Regulatory Alerts2013-07-04
Feedback Statement CP63 - Review of the Code of Conduct on Mortgage Arrears
The Central Bank of Ireland issued a revised Code of Conduct on Mortgage Arrears effective July 2013 to strengthen consumer protections and ensure fair treatment for borrowers facing financial distress. The updated framework replaces the previous limit on lender contacts with a mandatory board-approved policy requiring proportionate communication and introduces safeguards such as a 20-day notice period before classifying borrowers as non-cooperating. Additionally, the revisions mandate the recording of telephone calls to Arrears Support Units and permit unsolicited personal visits only as a last resort to facilitate meaningful engagement and resolution of mortgage arrears.
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