IFSRA launches code of conduct plans

THE financial service regulator has announced plans to end cold calling and pre-approved loans to strengthen consumer protection.

In a consultation paper published yesterday, the Irish Financial Services Regulatory Authority (IFSRA) said unsolicited offers of pre-approved loans and increasing credit card limits without permission will be banned under proposed code of conduct rules.

The regulator said consumers need to be made aware of the dangers of accepting credit without understanding the terms and conditions. IFSRA also wants the financial services industry to cut out the jargon associated with many products.