Central Bank publishes new consumer protection code

By Cate McCurry, PA

The Central Bank has published a new consumer protection code to better protect consumers against online fraud and ensure they are informed about the products they are buying.

It published the modernised Consumer Protection Code following an extensive review.

The Consumer Protection Code outlines a set of rules and business standards that regulated financial firms must follow when dealing with consumers.

Firms have a year to put the revised code in place, and so the provisions will apply for the public from March 2026.

We’ve published our Consumer Protection Code 2025, following a comprehensive review. The revised Code will meet the needs of consumers of financial services in a digital world by building on the protections of the existing Code. Find out more:https://t.co/QoShqvDhgD pic.twitter.com/vJMknadDEw

— Central Bank of Ireland (@centralbank_ie) March 24, 2025

Monday’s publication follows a comprehensive review that included a discussion paper, public survey, public consultation and engagement with consumer and industry stakeholders.

The code reflects the way financial services are provided in a digital world, and builds on the protections provided in the existing code.

The modernised code is centred on an obligation for firms to secure customers’ interests which embodies a customer-focused mindset where firms pro-actively take ownership of, and responsibility for, consumer protection.

It also enhances consumer protections across a range of areas, including the disclosure of information, mortgage switching options, as well as firms ensuring that they are vigilant to the evolving risks of frauds and scams.

Governor Gabriel Makhlouf said: “The modernisation of the Consumer Protection Code is a significant milestone for the protection of consumers of financial services in Ireland, and is built on the strong foundations of its predecessor.

“Over the last decade, we have, along with the CCPC (Competition and Consumer Protection Commission) and FSPO (Financial Services and Pensions Ombudsman) in particular, played a significant role in strengthening the consumer protection framework in Ireland, to ensure that the system and protections are in line with global standards.

“The ways in which we as consumers buy, use and engage with financial services are changing significantly.

“These changes reflect new preferences, provide new opportunities and meet different needs on the part of individuals, households and businesses.

“But they also create new challenges and new risks in the financial sector that we supervise and for the consumers we protect.

“In the face of this changing ecosystem, we need to adapt, evolve and transform.

“In fact all of us – firms, regulators, advocates, media – need to work together to secure customers’ interests as they seek to navigate their financial affairs and to plan for their financial futures.”