Remarks by Deputy Governor Colm Kincaid to Central Bank of Ireland’s Consumer Protection Workshop – Consumer Protection at the Heart of Our Mission
Executive Summary
Deputy Governor Colm Kincaid's speech on 24 March 2026 emphasizes consumer protection as central to the Central Bank of Ireland's (CBI) mission amid geopolitical, technological, and economic changes, highlighting the revised **Consumer Protection Code 2025** (CPC 2025) as a key modernization effort. This matters for compliance professionals because the CPC 2025 introduces enhanced, digitally-focused protections effective **24 March 2026**, replacing the 2012 Code after a 12-month implementation period, with firms required to proactively secure customer interests. #
What Changed
The CPC 2025 comprises Standards for Business Regulations (governance, resources, risk management, conduct standards) and Consumer Protection Regulations (cross-sectoral and sector-specific rules for consumers). Major updates include: - Core obligation: Firms must "secure customers’ interests," shifting to a proactive, customer-focused mindset. - Cross-sectoral requirements: Knowing the consumer/suitability; conflicts of interest/remuneration; vulnerable consumers (updated definition); digitalisation (customer-focused design); effective informing (beyond disclosure); charges/regulatory status info; unregulated activities distinction; advertising; bundling; errors/complaints resolution; records/compliance. - Specific enhancements: Fraud/scam protections; mortgage switching disclosures; gree
What You Need To Do
- Gap analysis
- Policy/system updates
- Governance/risk
- Testing/monitoring
- Stakeholder engagement
Key Dates
Compliance Impact
Urgency: High – With effectiveness today (24 March 2026), firms face immediate non-compliance risk as the 12-month window closes; CBI supervision will intensify on digital/fraud/vulnerability protections amid heightened risks (e.g., cyber, scams). Non-adherence risks enforcement under CBI's powers, reputational damage, and fines, especially as this "gold-plates" EU rules in a volatile environment.
Who is Affected
Summary
Good afternoon and welcome to this Central Bank of Ireland workshop on the Consumer Protection Code. Today I will focus on the outlook for consumers and investors. But first let me pause to talk a little about the broader context in which we find ourselves. We are living through a period marked by extraordinary change, geopolitical instability, rapid technological transformation and shifting economic conditions. Governor Makhlouf summarised this well when he said how 2026 has already seen ext...