The Central Bank ('CBI') have today published the Consumer Protection Outlook Report 2023. The report outlines the five key drivers of consumer risk for consumers of financial services in Ireland in this changing and challenging economic environment.
These risk drivers reflect the feedback and engagement that the CBI has undertaken with various stakeholders including the Compliance Institute over the last year. The CBI has taken this feedback and incorporated it into their annual risk assessment, which has confirmed anchoring on five Key Drivers of Consumer Risk:
• The changing operational landscape;
• Poor business practices and weak business processes;
• Ineffective disclosures to consumers;
• Technology-driven risks consumer protection; and
• The impact of shifting business models
The CBI hope that by anchoring on these key risk drivers they are providing more predictability and certainty for regulated firms and stakeholders, which in turn will allow firms to focus their efforts on making long term sustainable improvements in relation to these areas.
Click below to read the Consumer Protection Outlook Report 2023: