The Central Bank has published a statement to provide feedback on its review of the implementation of the Consumer Protection Code 2012 (CPC) by a selection of regulated firms but with a particular emphasis on credit institutions and insurance undertakings. The on-site inspections carried out by the Central Bank included a review of procedures relating to complaints handling, provision of information, suitability and personal visits.
The Central Bank has reported that in the majority of cases, comprehensive plans are in place to implement the provisions of the CPC. The Central Bank identified areas for improvement:
- provisions relating to the treatment of vulnerable consumers and that staff awareness and understanding are key to implementing these provisions; and
- the provision of key information that is clear, accurate, up to date and written in plain English and that key information must be brought to the attention of a consumer.
The Central Bank has also pointed out to firms that after 30 June 2012, the Central Bank will no longer be cognisant of issues relating to systems development, technical difficulties or staff training when it comes to monitor implementation of the CPC.
In addition, the Central Bank has published a Consumer Guide to the Consumer Protection Code which explains (i) what the Consumer Protection Code is, (ii) to whom does the Code apply, (iii) what is not covered by the Code, (iv) how does the Code protect the consumer, and (v) what to do if a firm does not follow the Code.
To access the Guide please click here.