Central Bank of Ireland: Engagement Update on Consumer Protection Code ReviewAugust 2023
On 31st July 2023, the CBI published an engagement update following on from its discussion paper published in October 2022, on the review of the Consumer Protection Code 2012. The CBI has conducted a six month engagement programme across a wide array of stakeholder which included round tables, bilateral meetings, industry events, public surveys and written stakeholder submissions.
From the feedback sought, five themes have emerged:
- Digitalisation: New technologies have provided greater opportunities for customers, but firms must ensure that the needs of all customers continue to be met.
- Vulnerable Customers: firms need to be able to identify actual or potential vulnerability characteristics and support customers through changing life events.
- Transparency: standardised and clear disclosure requirements need to be provided to accurately inform customers, ensuing that information provided is not excessive.
- Financial Literacy: improved financial education can aid customers a number of key financial areas.
- Regulatory status: it must be clear if firms and products are not regulated by the CBI. The availability of unregulated products by regulated firms creates confusion for customers.
The CBI intends to introduce a revised and modernised Consumer Protection Code 2024, which wil include consolidating existing riles with he Code of Conduct on Mortgage Arrears (“CCMA”). It plans to consult on the Code in December 2023.
Following adoption of the revised Code in 2024, work on further enhancements to the Code will be undertaken over the course of 2024, with additional Regulations planned for 2025.
The full Engagement Update can be read HERE