Consumer Protection Code

The Consumer Protection Code 2006 (the Code) was introduced in August 2006 and it came fully into effect on 1 July 2007.
set out the requirements that regulated firms must comply with when dealing with consumers in order to ensure a similar level of protection for consumers, regardless of the type of financial services provider
1. THE CODE DOES NOT APPLY TO
  1. Services provided by regulated entities to persons outside the State
  2. MiFID services
  3. Moneylending under the Consumer Credit Act 1995
  4. Reinsurance business
  5. Bureau de change business
  6. Credit union activities, other than when acting as insurance intermediaries
  7. The provision of credit involving a total amount of credit of less than €200
  8. Hire purchase and consumer hire agreements
The Consumer Protection Code 2006 was revised and the Consumer Protection Code 2012 came into effect on 1 January 2012.
acts honestly, fairly and professionally in the best interests of its customers and the integrity of the market
1. in the best interests of its customers and the integrity of the market
2. A regulated Entity
  1. acts with due skill, care and diligence
  2. has and employs effectively the resources, policies and procedures, systems and control checks, including compliance checks, and staff training that are necessary for compliance with this Code
  3. makes full disclosure of all relevant material information, including all charges, in a way that seeks to inform the customer
  4. must
3. does not recklessly, negligently or deliberately mislead a customer
4. seeks from its customers information relevant to the product or service requested
APPLIES TO
1. Credit Institutions
2. Insurance Undertakings
3. Investments Business Firms
  1. authorised under the Investment Intermediaries Act 1995
4. Investment Intermediaries
  1. authorised under the Investment Intermediaries Act 1995
5. Insurance Intermediaries
6. Mortgage Intermediaries
7. Payment Institutions
8. Electronic Money Institutions
9. Credit Unions, when acting as insurance intermediaries
10. Regulated entities Providing retail credit
11. Home reversion firms
12. Debt Management Firm

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Consumer Protection Code

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