Central Bank to beef up consumer protection

The Central Bank has launched a new report on consumer protection which proposes a comprehensive overhaul of existing legislation in a number of key areas.

The new framework, known as ‘Getting it right for customers’ will focus on the five Cs — consumer, culture, confidence, challenge and compliance.

“Financial products and services play such an important part in the everyday lives of consumers and while they can deliver consumer benefits, they can also present risks if the right product is not sold in the right way to the right consumer,” said director of consumer protection, Bernard Sheridan.