Central Bank (Supervision and Enforcement) Act 2013

63.

Amendment of section 33A of Central Bank Act 1997.

63.— Section 33A of the Central Bank Act 1997 is amended—

( a) in subsection (1) by substituting “, a person authorised to carry on a regulated business” for “an authorised retail credit firm or an authorised home reversion firm”,

( b) in subsection (1)( a)—

(i) by substituting “the person’s” for “the firm’s”, and

(ii) by substituting “persons authorised to carry on regulated business” for “retail credit firms or authorised home reversion firms”,

( c) in subsection (1)( c)—

(i) by substituting “any relevant document” for “a credit agreement or home reversion agreement, or on any other relevant document,”, and

(ii) by substituting “the document” for “the agreement”,

( d) in paragraph (1)( d) by substituting “person” for “firm”,

( e) in subsections (2) and (3), by substituting “person” for “firm” and by substituting “persons” for “firms”, in each place, and

( f) by inserting the following subsections after subsection (3)—

“(4) The Bank may also impose on persons authorised to carry on a money transmission business a condition or requirement to raise and maintain such capital or other financial resources as may be specified by the Bank.

(5) The Bank may also impose on a debt management firm a condition or requirement to effect a policy of professional indemnity insurance—

( a) in such form,

( b) providing indemnification up to such sum and in respect of such matters, and

( c) valid for such minimum period,

as the Bank may specify from time to time.”.