Central Bank initiates review of Consumer Protection Code

The central bank has published a discussion paper as it begins reviewing the Consumer Protection Code.

The Code is a set of rules and principles that all regulated financial services companies must comply with when offering consumer financial products and services.

The discussion paper is part of a wider program whereby the Central Bank is working with a range of people and organizations across Ireland to seek their views on the existing Code.

The central bank said the paper will address a range of issues, including the existing availability and choice of financial products, as well as innovation, digitization 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 ensure “the code remains fit for purpose and future-proof” as well as ensuring the consumer remains well protected.

Deputy Governor Derville Rowland said the financial landscape is changing, posing a potential need for updates to the code as a result.

“In the longer term, it is important to fully assess the complex consumer issues arising from significant societal and technological change,” she said.

“We recognized that companies must manage these changes in a way that puts the best interests of consumers at the heart of their business decisions and avoids risk to consumers.”

She added that any changes to the code would be based on “experience and insight” from both consumer and financial services companies.

As part of the review process, the central bank created an online poll to allow people to share their views.

The feedback will then inform any future decisions on changes to the existing Code, with any proposed revisions also subject to public consultation.

https://www.independent.ie/business/irish/central-bank-launches-review-of-consumer-protection-code-42036465.html Central Bank initiates review of Consumer Protection Code

Fry Electronics Team

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