The Central Bank recently published a report on the implementation of the Revised Customer Protection Code 2012 (the “Revised Code”).
On 19 June 2012, the Central Bank published findings of its review and inspection of banks and insurance companies preparation to implement the Revised Code which was introduced in January 2012. The Central Bank reported that most firms had prioritised the full and effective implementation of the Revised Code and were satisfied that they would have all provisions of the Revised Code in place by the 30 June 2012 deadline date.
However, areas for improvement were identified and include the following:
- Providing clear, accurate and up to date information to consumers in plain English;
- Indentifying the needs of vulnerable consumers and providing of reasonable arrangements and assistance to vulnerable consumers.
The Central Bank will continue to monitor compliance by undertakings of the Revised Code through its 2012 programme and future programmes of themed reviews and inspections.
The full text of the information release is available here.