Ian Guider: Moneylending doesn’t need a revamp, it needs to be replaced
New laws around ‘high-cost credit’ will be useful, but even better would be creating ways to bring those who have no other options than moneylenders into mainstream finance
At the end of June, Provident Financial, the British-based doorstep lender, left a parting gift to its Irish customers. The company wrote off all of the estimated €21 million of loans still owed to it by thousands of borrowers.
Most of the outstanding balances were for under €500, but for those with loans above that, the extra benefit was the decision to clear their credit histories. It’s small change for Provident in the context of...
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EML Payments sets aside €7m for Central Bank investigation into Prepaid Financial Services
Sum is a provision to cover costs and potential fines relating to anti-money laundering and counter-terrorism concerns at Irish subsidiary of Australian fintech
Financial sector executives could be suspended for 30 months while being investigated
The new rule increasing the maximum suspension from six months is part of legislation to introduce tougher penalties for individual executives in the sector
Analysis: Draft legislation brings individual accountability for financial sector misconduct a step closer
Executives could be fined up to €1 million and barred from working in the sector if they breach financial conduct rules under proposed new law
Phil Hogan appointed to executive advisor role in decentralised finance legal assurance firm
Astra Protocol is a patented blockchain legal product that claims to facilitate easier and safer smart contracts and for decentralised finance products such as crypto currencies.