Protecting consumers through changing times - Central Bank of Ireland modernises the Consumer Protection Code

The Central Bank of Ireland has today (24 March) 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. 

Today’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 mind-set where firms proactively take ownership of, and responsibility for, consumer protection. It also enhances consumer protections across a range of areas, including:

• Digitalisation – firms must be customer-focused in the design and implementation of digital services.
• Informing effectively – a shift from requiring firms to disclose information, to informing effectively. 
• Mortgage switching - firms must meet new disclosure requirements on switching options and the cost of incentives on the overall cost of credit of a mortgage.
• Provision of unregulated activities by regulated firms - firms must ensure customers can have no impression or misunderstanding that they are purchasing regulated products and services, where that is not the case.
• Firms must be vigilant to the evolving risks of frauds and scams, and take appropriate actions to protect customers.
• Protecting consumers in vulnerable circumstances - an updated definition of vulnerability, recognising that customers can move in and out of circumstances that make them vulnerable.
• To tackle the risk of greenwashing, firms will be required to ensure they communicate clearly on climate and sustainability features of products.
• Enhanced requirements in the areas of consumer credit, small and medium-sized enterprises (SMEs) protections, insurance and investments and pensions.

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. I particularly welcome Robert Troy TD, Minister of State, as well as Brian McHugh, Chair of the Competition and Consumer Protection Commission (CCPC), and Liam Sloyan, Financial Services and Pensions Ombudsman (FSPO), joining us today for the launch. Over the last decade, we have, along with the CCPC and FSPO 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.

“In reviewing the Code we have focused on modernising the regulatory framework to reflect the provision of financial services in a digital world. Consumers will benefit from a package of protections that better reflect how they are accessing financial services in the modern world.  Regulated firms will benefit from an integrated regulatory format, and a clearer articulation of their Code obligations, complementing the work they are already doing. We are also publishing comprehensive guidance to support firms, and we will continue to engage with stakeholders over the next 12 months as we work towards effective implementation.

“I want to thank consumers and stakeholders from across the financial system who, over the last three years, have supported and informed the development of the revised Code. Through their commitment to dialogue and engagement to inform the new Code, they have made an important contribution.”

ENDS

Editor’s Note

The following material is available on the Code

• Consumer Protection Code Review Feedback Statement
• Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Consumer Protection) Regulations 2025 (S.I. No. 81 of 2025)
• Central Bank Reform Act 2010 (Section 17A) (Standards for Business) Regulations 2025 (S.I. No. 80 of 2025)
• Guidance on Securing Customers’ Interests
• Guidance on Protecting Consumers in Vulnerable Circumstances
• General Code Guidance
• HTML navigation tool for the two sets of Regulations to allow easy access and navigation of the Code.
• Mapping Tool – Mapping of existing Codes and Regulations to the new Regulations
• Explainer: What is the Consumer Protection Code 2025 and how can it protect me?