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FINANCIAL INSTITUTIONS MUST take action to protect their customers from fraud and scams under new consumer protections measures to be introduced next year by the Central Bank.
The banking regulator is seeking to make lenders more transparent, through changing the phrasing, conditions and responsibilities in the Consumer Protection Code – which enforces a range of customer rights.
Through the introduction of effective, continuous and clear communication, the Central Bank hopes that banks will be able to mitigate scammers who may seek to defraud their customers.
Fraud is on the rise, according to research by the Central Bank, and led to €126m being stolen from banking customers in 2023 alone, a €26m when compared to 2022. Polling suggests that 80% of Irish customers have been or are actively targeted by fraudsters.
The new consumer protection code, which will be in place from March 2026, creates strict rules around how banks approach, contact and speak with customers or potential clients and stresses the need to have clear, transparent communication with the public.
Instead of a culture of disclosures, the code incentivises companies to carry out effective communication to inform customers about the day-to-day activities of the bank and its current performance.
Continuous communication will also prevent unregulated purchases, as the code states that consumers must never be under the assumption that all operations carried out by a regulated institution are protected.
Greenwashing – when firms and other entities make false claims about the environmental benefits of purchases, products or decisions – will also be more heavily monitored, as financial institutions will be required to state the intended impact new products should have on the climate.
Separately, this new code will require banks to issue detailed information about mortgage switching, including the requirements, associated costs and cost of credit, so that consumers can make informed decisions and comparisons.
The Central Bank has also revised its definition of vulnerable customers, to include a more fluid description of who and when clients are considered at risk or vulnerable. This will require lenders to be more attentive and engaged with that cohort.
Banks will also be required to introduce and developer digital services, with a customer-focused approach in terms of the design and implementation. This will create accessible services to all types of customers.
Companies have one year to put in place the revised consumer protection code, which was published after an extensive review, consultation and survey period. It was developed following engagement with customers and the industry.
Governor of the Central Bank Gabriel Makhlouf has welcomed the publication of the new code, with has been developed over ten years. He said the new changes must reflect the new opportunities that banks have to engage with customers.
“Consumers will benefit from a package of protections that better reflect how they are accessing financial services in the modern world,” he said.
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I know it’s a bit off the point but labour trying to defend job bridge is farcical. It completely plays into the hands of unscrupulous employers who instead of creating real positions and paying a real wage totally take advantage of desperate people who really want to work.
3/5 finding full time work through it would seem to bely that notion. Not to say that there aren’t numerous cases where it has been abused. It’s also done good in many cases.
Ireland now have the shameful position of the 2nd highest level of low paid workers in the OECD thanks to this government.
Spin it what ever way you want but when a family cant earn enough to feed and clothe themselves its the FIS that they turn to.
The government are encouraging low pay to massage live reg figures to churn out crap like 3/5 in “jobs” when it should be looked at along side how many of these people now also have to claim Family Income Supplement and still be at the poverty line. Job bridge = slavebridge.
@David, which report or piece of research found that 3/5 participants end up in full-time paid employment having completed their Jobbridge internship?
David don’t get sucked in by the figures they are highly massaged.
A labour TD accusing someone of backtracking now that’s laughable labour are experts at it but thankfully not for much longer labour are finished.
It seems Labour TDs are the ones clutching at straws trying to save their political hides before the next General Election.
Hmm, people not trusting what Gerry Adams says…..
They don’t seem to trust Labour either, very surprising.
No real surprise. Sinn Fein flip flop on most things. Just 3 weeks ago Pearse Doherty stated in morning Ireland that the abolition of water charges was not a red line issue for them to go into government coalition. 3 weeks on in the run up to a by election, they want to abolish it. Whatever is popular is their policy…
The labour party what, they’d know all about “chopping and changing key policies.”
What? That’s not like Gerry to be speaking out of both sides of his mouth.
Expect loads of smears against SF following todays opinion poll. FFFG are getting desperate.
Labour are terrified, they are on the brink of extinction. 24% for Sinn Fein. Its not trinners for winners, its shinners for winners today.
Mary Lou can claim both of those fine accolades.
Labours desperation is palpable.
Labor = Lacky Dogs . (apologies to mongrels and bitches everywhere)
When I first heard about Jobsbridge I thought it was a good idea, however it is incredibly flawed, nearly every store in my town uses it for free workers, they are to work 39 hours for an extra 50€ a week, granted you work for your dole money also but that still puts it below the minimum wage, the Jobsbridge scheme should be paying €100-150 plus for 39 hours a week work, this is bordering slave labour, I don’t see how it’s fair to have people working for so little money especially when all the jobs that used to be paid well are now a Jobsbridge scheme.
a TD asking a question on behalf of a constituent how very dare he!
This is a nothing piece of inter cert standard reporting, are would be’ Indo’ reporters working for the journal? 300 words about nothing and yet clouded in inferences displaying an agenda more appropriate for O’Brien’s tabloid rag than the Journal.
Do you honestly think the Journal isn’t every bit as agenda-driven as O’ Brien’s?
They are both now as bad as each other, SF are effectively the new FF and like the others not to be trusted whatsoever.
Anyone criticizing Gerry is a troll and must be silenced.
Unleash the dogs!
Early shift at the spintank today I see.
John why as a FG supporter would you defend Adams?
The concept of Job bridge seemed to be fine , It seems that many employers abuse the system and have no intentions of ever offering anyone a job at the end of there term .
Good old Ireland
Yes but their leaders did say they would pay water tax despite the “party stance” suggesting it be scraped, if that’s not hypocrisy i don’t know what is!
Sweeping government generated statistics bely the reality of the situation David.
As someone who was offered a permanent position through jobbridge I can only say good things about the scheme. That said it is open to abuse by employers.
JobsBridge was and is a great idea. Its implementation and criteria were unfortunately put together by morons. They should roll it out with with more definition and an onus on employers. It should not be allowed to be abused by the likes of mushroom and potato growers as is the case today.
Honestly is a politician not allowed change his mind or admit when their wrong.
Well FG seem to be ok with changing their minds on water charges.
I am 30 years old, I worked for 7 almost 8 years when I finnished school had a good job worked my way up through a company went to college when the down turn hit and got my honours degree. It’s wasn’t easy. Paying bills, paying for a house like most people but I worked hard. I started a jobbridge as I couldn’t find anything else local and I have to say it’s a total let down. Was told on a Friday to start on the Monday but they had nothing set up for me when I got there. I got to spend 3 days looking at a computer that didn’t work, I was stuck in a corner of an office all day. I can’t help but think if I was getting a weekly wage and not on jobbridge I wouldn’t be left and forgotten. My skills, education, experience would be getting used… It’s a daily occurrence as well.
have your say