Consumer Protection Code Review

(Ensure cookies are turned "on" to load the video above) | Transcript of the video "Video transcript Consumer Protection Code Review – Engagement Update (July 2023)"

The Central Bank of Ireland is conducting a comprehensive review of the Consumer Protection Code 2012.

The Consumer Protection Code is a set of principles and rules that regulated financial firms must follow when they:

  • Sell financial products and services to you
  • Give you financial information or advice
  • Advertise financial products or services
  • Handle your complaints

The Code was developed to protect you as a consumer of financial products and services.

The Code has served consumers well. It has established a strong set of rules and expectations for how firms should treat their customers. It has allowed us to intervene to protect consumers – such as tackling the banking sector’s mistreatment of tracker mortgage customers, or the unfair treatment of loyal customers in the insurance sector.

However, given the rapidly changing financial services landscape, the Central Bank is now reviewing the Code.

The aim of the review is to modernise the Code to ensure it is fit for purpose and continues to protect consumers of financial products today and in the future.

Phase 1: Discussion Paper

Engagement Update

In October 2022, we published a Discussion Paper, seeking views on the issues emerging for consumers in the changing financial services landscape.

An extensive six-month engagement programme with our stakeholders followed, including roundtables, bilateral meetings, and an online public survey.

The response to this engagement programme was very positive and has given us a deeper understanding of the issues facing consumers of financial services.

We are now publishing an update on this engagement to share what we have learned so far and what we will do next. We are also publishing the individual responses received to our Discussion Paper, along with the results of an online public survey, which was open on our website between December 2022 and April 2023.

Consumer Protection Code Review Discussion Paper – Engagement Update

Submissions received in response to Discussion Paper

Consumer Protection Code Review Discussion Paper – Public Survey Results

We also took to the streets of Dublin to find out what members of the public thought about a range of consumer topics. Watch the videos below.

(Ensure cookies are turned "on" to load the video above) | Transcript of the "Word on the Street video"

About the Discussion Paper

We published our Discussion Paper to engage the public, industry and consumer/representative bodies on how consumer protection in financial services should evolve to remain effective. With your input to this phase of the Code Review, we can now work towards renewing the Code to ensure it continues to be relevant and effective in securing the best interests of financial services consumers for the years ahead. 

 

How is the Consumer Protection Code Review being conducted?

The review is being conducted in three phases:

What Happens Next?

Now that we have completed our engagement programme on our Discussion Paper, work on the review of the Code is ongoing. Our next step will be to publish a consultation paper on the revised Code in December 2023.

Code Review Process Timeline

See also: