Consumer Protection Code Modernised
Summary
The Central Bank of Ireland has implemented a modernised Consumer Protection Code, effective March 24, 2026. This updated code enhances consumer protections for financial services, including stronger safeguards against fraud and scams, clearer information disclosure, and specific provisions for mortgage switching and insurance renewals.
What changed
The Central Bank of Ireland has enacted a modernised Consumer Protection Code, effective March 24, 2026. This updated code imposes statutory obligations on regulated financial service providers to prioritize consumer interests in product design, sales, and support. Key changes include enhanced requirements for clear and understandable information, specific provisions for mortgage switching (e.g., showing savings, reminders), new safeguards against fraud and scams, restrictions on automatic insurance renewals for certain policies, and improved digital service usability. The code also mandates support for consumers in vulnerable circumstances and simplifies the complaints process.
Regulated financial service providers in Ireland, including banks, insurance companies, investment firms, and brokers, must ensure their practices align with the new code by its effective date. Compliance officers should review and update policies and procedures related to product design, customer communication, fraud prevention, insurance renewals, digital service provision, and customer support for vulnerable individuals. The code also applies to small businesses with a turnover under €5 million. Failure to comply may result in regulatory action.
What to do next
- Update policies and procedures to align with new consumer protection requirements.
- Ensure clear, plain-language disclosure for all financial products and services.
- Implement enhanced safeguards against fraud and scams, and support for vulnerable customers.
Source document (simplified)
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How the Consumer Protection Code Secures Your Interests
24 March 2026 Press Release
The Central Bank of Ireland today (Tuesday 24 March 2026) marked the coming into force of the modernised Consumer Protection Code, giving consumers stronger protections when using banks, insurance companies, and other financial services.
The modernised Code has been designed to better protect consumers in today’s world, and in anticipation of how financial services will evolve into the future. It follows extensive public consultation and engagement.
Deputy Governor Colm Kincaid said: "The Central Bank's Consumer Protection Code imposes statutory obligations on regulated financial service providers to put your interests at the heart of how they design, sell and explain financial products and services – and how they support you to make confident financial decisions."
What This Means for You:
Securing Your Interests: Financial firms must design products and services that meet your needs. They must communicate clearly and help you make decisions that are right for you.
Better Information: Firms must give you information in plain language that you can understand, without unnecessary jargon or technical terms. Information must be clear, accurate, and up to date.
Mortgage Switching Made Easier: If you have a mortgage, your lender must:
- Show you how much money you could save by switching to a cheaper mortgage
- Send you reminders about cheaper options
- Provide your title deeds within 10 working days of the request Protection from Scams and Fraud: New requirements for firms to counter the risk of frauds and scams, keep you informed and support you if you fall victim.
Insurance Renewals: For gadget, dental, pet, and travel insurance, firms can no longer automatically renew your policy unless you explicitly agree. This avoids you ending up with insurance you no longer want or need.
Digital Services: Apps and websites must be easy to use. When buying on credit online (like "buy now, pay later"), firms must give you enough time to think about whether this type of credit is right for you.
Support When You Need It: If you're going through difficult times – like illness, bereavement, or job loss – firms must provide extra support. You can also nominate a Trusted Contact Person who the firm can contact if needed.
Easy to Complain: Firms must make it simple for you to complain and must resolve issues quickly.
Deputy Governor Kincaid added: "The modernised Code covers a wide range of everyday financial services, from insurance to banking to borrowing to investing. It introduces new safeguards against frauds and scams and protections for people in vulnerable circumstances. And it gives you rights.
The Central Bank of Ireland is introducing the modernised Consumer Protection Code to ensure firms secure your interests and help you support your financial wellbeing. I encourage everyone to get to know their rights and to use them.”
The Code also protects small businesses with a turnover of less than €5 million.
Find out more about your rights at www.centralbank.ie/Code
ENDS
Notes to Editors
Fully bilingual information on the modernised Code will be available on the Central Bank of Ireland website.
The Consumer Protection Code applies to all regulated financial service providers in Ireland, including banks, insurance companies, investment firms, and brokers.
The Code of Conduct on Mortgage Arrears has been consolidated into the Code to deliver an integrated framework.
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