The Society of Actuaries in Ireland has responded to the Central Bank of Ireland’s Consultation Paper “Second Consultation on Review of Consumer Protection Code”.
The Society supports the Central Bank’s continued objective to strengthen the consumer protection framework. We welcome the introduction of revised measures which will benefit consumers in their dealings with the financial services industry and which will provide both additional protections and enhancements to existing provisions.
The Society’s response focuses on areas where we feel compliance with the revised Consumer Protection Code (the “Code”) will result in providing consumers with much additional information that may serve to obscure more important or relevant information. We have also commented on aspects of the Code that may be unworkable, confusing or inconsistent or where the Code may indirectly have an adverse effect on consumers’ interests.