The Personal Insolvency Act 2012 (Authorisation of Approved Intermediaries) Regulations 2013 (S.I. No. 216 of 2013) set out the qualification criteria and authorisation requirements that must be met for a person or class of person to carry on the practice of an Approved Intermediary.
Before the Insolvency Service can authorise an individual as an Approved Intermediary, the applicant must be able to demonstrate to the Insolvency Service:
that he or she has relevant experience in the provision of financial advice to persons in arrears;
that he or she has completed a course of study and passed an exam in relation to the law and practice in the State relating to the insolvency of individuals and in relation to the Act.
The applicant must be also able to demonstrate to the Insolvency Service that he or she has, or has access to, adequate resources to carry on the practice of an Approved Intermediary.
In the case of a body corporate, they must have at least one individual who meets the criteria above.
Approved Intermediaries must be independent, competent and capable. They must also be honest, ethical and act with integrity.
An Approved Intermediary will be dealing with people in vulnerable situations. As such, they will be expected to have the necessary people, communication, judgement and negotiation skills.
What do you need to know to carry out your role as an Approved Intermediary
The Insolvency Service would expect that on completion of a course which meets the requirements of the Insolvency Service, a prospective Approved Intermediary should be in a position to:
Understand the role of, authorisation process and regulations applicable to the Approved Intermediary;
Analyse an individuals' financial position to assess income and expenditure and calculate disposable income, value assets and liabilities and consider the implications of contingent liabilities such as third party guarantees for loans;
Assess reasonable living expenses;
Comprehend and be in a position to compare and contrast the different debt relief processes, including bankruptcy and any other options that may be available to debtors;
Advise the debtor as to his or her eligibility for debt relief and recommend the appropriate debt relief arrangement, if any, for his or her circumstances and explain clearly the reasons for the recommendations;
Effectively explain to debtors the procedures and terminology used in the debt relief process;
Correctly interpret and complete the documentation and procedures to be used in the insolvency process;
Comprehend the structure and functions of the Insolvency Service;
Engage appropriately with the Insolvency Service;
Understand the role of the Courts in the personal insolvency process.
If you intend to make an application to become an Approved Intermediary
You should first make yourself familiar with the requirements set out in the Personal Insolvency Act 2012 (Authorisation of Approved Intermediaries) Regulations 2013 and the Approved Intermediary Application Form.
You will also need to log onto the Insolvency Service’s portal system to be given access to our systems to allow you to make your application. The portal is designed to deliver a secure communication channel between the Insolvency Service and approved intermediaries.
How to make an application
The Approved Intermediary Application Form is a Word document, which you can type your details into. All applications submitted must be typed. If a question does not apply to you, you should state ‘not applicable’ or ‘N/A’. Do not leave any blank spaces.
The completed application must be printed, signed and dated at the relevant sections. The various items of documentation, which are listed on the checklist on the application form together with the completed application form, will need to be scanned on to our portal system.
You shall inform the Insolvency Service of any changes to the information provided in the application form during the application process.
The Insolvency Service will NOT commence the processing of any application is it is not complete in all respects. Applications will be treated as incomplete unless all questions raised in the application form are fully answered and all applicable supporting documentation has been received by the Insolvency Service of Ireland. Incomplete applications may be returned to you as invalid.
Please note that it will take a minimum of thirty minutes to receive your account activation notice, once you have registered.
How to contact us
If you have any queries in relation to the application form, or other Regulation queries, please contact:
Telephone: 076 106 4234