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ARTICLE · 15 MARCH 2024

Consumer Protection Code Reform: Central Bank Launches 3-Month Consultation

Arthur Cox
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Published on 7 March 2024, the Central Bank's Consultation Paper CP158 on its planned reforms to the Consumer Protection Code (CPC) is open for feedback until 7 June 2024.

IrelandFinance and Banking
Arthur Cox
Arthur Cox
Robert Cain
Robert Cain
Sarah Thompson
Sarah Thompson
Stephen D'Ardis
Stephen D'Ardis
Sinead Cantillon
Sinead Cantillon
Belinda Tang
Belinda Tang
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Published on 7 March 2024, the Central Bank's Consultation Paper CP158 on its planned reforms to the Consumer Protection Code (CPC) is open for feedback until 7 June 2024.

As expected, the revised CPC will take the form of 'Conduct of Business Regulations'. These will not only include the updated CPC provisions – they will also consolidate the Code of Conduct on Mortgage Arrears (CCMA), the Regulations on High-Cost Credit Providers, and the 2022 Insurance Regulations in one place.

CP158 was keenly awaited from the perspective of the new Individual Accountability Framework (IAF), as it includes the proposed business standards. The proposed standards (which build on the existing CPC's General Principles) are set out in a separate set of draft 'Business Standards Regulations' and contain both broad 'Standards for Business' together with more granular 'Supporting Standards for Business'. We will be covering these in more detail in a related update from our IAF/SEAR

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This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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