New Consumer Protection Code Addendum in ForceMay 2020New rules which mandate financial intermediaries to disclose commission arrangements came into effect on 31 March 2020. The requirements, which were published by the Central Bank of Ireland as an addendum to the Consumer Protection Code 2012, will ensure greater transparency for consumers who use intermediaries.
From 31 March 2020, intermediaries must:
- inform the customer about any commissions received for selling a financial product or service;
- not describe themselves as "independent" where they receive a commission;
- post on their website details of all commissions from product producers;
- not take commission that could be contrary to the best interests of the customer; and
- not accept free hospitality packages or tickets from financial product or service providers.
For further details on this topic please refer to our blog HERE
By Judy de Castro - Regulatory Consultant