The Central Bank is committed to providing a comprehensive consumer protection framework and in line with that commitment, has issued a second consultation paper (CP 54) in relation to the Consumer Protection Code (the Code). The Code sets out the requirements that all regulated entities must comply with when dealing with consumers. The first consultation paper on the Consumer Protection Code was issued in October 2010 (CP47). The purpose of this new consultation paper is (i) to outline the positions agreed on issues and questions posed in CP47, (ii) to highlight new and amended provisions in the Code which have arisen as a result of the first consultation, and (iii) to provide a further opportunity for stakeholders to review the Code.
Additional issues raised in CP54 include:
- the inclusion of provisions in the Code to deal with the promotion and accessibility of basic payment accounts;
- the extension of requirements in relation to complaints handling and resolution;
- further restriction of the circumstances in which unsolicited contact can be made with consumers;
- the provision of credit to SMEs; and
- additional requirements in relation to information to be provided when advertising to consumers.
The closing date for submissions is 22 July 2011.