The Central Bank of Ireland has published the revised Consumer Protection Code.

 

The Consumer Protection Code 2025 – encompassing Standards for Business Regulations and Consumer Protection Regulations will take effect on 24 March 2026 following a 12-month implementation period. Until then, the existing Consumer Protection Code 2012 continues to apply to regulated firms, and the protections that are currently in place remain effective.

The Consumer Protection Code 2025 is here Consumer Protection Code 2025 and the Feedback Statement, which outlines the rationale for the approach to the updates in the Code is available here Feedback Statement (PDF 1.27MB)

Compliance Institute were delighted to be invited to the launch and provide input into the final code.

Compliance Institute Chief Executive, Michael Kavanagh was featured in the Sunday Independent both online and in print coverage.

6th April 2025 - Sunday Independent - How to spot the red flags of financial abuse 

Online Coverage:

These days, when it comes to financial deception, it’s the romance scams, the banking and shopping scams, the smishing and investment fraud which tend to grab the headlines.

But financial abuse is even more pernicious. The perpetrator is usually someone known to the victim, often an adult child, sibling, carer – or even a spouse.

“Society is not really aware of the huge financial abuse that is taking place,” says Patricia Rickard-Clarke, chair of Safeguarding Ireland, which works to protect vulnerable adults from individuals, organisation or institutions.

“Everyone talks about fraud and scams but they are perpetrated by people you don’t know. Financial abuse is committed by someone known to the person.”

Indeed, according to research published in November by Safeguarding Ireland, 81pc of financial abuse is carried by someone well-known to the victim.

The culprits can be motivated by anything from greed to financing a gambling problem or addiction.

A fifth of adults are aware of someone who has suffered financial abuse, while 11pc have personally experienced it – yet society tends to “brush it under the carpet”, says Rickard-Clarke, a former commissioner with the Law Reform Commission.

Under a revised consumer protection code unveiled last month by the Central Bank, banks and financial services firms will have to provide better support to vulnerable consumers and ensure they’re not exploited or misled.

There will be guidance for training staff on safeguarding adults who are at risk of financial abuse.

“It’s a recognition of the huge toll that financial abuse can have on people,” says Michael Kavanagh, CEO of Compliance Institute.

“Financial abuse could see some elderly and vulnerable people lose their life savings.”

It’s rare that a victim of financial abuse will report it, because they don’t want to risk confrontation or perhaps depend on the culprit for care, company or financial security.

Here are the red flags that a loved one is suffering from financial abuse and a guide how to support them in getting help.

What is financial abuse?

It typically involves exploiting another person financially, spending their money or benefits, using their property or possessions without their knowledge or consent, or depriving them of control of their finances.

Many types of financial abuses are also crimes. These include using a power of attorney to steal someone’s money or property, taking valuables or cash from around the house, stealing someone’s identification and bank cards, and forging a signature.

Under Section 19 of Criminal Justice Act 2011, if you have information relating to a possible fraud that you know of; or details you believe might prevent a crime from being committed; or know something that can help secure the apprehension, prosecution or conviction of a person involved in the fraud, you have a legal obligation to report it to An Garda Síochána.

“This isn’t happening in family situations,” Rickard-Clarke says.

“Safeguarding is everybody’s business. If you see someone being abused or under undue influence or control of another person, you have obligation to do something.”

Other instances of financial abuse include keeping change from a purchase made with the victim’s money, misusing someone’s online banking facility, taking their social welfare payments, or putting undue pressure on a person to transfer a property or change an enduring power of attorney (EPA) or will.

Signs of elder financial abuse

Financial abuse is particularly prevalent among frail older people. The abuser – such as an adult child – can threaten to withdraw care unless a person complies with money or property demands.

“What happens very regularly is that an old person goes into a private nursing home and the bill isn’t paid, because the person appointed as a [social welfare] agent has been collecting that pension for months and pocketing it,” Rickard-Clarke says.

“Then the person in the nursing home is served with a notice to get out.

“If somebody is pilfering the pension, the first call should be to the Department of Social Protection and the gardaí.”

If you have an older loved one in the care of someone else, pay attention to their condition and appearance. Do they look malnourished? Are they properly dressed? Are their personal hygiene needs being neglected?

It could be the case that their pension is not being spent on their needs because it’s being misappropriated.

Elaine Byrne, a solicitor who specialises in wills and probate, has come across instances where adult children insist on “minding” an elderly parent in their home because they don’t want the house and farm to go into the Fair Deal scheme.

Sometimes those children fail to look after those parents properly.

“Mammy or Daddy might need to be in a nursing home – but it’s not happening because the child doesn’t want their inheritance spent if the HSE puts a charge on the house and the land,” she says.

In another case Byrne is dealing with, a carer had access to a widower’s bank card and spent “thousands” of his money at a toy shop while the man was in hospital. The carer repaid the money after gardaí were alerted, Byrne says.

“Another scenario I see is people being brought in to try to make a will by someone who is opportunistic,” she says. “I say ‘no’ and they go to another solicitor.

“If someone is swooping in like that, it can nearly be obvious enough, particularly if someone didn’t previously have much to do with them before and the person is close to death or vulnerable.”

Red flags in romantic relationships

Financial abuse is typically used by a partner to control the victim and make it difficult to leave the relationship. Control of the money in a relationship can be one of the features of coercive control, which is a criminal offence.

Indeed, financial abuse is often the first sign of intimate partner violence and domestic abuse, with international research finding that 99pc of domestic violence cases also involve financial abuse.

Abusers can demand their partner turn over all their pay, banking passwords, child benefit and credit cards.

They can take out debt in their name or expect them to pay for all the household bills in a bid to destroy their credit rating and make it difficult for them to survive independently.

Someone might appear to have a large comfortable home and a nice lifestyle – but if they are in a controlling relationship and have children, they might have to ask for a weekly “handout” and be expected to pay for groceries, nappies and formula on a small allowance.

If they have to ask permission to make a small purchase or give receipts to their partner, that could be a sign of financial abuse.

“Watch for signs like controlling access to money, demanding accountability for every penny, making significant financial decisions without their input, or hiding financial information,” says Mickey Sherlock, head of wealth and financial planning (western region) at NFP Ireland.

“Also, look for attempts to isolate them from family, friends, or work, or controlling their ability to spend on essentials.”

Loved ones with a disability

Many victims of financial abuse are people living with an intellectual or physical disability, acquired brain injury, dementia or a mental-health disability.

They can be completely excluded from accessing their own money or be made to rely on an allowance, a report by the National Advocacy Service found last year.

Financial abuse can occur when a relative assumes control of their finances when they are added as a joint account holder or if a carer uses their bank card.

If you have concerns, contact your local HSE safeguarding unit and ask their advice.

“Are they being accompanied to the post office?” Rickard-Clarke says. “I’ve been outside post offices and seen people being relieved of their money immediately.”

Byrne, who has a sister with an intellectual disability who lives in the family home, says she and her family make sure carers never do any banking with her sister.

“They wouldn’t have access to any of her pin numbers,” she says.

Rickard-Clarke agrees.

“We find that many people with intellectual disabilities can manage and spend their own money, with some support,” she says.

Media Coverage (See Below):

14-Apr-2025 - belfasttelegraph.co.uk - How to spot the red flags of financial abuse, when a vulnerable loved one is being preyed upon

06-Apr-2025 - Sunday Independent - How to spot the red flags of financial abuse

Print Coverage (See Below):