One of Ireland’s leading law firms, McCann FitzGerald has launched another legal-tech application today, in a collection of AI-driven applications designed to revolutionise legal service delivery.
The new Credit Reporting Compliance App assists businesses who offer credit, as they work to comply with their responsibilities under the Credit Reporting Act 2013.
Anyone who provides any form of financial accommodation such as loans or deferred payments, is required to submit information to the Central Credit Register which is maintained by the Central Bank of Ireland. As from 30th September 2018, details of credit provided to non-consumer borrowers must also be submitted.
The new competitively priced app, allows both regulated and non-regulated credit providers to:
- analyse whether their business comes within the scope of the Credit Reporting Act
- decide whether a particular transaction is within the scope of the Act or not
- identify the gaps in their compliance
The new Credit Reporting Compliance tool, followed by the previous release of GDPR Gab Analyses app, is part of McCann FitzGerald’s overall approach to the growth of marketing-leading, innovative solutions for the delivery of legal services, with client applications being just one aspect.
Partner and Head of Financial Services Regulatory Group at McCann FitzGerald, Josh Hogan comments, “Businesses who provide credit are facing a major compliance challenge on the horizon. Now that the scope of the Credit Reporting Act is about to be expanded to non-consumer borrowers, there is an urgent need to educate a wider business audience on the applicability of the Act so that businesses don’t breach their reporting obligations.
“For regulated entities, a breach of the Act could lead to serious consequences, including http://corporate.devere-vault.com/wp-content/uploads/sites/2/2020/03/88363e8c-4f42-4249-97b0-dc1b135cc77d.jpgistrative sanctions by the Central Bank, and so ensuring compliance needs to be a top priority for those in-scope lenders. However, it’s important to realise that the scope of the Act is not limited to regulated lenders. Any company or individual who provides credit potentially falls within its scope, even where lending is not the person’s core business. Directors, employee and shareholder loans are examples of where the Act can potentially apply, even though those credit arrangements are peripheral to a company’s main business.
Barry Devereux, Managing Partner of McCann FitzGerald added, “Today’s clients are redefining how they want their legal services to be delivered. While legal expertise is still paramount, clients now rightly demand more efficiency, flexibility and innovation. ‘Progressive Delivery’ is our response to those changing requirements.”