Regulatory Alerts2019-09-26
Addendum to the Consumer Protection Code 2012 - September 2019
The Central Bank of Ireland issued this addendum to enhance consumer protection regarding intermediary inducements and align the Consumer Protection Code 2012 with the Insurance Distribution Regulations 2018. It introduces strict rules prohibiting fees and non-monetary benefits that impair the duty to act in the consumer's best interests, while restricting the use of the term 'independent' to entities providing fair market analysis. The document also mandates the public disclosure of all commission arrangements and updates definitions and scope provisions to reflect the transposition of the EU Insurance Distribution Directive into Irish law.
Share