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Minister McGrath response to Central Bank of Ireland's Consumer Protection Code Review
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Minister McGrath response to Central Bank of Ireland's Consumer Protection Code Review
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On 11 April 2023, Minister McGrath wrote to Governor Mahklouf regarding the Central Bank of Ireland’s Consumer Protection Code Review.
Minister McGrath believes that the review of the Code is timely in light of the changing financial services landscape and the challenging circumstances facing many consumers in terms of the cost of living.
It is a key priority for the Minister to ensure that the regulatory framework supports borrowers in the switching process as they seek to minimise their borrowing costs.
In his letter, Minister McGrath highlights the importance of addressing vulnerability and affordability in the Review.
The Consumer Protection Code Review
The Central Bank of Ireland is carrying out a comprehensive review of its Consumer Protection Code 2012.
The aim of the review is to modernise the Code to ensure it is fit for purpose and continues to protect consumers of financial products today and in the future.
In October 2022, the Central Bank launched a Discussion Paper to frame the review.
The Discussion Paper sought views on specific consumer protection topics – availability and choice of financial products, firms acting in consumers’ best interests, innovation and disruption, digitalisation, unregulated activities, pricing matters, informing effectively, vulnerability, financial literacy and climate matters.
More information on the Code Review is available on the Central Bank of Ireland’s website: https://www.centralbank.ie/regulation/consumer-protection/consumer-protection-codes-regulations/consumer-protection-code-review