'Time has come' to update Consumer Protection Code, says Central Bank of Ireland Deputy Governor

New and updated provisions will tackle digitalisation, mortgage switching and fraud, among other issues

The consultation paper is the second of three steps the Central Bank is taking to clarify and integrate the code, as well as to enhance its accessibility.

The "time has come" to update the Consumer Protection Code to support Ireland's evolving financial system, Central Bank of Ireland Deputy Governor, Derville Rowland has said.

Speaking at the launch of a consultation paper on the revision of the code, Ms Rowland added that the regulator is bringing forward proposals for "a modernised version which is underpinned by firms’ obligation to secure their customers’ interests."