Consumer Protection Code

Part 1: Preliminary and General

In exercise of the powers conferred on the Central Bank of Ireland (the “Bank”) by section 17A(2) the Central Bank Reform Act 2010 (No. 23 of 2010) (the “Act”), the Bank, having consulted the Minister for Finance and such other persons as the Bank considers appropriate to consult in the circumstances in accordance with section 17A(5) of the Act, hereby makes the following regulations:

1. Citation and commencement

(1) These Regulations may be cited as the Central Bank Reform Act 2010 (Section 17A) (Standards for Business) Regulations 2025.

(2) These Regulations shall come into operation on 24 March 2026.

2. Scope and application (G)

G: VC (PDF 1MB), G: SCI (PDF 1.05MB), G: GEN (PDF 1.33MB)

(1) Subject to paragraphs (2) and (3), these Regulations apply to a regulated entity in the conduct of its affairs.

(2) These Regulations do not apply to a regulated entity insofar as it engages in one or more of the following:

1. any service or activity set out in the Schedule 1 of the MiFID Regulations 2017, but not including any service or activity of a person to whom such Regulations do not apply by virtue of Regulation 4(3) of that MiFID Regulation 2017;
2. credit union activities, other than when the credit union is acting as an insurance intermediary;
3. the activities of a Crowdfunding Service Provider, within the meaning of Regulation 2(1) of Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 2020 on European crowdfunding service providers for business, and amending Regulation (EU) 2017/1129 and Directive (EU) 2019/1937;
4. reinsurance business.

(3) Regulation 4(1)(a), Regulation 4(1)(f), Regulation 5 and Regulation 10, apply only in respect of a customer who is a consumer.

3. Definitions (G)

G: GEN (PDF 1.33MB)

(1) In these Regulations -

“Act of 2010” means the Central Bank Reform Act 2010 (No.23 of 2010); “Bank” means the Central Bank of Ireland;

“consumer” means a customer that is -

1. a natural person,
2. a group of natural persons, including a partnership, club, charity, trust or other unincorporated body, or
3. an incorporated body, that is not –
   1. an incorporated body that had an annual turnover in excess of €5 million in the previous financial year, or
   2. an incorporated body that is a member of a group of companies having a combined turnover greater than €5 million;

“customer” means -

1. any person to whom a regulated entity provides or offers financial services,
2. any person who requests the provision of financial services from the regulated entity,
3. a relevant borrower in a case where a regulated entity undertakes credit servicing in respect of the credit agreement concerned, or
4. a hirer in a case where a regulated entity undertakes credit servicing in respect of the consumer-hire agreement or hire- purchase agreement concerned,

and shall include, where appropriate, a potential “customer” and former “customer” within the meaning above;

“financial abuse” means any of the following:

1. the wrongful or unauthorised taking, withholding, appropriation, or use of a customer’s money, assets or property;
2. any act or omission by a person, including through the use of a power of attorney, guardianship, or any other authority regarding a customer, to –
   1. obtain control, through deception, intimidation or undue influence, over the customer’s money, assets or property, or
   2. wrongfully interfere with or deny the customer’s ownership, use, benefit or possession of the customer’s money, assets or property;

“financial services legislation” has the same meaning as in the Central Bank (Supervision and Enforcement) Act 2013 (No. 26 of 2013); "financial services" include financial products;

“group” includes, unless otherwise specified, a company, its parent and its subsidiaries and any associated undertaking or related undertaking;

“high cost credit provider” and “high cost credit” have the meaning assigned to them in section 2(1) of the Consumer Credit Act 1995 (No. 24 of 1995);

“key information” means any information which is likely to influence a customer’s actions with regard to a financial service;

“MiFID Regulations 2017” means the European Union (Markets in Financial Instruments) Regulations 2017 (S.I. No. 375 of 2017);

“person” means, unless otherwise specified, a natural person or a legal person;

"regulated activities" means the provision of financial services that are provided in the State by a regulated entity and which are subject to the regulation of the Bank and a “regulated activity” is the provision of any one such financial service;

“regulated entity” means a financial services provider authorised, registered or licensed by-

1. the Bank,
2. a state (other than the State) that is a member of the European Union, or
3. a state (other than the State) that is a contracting party to the Agreement on the European Economic Area signed at Oporto on 2 May 1992, as adjusted by all subsequent amendments to that agreement,

that is providing regulated activities in the State;

“unregulated activities” means the provision of services of a financial nature, which are not otherwise regulated activities, to consumers in the State.

(2) For the purposes of the definition of “customer” in paragraph (1), “relevant borrower”, “credit servicing”, “credit agreement”, “consumer-hire agreement”, “hire-purchase agreement” and “hirer” have the same meaning as in Part V of the Central Bank Act 1997 (No. 8 of 1997).

(3) Where a high cost credit provider is engaged in the activity of providing high cost credit, “consumer” means a consumer within the meaning of the Consumer Credit Act 1995.