Regulatory Alerts2021-06-25
Consumer Protection Expectations in a Changing Retail Banking Landscape 2021
The Central Bank of Ireland issued this letter to establish specific consumer protection expectations for regulated entities amid proposed structural changes and consolidation in the retail banking sector. The regulator mandates that firms adopt a customer-centric culture, ensure transparent communications, and implement robust processes for handling vulnerable customers, errors, and complaints during business transfers or closures. Additionally, the document requires comprehensive consumer impact analyses for mortgage loan transactions and continued fair treatment of borrowers in financial distress to mitigate risks to consumers.
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