Regulatory Alerts2011-01-21
Code of Conduct on the Switching of Current Accounts with Credit Institutions
The Central Bank of Ireland issued this Code under the Central Bank Act to mandate a standardized switching process for euro-denominated current accounts held by consumers. It requires credit institutions to provide specific switching packs, utilize a unified Account Transfer Form, and execute the transfer of balances, direct debits, and standing orders within strict timeframes. The document establishes compliance obligations and enforcement powers, allowing the regulator to sanction institutions that fail to adhere to these legal requirements.
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