The Central Bank of Ireland has published a consultation paper, marking the second phase in its efforts to revise its consumer protection code. The objective is to enhance the code's clarity, predictability, and accessibility.
"The Consumer Protection Code is the cornerstone of the Irish consumer protection framework. It has served consumers well, and the time has come to update the protections to support the financial system of today and into the future," stated Deputy Governor Derville Rowland during the consultation launch.
According to an earlier press release by the central bank, this revision process comprises three steps. Initiated in October 2022 with a review discussion paper and a survey, it aimed to gather feedback on nearly a dozen themes. These included availability and choice of financial products; firms acting in consumers’ best interests; innovation and disruption; digitalization; and financial literacy.
As per the press release, currently in its public consultation phase, the central bank is seeking additional feedback on the revised code. This updated code will be established under two new regulations, setting standards for businesses along with general requirements. These include new protections as well as consolidation of multiple existing codes and requirements. To improve accessibility, digital tools, explainers, and guides will be utilized. Additionally, according to the proposal, firms will be required to allow customers to provide a trusted contact's name and information if they cannot be reached when an issue arises.
The press release also indicated that submissions on these proposed revisions will be accepted by the central bank until June 7, 2024.