Central Banks Consumer Outlook Report 2021

Thu Apr 8 2021

The Central Bank of Ireland (CBI) published its Consumer Protection Outlook report for 2021 on the 29th of March which sets out its 2021 priorities.

KEY AREAS FOR INTERMEDIARIES

In 2021, the Central Bank indicated that they will:

  • Implement firm-specific supervision for those regulated firms that have the greatest potential impact on consumers and investors and structurally and systematically assess how these firms manage and mitigate the risks they pose to consumers and investors.
  • Complete their review of differential pricing practices in the Irish private car and home insurance markets.
  • Undertake a thematic review on the use of telematics in the insurance industry and commence a review of how the ongoing suitability of long- term life-assurance products is monitored.
  • Progress resolution of business interruption insurance issues arising from COVID-19 by ensuring firms adopt a customer focused approach and taking into account relevant court judgments.
  • Continue market monitoring of complex products offered to retail clients and complete a review of safeguarding of user funds arrangements across the payment services and electronic money institution sectors.
  • Implement an enhanced risk-based sectoral supervisory strategy for the retail intermediaries sector with a focus on reporting obligations, key risk indicators and known conduct issues.
  • Continue their substantial review of the Consumer Protection Code. They will publish a public consultation in 2021 seeking views and evidence to inform this review.
  • Continue to act as a robust gatekeeper in 2021 by rigorously assessing applications from firms that wish to provide financial services in Ireland.

A copy of the full report is available HERE.


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