Regulation 7 Money advice on debtor applications: procedure on evidence and information

In advising under section 4 of the Act on a debtor application, a money adviser must obtain evidence of the debtor’s income and expenditure.

A money adviser must retain records in relation to the advice given to the debtor (including the evidence obtained under paragraph (1)) in making a debtor application, for 2 years from the date on which the advice was given.

A money adviser must provide as required by AiB, information about a debtor’s application (including evidence obtained under paragraph (1) or the debtor’s consent to the application).