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ARTICLE · 28 MARCH 2025

A First Look - Changes And Clarifications To The Proposals In CP 158 On The CPC

Matheson
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The Central Bank of Ireland has published the much anticipated Feedback Statement to its Consultation Paper on the Consumer Protection Code ("CP158"), along with the finalised regulations and guidance documents.

IrelandFinance and Banking
Joe Beashel
Joe Beashel
Gráinne Callanan
Gráinne Callanan
Louise Dobbyn
Louise Dobbyn
Elaine Long
Elaine Long
Darren Maher
Darren Maher
Ian O'Mara
Ian O'Mara
Niamh Mulholland
Niamh Mulholland
Claire Scannell
Claire Scannell
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1. Changes and Clarifications to Securing Customers Interests

  • Acting on behalf of a customer
    Clarified that 'acting in the best interests' and 'securing customers' interests' in the context of the CPC does not mean that a financial services firm is 'acting on behalf of' a customer, or in any way taking responsibility for making decisions that could and should be made by the customer themselves. In placing obligations on firms, the securing customers' interests obligations do not remove responsibility from their customers.
  • Assisted Decision Making Act
    Clarified that the proposals do not conflict with the Assisted Decision Making Act ("ADMA"). The guidance outlines for firms how the requirements apply in order to support firms in understanding their obligations under the CPC and the ADMA.

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