Kincaid: Consumer Code boosts financial literacy
Colm Kincaid, Deputy Governor of the Central Bank of Ireland, outlined the regulator's role in advancing financial literacy. Speaking on June 10, 2026, he highlighted the Consumer Protection Code as central to this effort.
Clarity and protection by design
The Central Bank of Ireland's recently modernised Consumer Protection Code is central to supporting financial literacy.
It requires firms to provide product and service information in plain, accessible language, ensuring material features are easily understood.
Digital services must be designed for ease of use, navigation, and objective outcomes, with technology thoroughly tested.
The Code also simplifies mortgage switching and mandates firms to give consumers sufficient time to consider 'buy now, pay later' credit.
Furthermore, new requirements oblige firms to counter fraud and scams, keeping consumers informed and supported if they fall victim.
The Central Bank aims to ensure these requirements are properly implemented, noting industry's critical role in simplifying product offerings and processes for consumers.
Empowering consumers through awareness
Kincaid drew parallels between financial literacy and health literacy, noting that better-informed individuals are more resilient to economic shocks.
Globally, Principle 4 of the G20/OECD High Level Principles on Financial Consumer Protection mandates stakeholders to promote financial literacy, enabling consumers to understand risks and make informed choices.
The Central Bank supports this by informing consumers of the risk landscape through its Consumer Hub, publishing plain language explainers and videos.
This includes public information campaigns on frauds, scams, crypto, and Buy Now Pay Later, ensuring consumers understand available protections.
A foundation for future resilience
The speech underscores the foundational importance of financial literacy for individual resilience and overall quality of life.
While the Consumer Protection Code provides a robust regulatory framework, its true impact hinges on consistent enforcement and active consumer engagement.
These efforts are crucial for fostering long-term financial wellbeing, ensuring consumers are better protected and equipped for sound financial decisions.