Central Bank of Ireland issues Consumer Protection Outlook Report 2022March 2022
In this report the Central Bank of Ireland, (CBI) has highlighted five Key Cross Sectoral Risks:
· Poor business practices and weak business processes.
- Ineffective disclosures to consumers.
- The changing operational landscape.
- Technology-driven risks to consumer protection.
- The impact of shifting business models.
The report illustrates how the CBI delivered for consumers in 2021 and looks at each of the cross sectoral risks in detail, including listing expectations the CBI has of firms in each area of risk. The CBI is very clear stating “Through this work, we will hold boards and executives of firms to account to demonstrate a proactive and appropriate understanding, ownership and oversight of business performance, business model evolution and key risks”.
This report is essential reading for regulated financial service providers.
To read the report and the linked press release see links below:
Press Release: Poor business practices, ineffective disclosure and changes in financial services present risks for consumers of financial services – Consumer Protection Outlook Report
By: Eilish Larkin - Regulatory Consultant