The Central Bank has today (3 October 2022) launched a Discussion Paper on the review of the Consumer Protection Code.
The Discussion Paper is part of an extensive engagement programme with a wide range of people and organisations to hear their views and experiences.
Speaking at the launch event today with civil society representatives, Governor of the Central Bank of Ireland Gabriel Makhlouf said:
“The Consumer Protection Code is a cornerstone of consumer protection in financial services in Ireland.
The Code has served consumers well. It has established a set of rules and expectations for how firms should treat their customers and has allowed us to intervene to protect consumers. We are now undertaking this review to ensure that the Code remains fit for purpose and future-ready, and that consumers remain well-protected.”
Derville Rowland, Deputy Governor – Consumer and Investor Protection said:
“We are delighted today to launch this Discussion Paper on Consumer Protection which is the first stage of the review of the Consumer Protection Code.
The Code continues to drive our work to protect consumers on a daily basis, in tandem with relevant EU and domestic laws. The financial landscape is currently experiencing significant changes on a number of fronts. We have been clear that firms must navigate these changes in a manner that places the best interests of consumers at the heart of their commercial decision-making and avoids creating risks to consumers. And we will intervene where we judge that firms are not doing enough.
Looking to the longer-term, it is essential to evaluate fully the complex consumer issues that are emerging from significant societal and technological change. Changes to the Code must be informed by the experiences and insights of those whom it seeks to protect – as well as those it regulates.
We want people to have their say on these issues and you can do that by visiting our website for further information and completing our online survey.”
The paper and survey have been launched to stimulate feedback to the Central Bank on key topics, and the Bank will engage widely with stakeholders on important topics including,
- availability and choice of financial products;
- firms acting in consumers’ best interests;
- innovation and disruption;
- vulnerability; and,
- financial literacy.
The feedback received will inform the Bank’s decision-making on proposed revisions to the Code.
Those proposed revisions will in turn be the subject of a formal public consultation on proposed changes to the Code.
Notes to Editor
The Discussion Paper presents a discussion on ten themes: availability and choice; firms acting in consumers’ best interests; innovation and disruption; digitalisation; unregulated activities; pricing; informing effectively; vulnerability; financial literacy; and climate matters.