Comment: Credit servicing firms get new protection standards
The Central Bank is regulating the activities of third-party companies that collect from borrowers
In December 2015, the Central Bank released its authorisation requirements and standards for credit servicing firms.
The standards follow the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 which introduced a new regulatory regime for credit servicing firms and the new regulated activity of credit servicing.
The act was primarily introduced to ensure that borrowers will have the same regulatory protections throughout the duration of their loan, even if their loan is ...
