Regulatory Alerts2012-05-01
Consumer Protection Code 2012 and Code of Conduct on Mortgage Arrears Contact Provisions Interpretation
The Central Bank of Ireland issues formal guidance interpreting contact provisions under the Consumer Protection Code 2012 and the Code of Conduct on Mortgage Arrears to ensure lender communications remain proportionate and non-harassing. The guidance clarifies that mandatory initial proactive communications do not count toward the monthly limit of three unsolicited contacts, allowing lenders to promptly engage borrowers once arrears arise. Lenders may conduct unsolicited personal home visits after exhausting other contact methods and providing five days' written notice, provided the visits are conducted respectfully to discuss arrears solutions before pursuing repossession.
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