Introduction to Consumer Protection
The Central Bank of Ireland has a role in ensuring that the best interests of consumers of financial services are protected.
Our objective is to have a financial services industry where consumers' interests are protected. This means that:
- Consumers should be provided with clear, relevant and accurate information, including on cost, during the sales process;
- Consumers should be recommended a product/service appropriate to their needs and suitable for them; and
- Consumers should receive a high standard of follow-up services, e.g., making a claim, making a complaint, switching product, dealing with errors, policy renewals, follow-up advice on investments/pensions, etc.
In relation to consumer protection we develop, introduce and monitor compliance with our statutory codes of conduct. We also monitor compliance with other consumer protection requirements applicable to financial services providers operating in Ireland, including various European directives. We also set minimum competency standards for firms.
We monitor compliance with consumer protection requirements through:
To promote compliance, we provide feedback on themed inspections and publish the main issues on our website. Breaches of regulatory requirements are dealt with in accordance with our Administrative Sanctions procedure. We also regularly engage with the financial services industry to more actively promote our role and to provide compliance assistance to the firms we supervise.
* With effect from 1 March 2010, the statutory consumer information and education functions transferred to the Competition and Consumer Protection Commission.
Additional information which you may find useful is available in the links below:
A Regulatory Perspective on Consumer Risk | pdf 457 KB