Kincaid presses firms to embed consumer protection in daily decisions
Consumer interests must shape strategy and daily decisions, Deputy Governor Colm Kincaid told the Compliance Institute on October 15, 2026. The Central Bank of Ireland is reviewing app-based sales and extending its Consumer Protection Code to credit unions.
From code to customer experience
The modernised Consumer Protection Code took effect in March 2026 after a 12-month implementation period starting in March 2025.
The central bank engaged more than 5,000 stakeholders during implementation.
Kincaid identified customer experience, digitalisation and fraud as supervisory priorities.
A July complaints review covered insurance, retail intermediaries, payment institutions and electronic money firms.
Over 10 percent of Ireland's population reported fraud victimisation in 2025, up from 3.9 percent in 2019.
A completed banking review of authorised push payment fraud will inform remediation and risk frameworks.
Supervisors are pursuing secure in-app calling, better support, accessibility and caller verification, alongside scrutiny of products and sales.
Consumer evidence reshapes supervision
Consumer evidence includes an annual survey of 4,000 people, meetings with over 30 nonprofits and a roundtable of 22 organisations and public bodies.
The Innovation Hub has engaged over 600 firms since 2018; the second sandbox ended in June with eight participants.
The central bank is implementing 18 recommendations from the Organisation for Economic Co-operation and Development and 21 Regulating and Supervising Well initiatives.
An external review covers enforcement, while integrated supervision links customer harm to weaknesses in governance, culture and systems.
Outcomes, not paperwork
Kincaid ties digital euro readiness and cash access to choice, inclusion and payments resilience.
His test for compliance is customer outcomes, not documented procedures alone.
He also calls for consistent financial wellbeing measures to assess the combined impact of public and regulatory initiatives.