The Central Bank has introduced a new consumer protection code aimed at improving citizens' protection from online fraud and ensuring that they are informed about the products they purchase.
After careful review, an updated Consumer Protection Code was published.
This code sets out a set of rules and business standards that regulated financial institutions must follow when interacting with customers.
Companies have one year to implement the updated code, and its provisions will come into force in March 2026.
Monday's publication was the culmination of a comprehensive review that included a discussion paper, a public survey, consultation and engagement with consumers and industry stakeholders.
The Code reflects modern methods of providing financial services in the digital age and builds on the protections provided by the current Code.
The main objective of the updated code is the obligation of companies to protect the interests of customers, which expresses a customer-oriented approach in which companies actively take responsibility for protecting consumer rights.
It also strengthens consumer protections in a variety of areas, including disclosures, mortgage switching options, and requires companies to be alert to growing fraud risks.
Governor Gabriel Makhlouf said: “The update to the Consumer Protection Code is a significant milestone in ensuring the protection of financial services customers in Ireland and builds on the strong foundations of its predecessor.
“Over the last ten years, we have played a significant role, in particular in conjunction with the CCPC (Competition and Consumer Commission) and the FSPO (Financial Services and Pensions Ombudsman), in improving the consumer protection system in Ireland to ensure that the system and safeguards are in line with global standards.
“The way we as consumers purchase, use and interact with financial services is changing significantly.
“These changes reflect new preferences, create new opportunities and meet the diverse needs of individuals, families and businesses.
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“However, they also create new challenges and risks for the financial sector we oversee and for the consumers we protect.
“In this changing ecosystem, we need to adapt, evolve and transform.
“The reality is that all of us – companies, regulators, lawyers, the media – must come together to protect the interests of clients as they seek to manage their finances and plan for their future.”
Sourse: breakingnews.ie
