The new Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Act 2022, which: 

  • requires any person carrying on a business of offering hire purchase products (including personal contract plans) or consumer-hire products to consumers, and any other person providing credit directly or indirectly to consumers, to be authorised by the Central Bank as a retail credit firm (if not already subject to Central Bank authorisation); and
  • requires any person who services such products to be authorised by the Central Bank as a credit servicing firm,

has been commenced with effect from today, 16 May 2022. 

For more information on the new framework, read our recent update here: Hire-Purchase, Consumer Hire, PCP and Buy-Now-Pay-Later: New authorisation framework