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Central Bank launches review of Consumer Protection Code

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Central Bank of Ireland

Central Bank of Ireland

Central Bank of Ireland

The Central Bank has launched a discussion paper as it commences a review of the Consumer Protection Code.

The code is a set of rules and principles that all regulated financial services firms must adhere to when providing financial products and services to consumers.

The discussion paper forms part of a wider programme that will see the Central Bank engage with a range of people and organisations across Ireland to gather their opinions on the existing code.

The Central Bank said the paper would look at a number of topics, including existing availability and choice of financial products, as well as innovation, digitalisation and vulnerability.

Central Bank governor Gabriel Makhlouf described the code as a “cornerstone of consumer protection in financial services in Ireland.”

He said the review would make sure that “the code remains fit for purpose and future-ready”, as well as ensure the consumer remains well-protected.

Deputy governor Derville Rowland said that the financial landscape is currently transforming, presenting a potential need for updates to the code as a result.

“Looking to the longer-term, it is essential to evaluate fully the complex consumer issues that are emerging from significant societal and technological change,” she said.

“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.”

She added that any changes to the code would be informed by “the experiences and insights” of both consumer and financial services firms.

As part of the review process, the Central Bank has created an online survey to allow people to share their views.

Feedback will then inform any future decision-making on any changes to the existing code, with any proposed revisions also subject to public consultation.

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