Central Bank reinforces consumer protection expectations in context of changing retail banking landscape

On 27 April 2022, the Central Bank reinforced its requirements for retail banks to protect consumers amid the profound structural changes taking place in the retail banking landscape.  In the latest phase of its supervisory engagement on this issue, the Bank has written to the CEOs on core issues including notification periods, continuity of service for customers, and ensuring assistance for vulnerable customers. 

• Banks must have sufficient plans, preparations and resources in place to respond to unprecedented migration of accounts
• Key requirements include sufficient notification periods, continuity of service for customers, and focus on vulnerable customers
• Roundtable with CEOs will focus on work by banks to ensure consumers’ best interests are protected

The Bank will convene a roundtable of CEOs focused on the retail banks’ plans to ensure consumers’ best interests are protected.