Regulator proposes ‘beefed-up’ consumer protection

Central Bank publishes consultation paper on reformed consumer protection code for the digital age

The Central Bank has published a consultation paper on plans for a beefed-up consumer protection code.

It said the proposals were intended to modernise consumer protection in financial services and reflect how consumers are accessing financial services today.

“The Consumer Protection Code is the cornerstone of the Irish consumer protection framework. It has served consumers well, and the time has come to update the protections to support the financial system of today and into the future,” deputy governor Derville Rowland said.

She said the package of proposed reforms included measures making digital platforms easier to use as well as requiring regulated financial services firms to make it clear when they are providing unregulated services. It also contains a new definition of financial abuse as well as stronger monitoring for fraud and scams and better communications by firms.

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“We are proposing a package of new and updated protections to deal with the transformation in financial services, including proposals related to digitalisation, informing consumers effectively, mortgage credit and switching, unregulated activities, frauds and scams, vulnerable customers and climate risk,” Ms Rowland said.

In a proposed new framework to support people in vulnerable circumstances, firms will be required to take reasonable steps to support such customers and to implement training, reporting and the recognition of trusted contact people.

People can respond to the consultation paper between now and June 7th.

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