Brokers fear being shut out of debt advice

Financial brokers fear they will be prevented from providing debt management advice to their clients because of increases in compliance costs under proposed new Central Bank regulations.

14th September, 2013

Financial brokers and advisers fear they will be prevented from providing debt management advice to their clients because of big increases in compliance costs under proposed new Central Bank regulations.

Brokers and advisors, who are already regulated, are finding they will need to invest heavily in extra professional indemnity cover, internal audit capacity and compliance expertise just to give incidental advice on typical problems, such as mortgage arrears.

In some cases, small firms will have...

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