Events
When
29 May 2024
2:30 PM
Where
Central Bank of Ireland, North Wall Quay, Dublin 1
Summary of meeting
The Central Bank held the first Civil Society Roundtable of 2024 with representatives from a range of civil society organisations on Wednesday 29 May. It focused on the current consultation paper on the Consumer Protection Code.
The meeting was chaired by Governor Makhlouf and was attended by Director for Financial Regulation – Policy & Risk, Gerry Cross.
The attending civil society organisations work across a range of areas including social justice, housing, and the rights of older people. The discussion was held under Chatham House rules and this is reflected in the summary of the discussion below.
Governor Makhlouf opened the meeting, followed by remarks from Gerry Cross and a presentation on the review of the Consumer Protection Code.
May Civil Society slides (PDF 0.97MB)
Discussion between Central Bank and attendees
For the main discussion, attendees were asked to consider the following questions:
- What are your thoughts and perspectives on the package of proposals set out in the Consultation Paper?
- Have we achieved an appropriate balance in our package of Code proposals to effectively protect consumers, underpin trust and confidence in the financial system and a well-functioning financial services market?
Attendees welcomed the review of the Consumer Protection Code, the publication of the consultation paper and the opportunity to engage directly with the Central Bank on their views.
The discussion touched on a range of issues, which can be broadly summarised as follows:
• Vulnerable customers
A number of attendees welcomed the focus on vulnerable customers in the consultation paper.
• Staff training
Several attendees welcomed the consultation’s references to staff training in financial services firms. Many attendees called for an increased focus on ensuring that these staff are sufficiently trained to support consumers to the level that will be aspired to in the updated Code.
• Digitalisation and usability
Several organisations highlighted the issues that groups, in particular older citizens and those in rural areas, face accessing financial services using online and digital channels. Attendees said that anti-fraud and security measures like two-step authentication can be challenging for older groups to navigate, as well as creating problems for those in areas with poor broadband connections.
• Availability and acceptance of cash
In the context of increasing digitalisation of payments, a number of contributors urged the Central Bank to ensure that cash remains widely available to the public especially in rural areas.
Several attendees also highlighted the importance of the related issue of the ability of consumers to pay in cash for goods and services (EG: GAA events) and wanted this issue to be mentioned in the updated Code.
The Governor stated that the Central Bank is fully committed to cash, its continued use and acceptability. Proof of this is the Central Bank’s commitment to the construction of a new cash centre. He also highlighted the Central Bank’s support for the policy development work currently underway by the Government in these areas.
• Enforcement
A number of attendees emphasised the importance of the updated Code being supported by effective enforcement by the Central Bank of the standards that are contained in it.
Gerry Cross stated that the Central Bank wants binding and enforceable standards and regulations, supported by guidance.
• Financial abuse
A number of organisations focused on financial abuse and financial exploitation, and said that the Code should specifically mention safeguarding.
• New credit forms
A number of attendees requested that new forms of credit, including Buy Now Pay Later, should be referenced in the updated Code.
• Financial literacy
Several organisations highlighted the importance of increasing the public’s financial literacy as a way of ensuring they can access appropriate financial services.
The Governor welcomed these comments and said the Central Bank is committed to keeping language simple in all of its documents.
• Code review timeline
Some attendees noted the challenges for Civil Society organisations in reviewing the Consultation Paper and other associated materials given their limited resources.
Gerry Cross assured attendees that the Central Bank would give full consideration to stakeholders’ submissions and that engagement would continue after the official closing date in early June.