Addendum to the Consumer Protection Code 2012 – September 2019

Thu Mar 12 2020

Dear Member

As previously advised, the ‘Addendum to the Consumer Protection Code 2012 – September 2019’ was published in two parts, the second part focused on the amendments arising from the Insurance Distribution Regulations 2018 (IDR).  On 13 November we issued guidance in respect of this part of the Addendum which took effect immediately.

The purpose of today’s email is to reiterate to members the changes contained in Part I of the Addendum which come into force from 31 March 2020.

Part I of the Addendum is entitled “Addendum for Intermediary Inducements – Enhanced Consumer Protection Measures”.  For the purposes of giving effect to the enhanced protections the following Chapters of the Consumer Protection Code 2012 (CPC) were amended:

Chapter 3 – Conflicts of Interest

Chapter 4 – Provision of Information

Chapter 12 – Definitions

As a result, we have amended the following documents which are available in the Members’ section of the Brokers Ireland website; in Compliance Support in the following folder:

Procedures Manuals:

  • The Manual (saved in “Manual”)
  • Terms of Business (saved in “Template Documents”)
  • Conflicts of Interest Policy Template (saved in Template Documents”)

It is up to each member firm to implement the required policies, procedures and templates.  The above documents are guidance documents and firms who wish to use them must personalise them to their own needs.

The new changes are highlighted in red.  Areas highlighted in green are instructions or explanations.

Brokers Ireland – Compliance Unit

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