On 29 June 2017, the Central Bank published a
Discussion Paper: Consumer Protection Code and the
Digitalisation of Financial Services.
The Central Bank is seeking feedback on whether, as new
technologies emerge, consumers availing of retail financial
services are sufficiently protected by the Consumer Protection Code
(CPC) in its current form, whether CPC needs to be enhanced, and
whether any part of the CPC might impede technological innovations
that could ultimately benefit consumers.
Digital technology is transforming retail financial services,
and the Central Bank is assessing the risks involved.
Consumers are increasingly moving towards the use of online and
mobile platforms for financial services, and the Central Bank has
quoted from March 2017 research regarding the use of contactless
payments in Ireland. It has also noted the impact of social media,
the role that price comparison websites play in the UK market, the
emergence of FinTech and the effect
