The results of the survey can be found below:
Only 19 days before new consumer protection rules come into force - 4 in 10 compliance experts say new rule protecting vulnerable customers will have biggest impact
With only 19 days to go before a suite of new consumer protection rules come into force, a new rule which will allow customers in vulnerable circumstances to nominate someone they trust to communicate with a bank on their behalf is the most beneficial of the new requirements kicking in, according to a new survey by the Compliance Institute. However it will also be the most difficult to implement according to the survey.
The new “trusted contact person” rule – which would apply to customers who might find it difficult to manage their finances or deal with their bank due to, for example, old age or frailty, a disability, or English not being their first language – will apply from March 24, 2026, when the Central Bank’s revised Consumer Protection Code comes into force.
A new anti-greenwashing advertising rule which requires firms to ensure advertising does not mislead customers about a product or service’s sustainability, the firm’s “green credentials,” or its business model, is the second most valuable of the new rules kicking in, according to the survey, which polled approximately 150 compliance experts working primarily in Irish financial services organisations nationwide.
The survey asked the professionals to pinpoint which of the Central Bank’s new consumer protection rules they believe will be of most value to consumers.
According to the poll, the rules which will be of most benefit to consumers are:
• Trusted Contact Person rule (42%)
• Anti-Greenwashing Advertising rule (25%)
• End of Auto-Renewal for travel, gadget, dental, and pet insurance policies (22%)
• Faster Return of Mortgage Title Deeds (10%) - a requirement for lenders to provide title deeds to a borrower (or their representative) within ten working days of a request.
Most challenging rules to implement
The Central Bank’s new Consumer Protection Code covers a wide range of areas and the ultimate aim of the new rules is to protect consumers of financial products today and in the future. However, the Compliance Institute report that some of the most worthy rules being rolled out will also prove the most challenging for financial institutions to implement.
Compliance professionals cited the following new rules as the most challenging to implement:
• Trusted Contact Person rule for vulnerable customers - 43%
• Advertising rules to prevent greenwashing - 25%
• Lenders providing title deeds within 10 working days - 23%
The new rules deemed by compliance professionals to be least tricky to implement were the requirement on banks to give more notice of branch closures (cited by only 2% as difficult to implement) and the end to the auto-renewal of travel insurance, gadget insurance, dental insurance or pet insurance policies (cited by 7%).