Conduct of Business Rules 

The Central Bank of Ireland has a number of statutory codes of conduct.  These codes of conduct are set out below:

Consumer Protection Code

The Consumer Protection Code 2006 (the Code) was introduced in August 2006 and it came fully into effect on 1 July 2007.  The Code set out the requirements that regulated firms must comply with when dealing with consumers in order to ensure a similar level of protection for consumers, regardless of the type of financial services provider. 

In May 2008, we produced an Addendum to the Consumer Protection Code in respect of the activities of retail credit firms and home reversion firms, to meet our new regulatory responsibilities in respect of these firms as set out in the Markets in Financial Instruments & Miscellaneous Provisions Act, 2007. 

The Consumer Protection Code 2006 was revised and the Consumer Protection Code 2012 came into effect on 1 January 2012.

In July 2015, following the enactment of the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015, we produced an Addendum to the Consumer Protection Code 2012.

In July 2016, following a public consultation process on Increased Protections for Variable Rate Mortgage Holders (CP98), and to give effect to consequential amendments to the Consumer Protection Code arising from the transposition of the EU Mortgage Credit Directive and the coming into effect of the Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Lending to Small and Medium-Sized Enterprises) Regulations 2015, we produced a further Addendum to the Consumer Protection Code 2012.

Relevant Consumer Protection Code documents 

All documents relevant to the Consumer Protection Code and its implementation are set out below:

Consumer Protection Code 2012

Addendum to Consumer Protection Code 2012- July 2016 | pdf 716 KB Feedback to CP98- Increased Protections for Variable Rate Mortgage Holders | pdf 814 KB Addendum to Consumer Protection Code 2012- July 2015 | pdf 654 KB Consumer Protection Code 2012 | pdf 1748 KB Letter issued to debt management firms re Additional Consumer Protection Requirements | pdf 409 KB Consumer Protection Code 2012 1 January 2012 to 31 December 2014 | pdf 1385 KB Guidance on the Advertising Requirements of the Consumer Protection Code 2012 | pdf 1149 KB Letter issued to regulated entities re Consumer Protection Code 2012 | pdf 48 KB Consumer Protection Code 2012 Guidance - Updated December 2012 | pdf 914 KB Feedback to CP54-Review of the Consumer Protection Code | pdf 1072 KB April 2012 - Consumer Protection Code 2012 and Code of Conduct on Mortgage Arrears Interpretations | pdf 136 KB

Consumer Protection Code 2006

Consumer Protection Code | pdf 2334 KB Consumer Protection Code Clarifications Document | pdf 198 KB Consumer Protection Code Regulatory Impact Analysis | pdf 619 KB Consumer Protection Code Public Response Document | pdf 1855 KB Clarification on Provision 4.14 of the Consumer Protection Code | pdf 27 KB Letter to industry regarding implementation date of 1 July 2007 set for Consumer Protection Code 2006 dated 27 April 2007 | pdf 24 KB Letter to industry on the introduction of the Consumer Protection Code and Minimum Competency Requirements dated 21 July 2006 | pdf 30 KB Addendum to the Consumer Protection Code | pdf 168 KB Letter issued to industry regarding the Addendum to the Consumer Protection Code dated 23 May 2008 | pdf 25 KB Notice to creditors of the dis-application of provisions of the Consumer Protection Code in view of the EC (Consumer Credit Agreements) Regulations 2010 dated 2 February 2011. | pdf 389 KB

Consumer Protection Code for Licenced Moneylenders

As licenced moneylenders are not subject to the Consumer Protection Code, the Central Bank of Ireland has a code specifically for licenced moneylenders.

Download Consumer Protection Code for Licenced Moneylenders | pdf 104 KB

Code of Conduct on Mortgage Arrears

In February 2009, a Code of Conduct on Mortgage Arrears was introduced for all mortgage lenders.  This Code was effective from 27 February 2009 to 16 February 2010.  On 17 February 2010, an amended Code of Conduct on Mortgage Arrears was introduced for all mortgage lenders.  This Code was effective from 17 February 2010 to 31 December 2010.  On 1 January 2011, a revised Code of Conduct on Mortgage Arrears came into effect. On 1 July 2013, a further revised Code of Conduct on Mortgage Arrears came into effect.

All documents relevant to the Code of Conduct on Mortgage Arrears and its implementation are set out below.

Addendum to the Code of Conduct on Mortgage Arrears 2013 | pdf 693 KB 2013 Code of Conduct on Mortgage Arrears | pdf 1120 KB Letter issued to regulated entities on the 2013 Code of Conduct on Mortgage Arrears | pdf 845 KB Feedback to CP63 - Review of the Code of Conduct on Mortgage Arrears | pdf 866 KB Code of Conduct on Mortgage Arrears 27 February 2009 to 16 February 2010 | pdf 340 KB Letter re introduction of Code of Conduct on Mortgage Arrears 19 February 2009 | pdf 18 KB Code of Conduct on Mortgage Arrears 17 February 2010 to 31 December 2010 | pdf 193 KB Letter re amendment to Code of Conduct on Mortgage Arrears 5 February 2010 | pdf 279 KB 2011 Code of Conduct on Mortgage Arrears | pdf 784 KB Letter re revised Code of Conduct on Mortgage Arrears 6 December 2010 | pdf 36 KB April 2012 - Consumer Protection Code 2012 and Code of Conduct on Mortgage Arrears Interpretations | pdf 136 KB December 2012 - Clarifications on the Code of Conduct on Mortgage Arrears | pdf 249 KB

The following provisions of the 2006 Consumer Protection Code (2006 Code) were dis-applied for mortgage lenders when dealing with mortgage arrears and pre-arrears cases under the CCMA:

Chapter 2: Provision 46, 47 and 48 (Complaints handling)

Chapter 4:  Provisions 4 and 11.

On 1 January 2012, the Consumer Protection Code 2012 (2012 Code) became effective, replacing the 2006 Code.  With effect from that date, the following provisions of the 2012 Code have been dis-applied for mortgage lenders dealing with borrowers in arrears or pre-arrears under the CCMA:

Chapter 6 (Post-sale information requirements): Provisions 6.8 and 6.9

Chapter 8 (Arrears handling): All provisions 

Standard Financial Statement

The purpose of the SFS is to gather relevant financial information from a borrower in arrears or pre-arrears.  The SFS is essential to the effectiveness of the Mortgage Arrears Resolution Process and the new standard format will ensure that assessments of borrowers’ cases will be based on a common analysis of their financial circumstances. 

Guide to Completing a Standard Financial Statement | pdf 1638 KB Standard Financial Statement | pdf 304 KB

Business Lending to Small and Medium Enterprises

In February 2009, a code of conduct for all business lending by regulated entities, excluding credit unions, was introduced.

This was revised in 2011 and the Code of Conduct for Business Lending to Small and Medium Enterprises 2012 came into effect on 1 January 2012.

On 18 December 2015, the Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Lending to Small and Medium-Sized Enterprises) Regulations 2015 were published. On 2 June 2016, the Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Lending to Small and Medium-Sized Enterprises) (Amendment) Regulations 2016 were published. These regulations come into effect and apply to regulated entities, except credit unions, from 1 July 2016. Until then, the Code of Conduct for Business Lending to Small and Medium Enterprises 2012 will continue to apply. The regulations apply to credit unions from 1 January 2017.

For ease of reference, the Central Bank of Ireland has prepared an unofficial consolidation of the Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Lending to Small and Medium-Sized Enterprises) Regulations 2015 (S.I. No. 585 of 2015) as amended by the Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Lending to Small and Medium-Sized Enterprises) (Amendment) Regulations 2016 (S.I. No. 280 of 2016). This is not a legal document. 

Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Lending to Small and Small and Medium-Sized Enterprises) Regulations 2015 - Unofficial Consolidation | pdf 429 KB Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Lending to Small and Small and Medium-Sized Enterprises) (Amendment) Regulations 2016 | pdf 37 KB Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Lending to Small and Medium-Sized Enterprises) Regulations 2015 | pdf 328 KB Feedback to CP91- Review of Code of Conduct for Business Lending to Small and Medium Enterprises | pdf 1031 KB Addendum to Code of Conduct for Business Lending to Small and Medium Enterprises 2012 | pdf 642 KB Code of Conduct for Business Lending to Small and Medium Enterprises 2012 | pdf 515 KB Code of Conduct for Business Lending to Small and Medium Enterprises 2009 | pdf 59 KB Letter re introduction of Code of Conduct for Business Lending to Small and Medium Enterprises 9 March 2009 | pdf 233 KB

Code of Conduct on the Switching of Payment Accounts with Payment Service Providers

On 1 October 2010 a Code of Conduct on the Switching of Current Accounts with Credit Institutions was introduced and came into effect on that date.

This code was revised in 2016 following transposition of the EU Payment Accounts Directive, and the "Code of Conduct on the Switching of Payment Accounts with Payment Service Providers" came into effect on 21 September 2016.

2016 Code of Conduct on the Switching of Payment Accounts with Payment Service Providers | pdf 721 KB Code of Conduct on the Switching of Current Accounts with Credit Institutions | pdf 280 KB

Other Documents:

Code of Practice on the Transfer of Mortgages

This Code of Practice was issued by the Central Bank of Ireland in 1991 to institutions involved in mortgage credit and it is a voluntary code. It may be applied on a voluntary basis by any institution involved in mortgage credit. The Code of Practice applies to a loan secured by the mortgage of residential property.  For the purposes of this Code of Practice, residential property is not limited to principal private residences.

Code of Practice on the Transfer of Mortgages | pdf 9 KB

Documents which other firms, not subject to the Consumer Protection Code, must have regard to in relation to consumer protection issues are listed below:

MiFID – Feedback on Discussions of Conduct of Business Industry Working Group | pdf 998 KB