The Consumer Protection Working Group has members from a wide spectrum of firms across financial services, including banking, insurance and intermediary sectors. The Group’s focus is on current consumer protection issues which impact on the industry. The Group's aim is to keep industry participants appraised of key developments in this area through organising CPD accredited workshops and lunchtime seminars, preparing articles for industry publications and liaising with other industry bodies, authorities and Compliance Institute's Working Groups.
The Group has produced an Addendum to the Consumer Protection Code in respect of the activities of retail credit firms and home reversion firms, to meet our new regulatory responsibilities in respect of these firms as set out in the Markets in Financial Instruments & Miscellaneous Provisions Act, 2007. The Consumer Protection Code 2006 was revised and the Consumer Protection Code 2012 came into effect on January 2012. The Code set out the requirements that regulated firms must comply with when dealing with consumers in order to ensure a similar level of protection for consumers, regardless of the type of financial services provider. The Consumer Protection (Regulation of Credit Servicing Firms) Act 2015, we produced an Addendum to the Consumer Protection Code 2012.