The Central Bank of Ireland has a role in relation to the protection of consumers of financial services.
We help consumers make informed financial decisions* in a safe and fair market by:
- Monitoring and enforcing the consumer protection, conduct of business and prudential requirements
- Setting minimum competency requirements for firms
- Providing clear information on financial products and services*
In relation to consumer protection we develop, introduce and monitor compliance with our statutory codes of conduct. We also monitor compliance with other consumer protection requirements applicable to financial services providers operating in Ireland.
We monitor compliance with consumer protection requirements through:
- mystery shopping
- examination of specific issues or requirements
To promote compliance, we provide feedback on themed inspections and publish the main issues on our website. Breaches of regulatory requirements are dealt with in accordance with our Administrative Sanctions procedure.
*With effect from 1 March 2010, the statutory consumer information and education functions transferred to the National Consumer Agency.