Consumer Protection Code – FAQ

• Can the Central Bank advise how we should refer to the Revised Code in our communications to customers?
• Should they be given their full legal title or would a reference such as CPC 2025 be suitable to use? 
• Does the CBI have a view regarding the term to be used when referring to the Regulations?

The Consumer Protection Code 2025 is made up of two sets of Regulations:

• Standards for Business Regulations, these may be cited as the Central Bank Reform Act 2010 (Section 17A) (Standards for Business) Regulations 2025. For shorthand, they have also been referred to as the Standards for Business Regulations.
• Consumer Protection Regulations s, these may be cited as the Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Consumer Protection) Regulations 2025. For shorthand they have also been referred to as the Consumer Protection Regulations.

We have used the shorthand "the Code", “CPC 2025”, "the Consumer Protection Code" to reference the two sets of regulations collectively in a number of our documents and references. There may be instances for firms where having the full legal title of the regulations is not appropriate for the audience/customers, so shorthand references can be used as appropriate.  At all times, firms should consider how in its communications with consumers it is meeting the obligations of Informing Effectively and to use language and references that will be accessible and meaningful to consumers.

What is the Central Bank’s view on implementing certain requirements that are set out in the revised Code in advance of 24 March 2026? Can firms implement the new requirements on a phased basis?

The Consumer Protection Code 2012 remains in force during the implementation period and those are the requirements that have to be adhered to. However, it is accepted, from a project management perspective, and in particular where there may be system/IT changes that firms need to plan for and implement, a phased approach makes sense, particularly in scenarios where there is no conflict between existing and new requirements. Firms should be aware that certain legal and contractual risks may arise in certain scenarios and individual firms must form their own view in that regard in relation to the new requirements of CPC 2025 and any phased implementation.

Where there are requirements in the revised Code that don't conflict with the existing Code - those elements could be introduced ahead of March 2026.  Some of the changes in the revised Code are related to wording changes on warning statements – where there are minor wording changes, which do not fundamentally change the overall message or communication to the consumer, these could be changed prior to March 2026. There are some instances where there are more material wording changes in warning statements where it would not be appropriate to implement the changes in advance of the March 2026 implementation date.

 

Would it be possible for the Central Bank to include a clarification of scope at the start of each chapter, similar to CPC 2012? We appreciate there is a Scope and Application section within Part 1; however, given the size of the document, a section at the start of each chapter would improve understanding and clarity on the relevant obligations.

The Consumer Protection Code is made up of two regulations

1. Central Bank Reform Act 2010 (Section 17A) (Standards for Business) Regulations 2025, SI No.80 of 2025
2. Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Consumer Protection) Regulations 2025, SI No. 81 of 2025

These two Regulations are official Statutory Instruments, so it is not feasible to include additional wording at the start of specific chapters.  The “scope and application” sections in Part 1: Preliminary and General of each of the regulations sets out the specific scope and application of the regulations to different types of financial services providers and the “restricted application” sections provide further information on which regulations do not apply to specific sectors or products.

Can the Central Bank provide clarity on where there are references to intermediaries within the Code, that this does not include credit intermediaries?

Credit intermediaries continue to be outside the scope of the revised Code. However, it is important for firms to consider how they can ensure they meet their consumer protection obligations when they use credit intermediaries to engage with their customers.

It should be noted in particular that the Consumer Protection Regulations apply to the regulated activities of regulated entities operating in the State (Regulation 3(1)). A credit intermediary authorised by the CCPC does not fall within the definition of a “regulated entity” as set out in the Consumer Protection Regulations and, to that extent, the requirements of the Consumer Protection Regulations do not apply. The term “intermediary” may however be used in other contexts e.g. in the context of imposing a requirement on a regulated entity in its dealings with an intermediary. It is a matter for regulated entities to consider the terms of the requirement, the application of the requirement to its business, and the scope and application of the Consumer Protection Regulations.

Can the Central Bank provide further clarity around the definition of consumer, personal consumer and natural person in the context of the following questions?

Question A

Per the Code, the below is what defines/describes a ‘consumer’ and a ‘personal consumer’

“consumer” means, subject to paragraph (4), a customer that is -

1. a natural person,

2. a group of natural persons, including a partnership, club, charity, trust or other

unincorporated body, or

3. an incorporated body, that is not –

1. an incorporated body that had an annual turnover in excess of €5 million in the previous financial year, or

2. an incorporated body that is a member of a group of companies having a combined turnover greater than €5 million;

“personal consumer” means a consumer who is a natural person acting outside his or her business, trade or profession;

As personal consumer refers to ‘natural person acting outside his or her business, trade or profession’, when tying that back to the consumer definition, would personal consumer just relate to point 1 (i.e. a natural person) of the “consumer” definition or does it relate to point 1 (i.e. a natural person) and 2 (i.e. a group of natural persons, including a partnership, club, charity, trust or other unincorporated body) or is there some other way to interpret personal consumer

Question B

Does natural person in this instance relate to point 1 (i.e. a natural person) of the “consumer” definition or does it relate to point 1 (i.e. a natural person) and 2 (i.e. a group of natural persons, including a partnership, club, charity, trust or other unincorporated body) of the “consumer” definition or is there some other way to interpret natural person in the context of consumer in vulnerable circumstances?

Answer to Question A: There is a distinct definition for personal consumer – where it means a natural person acting outside his or her business, trade or profession. This covers what would ordinarily be considered as individual consumers who engage as individuals in a personal capacity with financial service providers.

Answer to Question B: In relation to ‘consumer in vulnerable circumstances’ per the Code; “consumer in vulnerable circumstances” means a consumer that is a natural person and whose personal circumstances, whether permanent or temporary, make that consumer especially susceptible to harm, particularly where a regulated entity is not acting with the appropriate levels of care, and “vulnerable circumstances” shall be construed accordingly. A consumer in vulnerable circumstances means someone who is a natural person – therefore an individual who is in vulnerable circumstances; for example, through illness, bereavement or other circumstances that make them vulnerable. In theory a group of natural persons could be collectively in vulnerable circumstances; but the same requirements would be on the financial services provider to engage with each individual as per the overall Code requirements for consumers in vulnerable circumstances.

Will suitability statements be required for unsecured lending products? If so, will staff need to be qualified in line with the Minimum Competency Code (MCC) in order to assess applications?

Since 2022, Chapter 5 of the existing Code (Knowing the Consumer and Suitability) has applied to hire-purchase agreements, consumer-hire agreements and/or BNPL agreements except where firms are providing BNPL agreements which fall within the European Communities (Consumer Credit Agreements) Regulations 2010 (S.I. No. 281 of 2010). This approach continues to be reflected in the revised Code. The Central Bank published an Addendum to the MCC 2017 in May 2022 which addresses the issue of application of the MCC to directly or indirectly providing credit or entering into a hire-purchase agreement or consumer-hire agreement to which the Central Bank Act 1997 Act applies. Overall, a suitability statement is required for in scope unsecured lending products and, as such, a person preparing/assessing such applications is required to be qualified in line with the MCC. In line with the transitional arrangements set out in the above addendum, they do not have to be qualified until 16 May 2026 provided they are pursuing their qualification.

Can the Trusted Contact Person act on behalf of the consumer, for example, can the Trusted Contact Person make changes or amendments to an insurance policy held in the consumer’s name?

A Trusted Contact Person can be appointed at the request of a consumer, simply to act as a point of contact should there be any difficulties in communicating with the consumer, or where a firm suspects financial abuse including fraud. A Trusted Contact Person has no authority to deal with the affairs of a personal consumer and therefore cannot make changes to an insurance policy as outlined in this question, as that would be for the policyholder themselves to initiate.

Can the Central Bank confirm that insurance undertakings are exempt from this requirement, as per Regulation 11(1) of the Consumer Protection Regulations - “Restricted application to insurance distributors and insurance-based investment products”?

Yes, that is correct. Regulation 61 of the Consumer Protection Regulations requires regulated entities to inform the consumer of the ombudsman, where relevant, and any alternative dispute resolution service, that will deal with a complaint in the event that the consumer does not accept the decision of the regulated entity’s complaints process.

Regulation 11(1) of the Consumer Protection Regulations states that regulation 61 does not apply to insurance distributors. Insurance distributors are as set out in regulation 2 of the Insurance Distribution Regulations, which defines "insurance distributor" as any insurance intermediary, ancillary insurance intermediary or insurance undertaking.