The Central Bank of Ireland has marked the entry into force of a modernised Consumer Protection Code, strengthening statutory conduct obligations for regulated financial service providers across banking, insurance, borrowing and investing. The Code applies to all regulated financial service providers in Ireland, including banks, insurance companies, investment firms and brokers, and it also protects small businesses with a turnover of less than EUR 5 million. The framework requires firms to design products and services that meet customers’ needs and to communicate information in clear, plain language that is accurate and up to date. Mortgage switching measures require lenders to show customers how much they could save by switching to a cheaper mortgage, send reminders about cheaper options, and provide title deeds within 10 working days of a request. New provisions address fraud and scams, restrict automatic renewals for gadget, dental, pet and travel insurance unless the customer explicitly agrees, and set expectations for accessible digital services, including giving customers enough time to consider online credit purchases such as “buy now, pay later”. Firms must also provide extra support for customers in difficult circumstances, allow nomination of a Trusted Contact Person, make complaints easy to raise and resolve quickly, and the Code consolidates the Code of Conduct on Mortgage Arrears into the single framework.

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