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ARTICLE · 15 FEBRUARY 2024

Irish Developments - Horizon Scanner Finance: January 2024

Arthur Cox
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The Central Bank of Ireland's revised Client Asset Requirements apply to credit institutions from 1 January 2024. The related Guidance (which broadly reflects the draft Guidance that was available on the Central Bank's website since June 2022) applies from the same date.

IrelandFinance and Banking
Arthur Cox
Arthur Cox
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CLIENT ASSET REQUIREMENTS

The Central Bank of Ireland's revised Client Asset Requirements apply to credit institutions from 1 January 2024. The related Guidance (which broadly reflects the draft Guidance that was available on the Central Bank's website since June 2022) applies from the same date.

CONSUMER PROTECTION CODE

Indications from the Central Bank at its Financial System Conference on 8 November 2023 were that the consultation paper on planned changes to the Consumer Protection Code (CPC) is likely to be published early in Q1 2024.

From the perspective of the Individual Accountability Framework (IAF), the consultation paper is very keenly awaited as the Business Standards under the IAF will be set out in the CPC (the Business Standards will apply to all regulated financial service providers (RFSPs) albeit the Central Bank may apply the standards differently as between different classes of RFSPs).

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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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