Central Bank consultation on updating the Consumer Protection Code

Brendan Burgess

Brendan Burgess

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I have not read it yet, but attended the launch yesterday. As far as I can make out, there is nothing new in it. Of if there is, their speeches did not highlight anything new.

Brendan

The Central Bank of Ireland is delighted to announce today, the launch of Consultation Paper 158 on the Consumer Protection Code. Today’s launch marks an important milestone in our review of the Consumer Protection Code. All of the consultation materials can be found on our webpage – www.centralbank.ie/codereview.



At the launch of the consultation this morning, Deputy Governor Derville Rowland said: “The Consumer Protection Code is the cornerstone of the Irish consumer protection framework. It has served consumers well, and the time has come to update the protections to support the financial system of today and into the future. We have listened to the views of the public and industry on our Discussion Paper. We are now bringing forward proposals for a modernised Code, underpinned by firms’ obligation to secure their customers’ interests. These are combined with an important package of updated protections that reflects how consumers are accessing financial services today”.



The package of protections referred to includes:

• Informing effectively

• Mortgages and switching

• Unregulated activities

• Vulnerable consumers

• Frauds and scams

• Digitalisation

• Climate



Overall, our proposals aim to:

· Ensure firms effectively incorporate customers’ interests into their strategy and decision-making

· Provide clarity for firms on their consumer protection obligations

· Integrate consumer protection requirements by converting the Code into regulations and consolidating other consumer protection requirements within the Code

· Support consumers and firms in accessing and navigating the Consumer Protection Code through the provision of online supports, guides and explainers.



This Consultation Paper is an opportunity for stakeholders to provide feedback on how we are proposing to update the Consumer Protection Code. The purpose of our review is to deliver an updated and modernised Consumer Protection Code which is centred around firms securing customers’ interests - which is key to delivering positive consumer outcomes.



We want people to have their say on these issues and we encourage you to do that by visiting our website for further information and to submit your feedback. The Consultation will be open for feedback for three months, until 7 June 2024, after which we will consider stakeholder feedback to the consultation before publishing the final revised Consumer Protection Code in early 2025.



Further details on how to respond to the Consultation Paper, and the timelines for next steps, are available on our website www.centralbank.ie/codereview.



If you have any queries, please contact us at: codereview@centralbank.ie
 
I did tell a CBI associate one time that I thought the CPC was a collection of Chapters from various floors of Dame Street (at the time) and stapled together without much consistency.

I think though that there is a fundamental conflict with CBI as Regulator and holding the Consumer charter.

A problematic area is "Ensure firms effectively incorporate customers’ interests into their strategy and decision-making". Particularly around the inertia of many bank customers to seize value opportunities.

There is more structural work that this wont address like bringing the conveyancing and related systems into 21st Century as all the b/s here is in the control of State and the glacial pace is staggering. This structural work surely ought to be in the remit of a proper Consumer Tzar? Similarly Housing - is this not a consumer issue?

Then the exiting from the country of large players - omerta seems to operate as regards CBI.
 
Fundamentally they are already record saying they only care about Financial Stability and everything else is an after thought.....if anyone does not believe the CBI did not know about the Tracker issues they need their head read. It was deliberate action on behalf of banks to get more money in as they could not borrow on markets at the time

They shouldnt have any consumer protection role they are too conflicted
 
Raging Bull said:
.....if anyone does not believe the CBI did not know about the Tracker issues they need their head read. It was deliberate action on behalf of banks to get more money in as they could not borrow on markets at the time
Click to expand...
Are you saying that the CBI was intentionally facilitating banks in manipulating tracker mortgages to minimise losses?
 
24601 said:
Are you saying that the CBI was intentionally facilitating banks in manipulating tracker mortgages to minimise losses?
Click to expand...
The CBI Consumer Protection division were like the U.S. in WWII - arrived late but war was won. Won't be an email trail but some are of the view that their delay was negligence at least. They may just have avoided informing themselves as to how Tracker mortgages o/s were falling through the floor with ECB rates at 0%. This all changed with a Mr Padraic Kissane and different CBI personnel.
 
24601 said:
Are you saying that the CBI was intentionally facilitating banks in manipulating tracker mortgages to minimise losses?
Click to expand...
A bit like WizardDr sets out choosing not know or deliberately not asking or looking the other way.

Banks needed the Money and couldn't borrow
 
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