Revised Consumer Protection Code And Related Guidance Takes Effect

On 19 October 2011, the Central Bank of Ireland (the "Central Bank"), published the revised Consumer Protection Code (the "CPC") which came into effect from 1 January 2012 for regulated entities including banks, insurance and investment companies and intermediaries. The publication of the revised CPC follows a year long consultation process which began in October 2010 and involved consultation paper CP 47 and consultation paper CP 54. The revised CPC significantly strengthens existing requirements contained in the original CPC launched in 2006, in key areas such as enhanced disclosure and transparency requirements.

Key Changes:

The revised CPC increases protection for consumers in a number of key areas, including the following: