Chapter 2: General Principles (2.1 - 2.12) 

CLARIFICATION OF SCOPE

Consumer Credit, Payment Services and Electronic Money

a) Where regulated entities are providing credit under credit agreements which fall within the scope of the European Communities (Consumer Credit Agreements) Regulations 2010 (S.I. No. 281 of 2010), only General Principles 2.1 to 2.4 and 2.7 to 2.12 apply.

b) Where regulated entities are providing payment services and/or issuing electronic money, only General Principles 2.1 to 2.4 and 2.7 to 2.12 apply.

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GENERAL PRINCIPLES (2.1 - 2.12)

A regulated entity must ensure that in all its dealings with customers and within the context of its authorisation it:

2.1             
acts honestly, fairly and professionally in the best interests of its customers and the integrity of the market;

2.2             
acts with due skill, care and diligence in the best interests of its customers;

2.3             
does not recklessly, negligently or deliberately mislead a customer as to the real or perceived advantages or disadvantages of any product or service;

2.4             
has and employs effectively the resources, policies and procedures, systems and control checks, including compliance checks, and staff training that are necessary for compliance with this Code;

2.5             
seeks from its customers information relevant to the product or service requested;

2.6             
makes full disclosure of all relevant material information, including all  charges, in a way that seeks to inform the customer;

2.7             
seeks to avoid conflicts of interest;

2.8             
corrects errors and handles complaints speedily, efficiently and fairly; 

2.9             
does not exert undue pressure or undue influence on a customer;

2.10         
ensures that any outsourced activity complies with the requirements of this Code;  

2.11         
without prejudice to the pursuit of its legitimate commercial aims, does not, through its policies, procedures, or working practices, prevent access to basic financial services; and

2.12         
complies with the letter and spirit of this Code.