Consumer Protection 2016 Priorities And Risks

The Central Bank published its annual Consumer Protection - Outlook Report on 2 February 2016, setting out its consumer protection objectives for the year ahead, and key ongoing risks.

PRIORITY THEMES FOR 2016:

• European agenda: it will continue its work on implementing both the Mortgage Credit Directive and Payment Accounts Directive (due for implementation by 31 March 2016 and 18 September 2016 respectively), and promoting a "coherent cross sectoral consumer protection framework" at EU level.
• New SME Regulations: it will publish a guide to the new SME Regulations (which will replace the current Code of Conduct on Business Lending to Small and Medium Enterprises) in advance of 1 July 2016.   Mortgages and arrears: Variable Rate Mortgages: once its Consultation on Increased Protections for Variable Rate Mortgage Holders concludes in mid-February, it will consider whether resulting changes are required to the Consumer Protection Code.