Compliance Institute Media Coverage in The Irish Times and the Irish Examiner.

Finance firms told to put consumers first

Sections of new consumer code may prove difficult to implement

 

Date: 18th March 2026

Compliance Institute was featured in media coverage both online and in print in the Irish Times and the Irish Examiner.

 

Irish Times - Finance firms told to put consumers first (see below)

 

Finance firms told to put consumers first

New Central Bank consumer protection code aims to ensure the needs of customers trump the convenience of the business

 

New rules to force insurers to end the practice of simply rolling over your cover, and automatically charging you for another year, come into force next week. They are part of a raft of new consumer protection measures that are being put in place by the Central Bank.

As of now, companies providing insurance for travel, gadgets, dental care and pets can simply extend cover year to year unless consumers actively opt out at renewal.

Auto-renewal means people can end up with cover they no longer require, or it can deprive them of the chance to shop around for better terms.

However, health, home and car insurance are not included in the changes because consumers could be left exposed without cover in certain areas.

Possibly even more important for older consumers, or those who are ill or experience language difficulties, will be a measure that allows them to nominate a trusted contact person.

Financial services firms will be required to facilitate such requests. This person will be a contact point either where there may be difficulty in dealing with a customer, or where financial abuse, including fraud, is suspected, though they will not have any authority to interfere in the person’s financial affairs directly.

 

It is an approach that has already been piloted with success in the United States and Canada, the Central Bank says, and attracted significant support in an early discussion paper on enhanced consumer protection.

“Customers in vulnerable circumstances should never be disadvantaged or experience less favourable outcomes when it comes to their finances,” said Michael Kavanagh, chief executive of the Compliance Institute. “But the finding of a poll of our members suggest that they may well be.

“Sadly cases of financial abuse and fraud have been on the rise in recent years so anything which might help combat it is welcome.”

Almost twice as many institute members cited the trusted contact measure as the most important among the suite of new protections coming into force next Tuesday. However, they concede it will be the most challenging of the reforms to implement.

Among other measures, financial services firms will be obliged to ensure their advertising does not mislead customers when it comes to the “green credentials” of the product or the firm itself.

Lenders will also be obliged to find and return title deeds for borrowers within 10 working days of a request, after mortgage switchers complained of unnecessary delays by some lenders.

All told, the main message of the updated consumer protection code is that the financial services sector must do more to place customers at the heart of its business, not the convenience of the firms.

 

 

Print Coverage

The Irish Times

 

Irish Examiner (See below):

Irish Examiner - Sections of new consumer code may prove difficult to implement

Sections of new consumer code may prove difficult to implement 

 

A survey of compliance professionals has found a significant proportion believe the new Central Bank of Ireland trusted “trusted contact person” rule, designed to help vulnerable people, will be the most beneficial change to consumers, but could prove difficult to implement.

 

From March 24, the Central Bank’s revised consumer protection code will come into effect, implementing a number of changes, including in areas of digital technology implementation, mortgage switching, insurance cover, and “greenwashing”.

It also brings in a new rule called “trusted contact person”. A consumer will now be able to appoint a "trusted contact person" to act as a point of contact should there be any difficulties in communicating with the consumer.

This person cannot make changes to policies without the consent of the consumer.

 

In advance of the rules coming into effect, the Compliance Institute surveyed 150 compliance professionals, of which 42% said this “trusted contact person” would be the most beneficial change to consumers. However, 43% said it will also be the hardest to implement.

 

Chief executive of the Compliance Institute Michael Kavanagh said the ability to nominate a “trusted contact person” would not just prove “invaluable” when customers in “vulnerable circumstances find it difficult to manage their finances or communicate with their bank”, it will also be “hugely helpful where financial abuse or fraud is suspected”.

 

Mortgage switching

When it comes to mortgage switching, lenders will be required to provide customers with a personalised saving estimate in euros, alongside each alternative mortgage refinancing option, as well as provide a specific reminder of the mortgage refinancing options between four and eight weeks from when originally notified.

The new rules also require lenders to provide title deeds to a mortgage borrower within 10 working days to help make switching mortgages easier.

 

Mr Kavanagh said the time currently taken by some lenders to release title deeds to mortgage switchers could lead to “unnecessary delays, so this new rule should help speed up the mortgage switching process”.

The survey found 23% of compliance professionals said this change would be the hardest to implement.

The revised code states that when firms use digital technology, it must be designed and implemented with a customer focus and not designed in a way that seeks to unfairly exploit or take advantage of behaviours, habits, preferences or biases of customers, which might result in customer detriment.

 

The new code will also require “opt-in” renewal for dental, pet, gadget and travel insurance, which will require customer explicit consent to continue the policy.

 

In the areas of sustainability, firms will be required to ensure firms appropriately reflect sustainability in statements of suitability, and firms must ensure their advertising does not mislead customers on a product’s or service’s sustainability to avoid the risk of “greenwashing”.

 

This anti-greenwashing rule was highlighted by one in four compliance experts as a key consumer safeguard, according to the Compliance Institute, but 25% said this would be the most difficult change to implement.

 

A further 22% said the end of auto-renewal for certain insurance products would be the most difficult to implement.

 

Print Coverage (See Below):

The Irish Examiner

Further online coverage (See below):

 

Sandyford.com - With only 7 days before new consumer protection rules kick in, new rule protecting vulnerable customers to have biggest impact

 

IFSC - With only 7 days before new consumer protection rules kick in, new rule protecting vulnerable customers to have biggest impact

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