 
D13  Social inclusion and participation


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D11  Insurance and pension 
 
 
D12 
Savings 
 
 
D13  Social inclusion and participation 
 
 
D14 
Childcare 
 
 
D15 
Rent 
 
 
D16 
Other (please specify) 
 
 
D17 
Total Monthly Expenditure (sum of D1 
to D16) 
 
H2 
 
 
If there is any additional information not captured above that may impact your monthly 
expenditure, please include here [you may also use this text box to explain a high level of 
costs for certain items above] 
 
 
 
 
 
 
 
 
 
 
[81]  227


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costs for certain items above] 
 
 
 
 
 
 
 
 
 
 
[81]  227 
 
Section E: My monthly debt payments 
 
Debt type 
Monthly 
repayments Remaining 
term 
Total 
outstanding 
balance€ 
Arrears 
balance€ Provider 
Due € Being 
paid € 
E1 
[Court mandated 
debt*] (Please 
specify)  
 
 
 
 
 
 
E2 
Credit union loan 
 
 
 
 
 
 
E3 
Personal bank 
loan 
 
 
 
 
 
 
E4 
[High cost 
credit loan / 
moneylending 
loan*]  
 
 
 
 
 
 
E5 
Loans from 
family/friends 
 
 
 
 
 
 
E6 
[Hire 
purchase/PCP


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loan*]  
 
 
 
 
 
 
E5 
Loans from 
family/friends 
 
 
 
 
 
 
E6 
[Hire 
purchase/PCP 
agreement*] 
 
 
 
 
 
 
E7 
[Credit card*]  
 
 
 
 
 
 
E8 
Mortgage 
repayments on 
other properties 
(see F5) 
 
 
 
 
 
 
E9 
[Revenue Debt*] 
 
 
 
 
 
 
E10 
[Other debt 
(please specify)*] 
 
 
 
 
 
 
E11 
[Other debt 
(please specify)*] 
 
 
 
 
 
 
E12 
[Other debt 
(please specify)*] 
 
 
 
 
 
E13 
Total (sum of E1 
to E12) 
 H5 
 
 
 
228  [81] 
Section E: My monthly debt payments


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E13 
Total (sum of E1 
to E12) 
 H5 
 
 
 
228  [81] 
Section E: My monthly debt payments 
 
Debt type 
Purpose of 
loan/debt   
Is this debt 
[secured*] 
[Yes/No] 
 
Is this debt 
currently 
[restructured*]? 
[Yes/No] 
E1 
[Court mandated 
debt*] (Please 
specify)  
 
 
 
E2 
Credit union loan 
 
 
 
E3 Personal bank loan 
 
 
 
E4 
[High cost credit 
loan / 
moneylending 
loan*]  
 
 
 
E5 
Loans from 
family/friends 
 
 
 
E6 
[Hire 
purchase/PCP 
agreement*] 
 
 
 
E7


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E5 
Loans from 
family/friends 
 
 
 
E6 
[Hire 
purchase/PCP 
agreement*] 
 
 
 
E7 
[Credit card*]  
 
 
 
E8 
Mortgage 
repayments on 
other properties 
(see F5) 
 
 
 
E9 
[Revenue Debt*] 
 
 
 
E10 
[Other debt 
(please specify)*] 
 
 
 
E11 
[Other debt 
(please specify)*] 
 
 
 
E12 
[Other debt 
(please specify)*] 
 
 
 
E13 Total (sum of E1 
to E12) 
 
 
 
[81]  229 
 
Section F: My other properties (other than primary residence)


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to E12) 
 
 
 
[81]  229 
 
Section F: My other properties (other than primary residence) 
This section relates to properties you own or partially own which are not your primary 
residence. 
When completing this section, please ensure the following: 
• The figures for monthly rental income and monthly expenditure should also be included in 
Sections C (My Monthly Income) and D (My Monthly Expenditure) 
• The figures for monthly mortgage repayments due and being paid should also be included


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• The figures for monthly mortgage repayments due and being paid should also be included 
in Section E (My Monthly Debt Payments) 
Property 
(include 
details 
below) 
[Property 
type*]  
 
[Ownership 
type*] 
Estimated 
current 
value € 
Loan 
balance 
€ 
Arrears 
balance 
€ 
Monthly 
rental 
income € 
[Monthly 
expenditure*] 
F1 1 
F2 2 
F3 3 
F4 4 
F5 Total  
C9 
 
 
 
 
 
 
Section F: My other properties (other than primary residence)


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F4 4 
F5 Total  
C9 
 
 
 
 
 
 
Section F: My other properties (other than primary residence) 
This section relates to properties you own or partially own which are not your primary 
residence. 
When completing this section, please ensure the following: 
• The figures for monthly rental income and monthly expenditure should also be included in 
Sections C (My Monthly Income) and D (My Monthly Expenditure)


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Sections C (My Monthly Income) and D (My Monthly Expenditure) 
• The figures for monthly mortgage repayments due and being paid should also be included 
in Section E (My Monthly Debt Payments) 
Is this debt currently 
[restructured*]? 
[Yes/No]  
Monthly mortgage 
repayments 
Mortgage 
provider 
Is this property currently 
for sale? 
[Yes/No] 
Due € 
Being 
paid€ 
 
F1 
F2 
F3 
F4 
F5 
E16 
230  [81] 
My other properties (other than primary residence) 
Property 
Address 
Date of purchase 
1 
2


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My other properties (other than primary residence) 
Property 
Address 
Date of purchase 
1 
2 
3 
4 
 
 
 
Section G: My other assets 
Asset Type 
Original 
cost/ 
value € 
Estimated 
current 
value € 
Net 
monthly 
income 
Please give any relevant 
details 
G1 Savings/deposits/current 
account 
G2 [Shares*] 
G3 Redundancy payment(s) 
G4 Long–term investment (s)  
(for example, a pension 
fund) 
G5 Other investment(s) 
G6 Other assets (for example, 
vehicles, stock, 
machinery)


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fund) 
G5 Other investment(s) 
G6 Other assets (for example, 
vehicles, stock, 
machinery) 
G7 Total (sum of G1 to G6) 
C10 
 
Please list all other liabilities, for example any guarantees given with respect to company 
borrowing or borrowing by a family member. 
 
 
 
 
 
 
 
[81]  231 
 
 
Signature Page 
 
[All regulated entities must ensure that the signature page of the Standard 
Financial Statement (SFS) is compliant with applicable Irish and/or EU law.


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Financial Statement (SFS) is compliant with applicable Irish and/or EU law. 
▪ Data protection law and requirements:  
All regulated entities must include information for the borrower on the regulated 
entity’s obligations under applicable data protection law, for example, relating 
to the collection, processing and holding of the borrower’s information. 
▪ Consent requirements: 
A regulated entity cannot deem a Standard Financial Statement to be incomplete


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A regulated entity cannot deem a Standard Financial Statement to be incomplete 
where any optional consents have not been signed by the borrower. 
It is the responsibility of a regulated entity to ensure that the signature page of 
the Standard Financial Statement includes any wording or requests for consent 
necessary to comply with applicable Irish and/or EU law. 
▪ Borrower’s declaration: 
All regulated entities must request a declaration from the borrower confirming


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All regulated entities must request a declaration from the borrower confirming 
the accuracy of the information provided in the Standard Financial Statement.] 
 
 
Section H: Summary of financial situation (to be completed by the borrower) 
H1 
Total Monthly Income (C11) 
H2 
Total Monthly Expenditure (D17) 
− 
H3 
Sub–Total (H1 minus H2) 
= 
H4 
Monthly Mortgage Repayments Due (B6) − 
H5 
Other Monthly Debt Repayments Due 
(E13) 
− 
H6 
Total Surplus/Deficit  (Take away H4 and 
H5 from H3)


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(E13) 
− 
H6 
Total Surplus/Deficit  (Take away H4 and 
H5 from H3)  
= 
232  [81] 
Appendix 1 – Glossary 
Please find below useful guidance (terms explained and examples) to help 
you to complete your SFS. 
Section A My details 
A2 
Correspondence address 
This address will be used for all correspondence relating 
to this SFS. 
A10 Dependant 
A person who financially relies on you. 
Section B My mortgage 
B11 Restructured 
Select Yes if you have previously agreed with your


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Section B My mortgage 
B11 Restructured 
Select Yes if you have previously agreed with your 
mortgage provider to change the terms and conditions 
of your mortgage due to financial difficulties – for 
example reduced monthly payments. 
Section C My monthly income 
C1 
Gross monthly salary  
Before tax and any other deductions at source. 
C2 
Net monthly salary  
If you have a deduction from your salary at source for 
example for health insurance, pension, credit union or


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example for health insurance, pension, credit union or 
Revenue payments do not include them again. 
C5 
Mortgage Interest Supplement 
If you were previously eligible for and receiving this 
payment under the Mortgage Interest Supplement 
scheme, you should now receive it as part of the 
Supplementary Welfare Scheme. 
C8 
Other 
For example pension, room rent (for primary residence), 
grants, financial contribution from dependants. Please 
do not repeat any monthly income already covered


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do not repeat any monthly income already covered 
under previous headings. 
Section E My monthly debt payments 
 
Secured 
Select yes if a security for example a property, a vehicle 
or a guarantee is attached to the debt. 
 
Restructured 
Select yes if you have previously agreed with your loan 
provider to change the terms and conditions of your loan 
due to financial difficulties for example reduced 
monthly payments. 
E1 
Court mandated debt


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due to financial difficulties for example reduced 
monthly payments. 
E1 
Court mandated debt 
For example, fines, instalment orders, judgements. 
[81]  233 
 
E4 
High cost credit loan / 
moneylending loan 
Typically small loans at a high rate of interest over a 
short period of time.   
E6 
Hire purchase/PCP agreement 
Type of credit, often associated with car financing. 
Under a hire purchase (HP) agreement, you hire the car, 
pay an agreed amount usually in monthly repayments,


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pay an agreed amount usually in monthly repayments, 
and only become the legal owner of the car at the end of 
the agreement.  The legal owner of the car is the finance 
company that gave you the money to buy the car and 
you cannot sell the car without the finance company’s 
permission. 
E7 
Credit cards 
Including credit cards linked to shops. 
E9 
Revenue Debt 
For example all arrangements you may have in place 
with the Revenue to pay taxes you were not in a 
position to pay fully. 
E10


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with the Revenue to pay taxes you were not in a 
position to pay fully. 
E10  
E11  
E12 
Other Debt 
For example additional loans or credit cards, 
overdrafts, payment of arrears on utilities, Buy Now 
Pay Later or shop credit. 
Section F My other properties (other than primary residence) 
 
Ownership Type  
For example, sole or joint ownership. Where you do 
not 100% own a property, please state the % of the 
property that you do own. 
Monthly Expenditure


