Regulatory Alerts2018-06-07
Addendum to Consumer Protection Code 2012 - Enhanced Mortgage Switching Measures
The Central Bank of Ireland issued this addendum to the Consumer Protection Code 2012 to implement enhanced mortgage transparency and switching protections effective January 1, 2019. Regulated entities are now required to publish detailed switching guides, provide indicative interest rate comparisons upon request, and adhere to strict timelines for acknowledging applications and issuing decisions. The amendments also mandate specific post-sale notifications regarding fixed-rate expirations and Loan-to-Value band movements to help consumers identify potential savings.
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