New Consumer Protection Standards Aim to Strengthen Support for Vulnerable Customers

The Central Bank of Ireland is embarking on a significant update to its consumer protection framework, focusing on those facing vulnerable circumstances in today’s evolving financial landscape.

With this refresh, set to come into effect in March next year, the revised Consumer Protection Code broadens the definition of consumer vulnerability and introduces modernized protections that align Ireland with global best practices. Recognizing that anyone can experience financial vulnerability—whether due to life events, ongoing health issues, or gaps in financial literacy—the Bank emphasizes the role of financial services in safeguarding well-being and resilience. The new framework was shaped by broad consultation with stakeholders from public service, civil society, and industry, reflecting a commitment to engage openly as these changes are rolled out. Particular attention is being paid to how firms incorporate these new requirements into their operations, including digital support for customers, improved responses to financial crime, and enhanced support mechanisms for those at risk of harm or detriment. In parallel, the Central Bank is developing a Consumer Insights Model that will better track consumer experiences and well-being, ensuring the reforms deliver tangible benefits.

This modernization marks a vital shift in how Ireland’s financial sector protects its most vulnerable customers, setting a higher standard for consumer care and building greater trust in financial services for all.