CBI launches modernised Consumer Protection Code
The Central Bank of Ireland has launched its modernised Consumer Protection Code, providing stronger protections for consumers across banking, insurance, and financial services. The new code came into force on March 24, 2026, following extensive public consultation.
Putting Consumer Interests First
The modernised Consumer Protection Code mandates financial firms to put consumer interests at the heart of their operations, ensuring products meet needs and communication is clear and jargon-free.
Firms must provide information in plain language, free of jargon, and ensure it is clear, accurate, and up to date.
Key provisions include enhanced support for mortgage holders, requiring lenders to highlight potential savings from switching and provide title deeds promptly.
New measures strengthen protection against scams and fraud, obliging firms to inform and support victims.
Automatic renewals for certain insurance types are now prohibited without explicit agreement.
Digital services must be user-friendly, and online credit offers like 'buy now, pay later' must allow sufficient time for consideration.
Firms must also provide extra support to customers facing difficult times and simplify the complaint process.
Code's Broad Reach
Deputy Governor Colm Kincaid highlighted the Code's statutory obligations on regulated financial service providers to put consumer interests at the core of their design, sale, and explanation of products.
He added that the modernised Code covers a wide range of everyday financial services, from insurance to banking to borrowing and investing, introducing new safeguards against frauds and scams and protections for people in vulnerable circumstances.
Kincaid encouraged everyone to understand and use their rights.
The Code also extends its protections to small businesses with a turnover of less than €5 million, ensuring a broader scope of financial wellbeing.