Proposals to strengthen consumer protection

PROPOSED new guidelines to strengthen protection for consumers when dealing with financial institutions were unveiled by the Central Bank yesterday.

The Consumer Protection Code consultation paper outlines proposed new requirements and the strengthening of existing safeguards for customers dealing with firms monitored by the Central Bank.

Key recommendations include the drawing up of a definition of a vulnerable customer, more rigorous suitability requirements and the imposition of strict time limits in dealing with overcharging errors.