In remarks to the Central Bank of Ireland’s Consumer Protection Workshop, Deputy Governor Colm Kincaid set out how the revised Consumer Protection Code is intended to respond to consumer and investor risks arising from heightened operational disruption, fraud and scams, digitalisation, and increased use of data and artificial intelligence. He also framed consumer protection as increasingly intertwined with financial stability, firm safety and soundness, and market integrity, pointing to an integrated supervisory approach. Kincaid highlighted that the revised Code includes requirements for regulated entities’ risk management systems, internal controls and governance to manage their affairs in a sound and prudent manner, as well as explicit expectations to protect consumers against frauds and scams and support victims where harms occur. The Code also introduces requirements for digital technologies to be designed and implemented with a consumer focus while remaining technology neutral, and restricts the use of data and profiling to identify behaviours, habits, preferences or biases for the purpose of exploiting consumers to their detriment. Other elements flagged included improved information for consumers making key decisions such as switching mortgages or insurance, and a requirement for firms to be clearer where services provided are not regulated by the Central Bank. On implementation, the Central Bank plans 52 specific bodies of work in 2026 linked to consumer and investor protection, including thematic reviews of complaints handling and root cause analysis, treatment of customers in vulnerable circumstances (including borrowers in or facing arrears), handling of customer errors, fraud prevention and support for fraud victims, and firms’ use of artificial intelligence including potential discrimination. The programme also includes reviews of commission arrangements, product governance, transition to digital delivery, conflicts of interest, and how firms secure consumer interests in strategic decision-making, with the Central Bank indicating it will use its supervisory toolkit where standards are not met.
Central Bank of Ireland 2026-03-24
Central Bank of Ireland outlines revised Consumer Protection Code expectations and a 52-workstream consumer protection programme for 2026
Deputy Governor Colm Kincaid outlined the revised Consumer Protection Code at the Central Bank of Ireland’s workshop, addressing risks from operational disruptions, fraud, digitalisation, and AI. The Code mandates robust risk management, consumer-focused digital technologies, and limits on data use to prevent consumer exploitation. The Central Bank plans 52 initiatives in 2026, including thematic reviews and supervisory actions to ensure compliance.