Consumer Protection Code Review

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Have your say

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 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.

How is the Review being conducted?

The Review is being conducted in three broad phases:

Discussion Paper

We know that changes to the Code must be informed by the experiences and insights of those whom it seeks to protect – as well as those it regulates.

This is why we have published the Discussion Paper. We want to hear from the public, industry and consumer/representative bodies about how consumer protection in financial services should evolve to remain effective. These views will help to inform the evolution of the Code so it continues to protect consumers.

The Discussion Paper seeks views on specific consumer protection topics – including availability and choice of financial products, firms acting in consumers’ best interests, innovation and disruption, digitalisation, vulnerability, financial literacy and climate matters.

With your input to this first stage of the Consumer Protection Code review, we can work towards renewing the Code to ensure it continues to be relevant and effective in securing the best interests of consumers of financial services for the years ahead.

Our Discussion Paper is structured as follows:

Have your say

What changes do you think need to be made to the Consumer Protection Code to ensure that it is fit for purpose in today’s financial system? This Discussion Paper is an opportunity for you to have your say.

In order to capture the broadest range of views, we have launched two online surveys – one aimed primarily at industry and consumer/representative bodies, and one aimed at the public.

The in-depth industry / representative body survey allows for more detailed responses to the information contained in the Discussion Paper. We recommend reading the Discussion Paper prior to completing the industry / representative body survey.

The short-form public survey asks high-level, multiple choice questions on the policy topics contained in the Discussion Paper. This survey will take around five minutes to complete. While we encourage you to read the Discussion Paper, the survey can be completed without any pre-reading. Members of the public are also welcome to complete the in-depth survey.

Consumer Protection Code Review – Discussion Paper | pdf 2317 KB

The deadline for feedback is 5.00pm on Friday 31 March 2023.

We will publish a summary of the feedback we receive to both surveys in Q2 2023.

See also: