Implementation of the Addendum to the Consumer Protection Code

Sat Mar 28 2020

Dear Member,

On 16 March 2020, I wrote to Pat Sage, Head of Function- Consumer Protection, of the Central Bank (CBI), requesting that the deadline for the implementation of the Addendum to the Consumer Protection Code be suspended, in light of the environment within which we all find ourselves operating.

This evening, at 17.16, I received a response from Pat Sage in relation to this request. This response confirmed that after full consideration by the CBI, the new rules will become effective on 31 March as planned. The CBI has confirmed that onus is on firms to be fully compliant.

However, the CBI appreciates the difficulties that COVID 19 is causing retail intermediaries, their employees and customers.

In recognition of current COVID 19-related difficulties, the Retail Intermediaries Supervision Team will apply reasonable flexibility in how it engages with retail intermediaries, in circumstances where retail intermediaries may not yet be at full compliance with the new rules, and in particular with respect to provision 4.58A.

We at Brokers Ireland appreciate the administrative burden the Addendum has caused to our Members. We are available to address your queries regarding the statement of the CBI. Please contact our compliance unit at compliance@brokersireland.ie or the following Brokers Ireland staff:

General Insurance: cathie@brokersireland.ie

Financial Services: rachel@brokersireland.ie

Kind Regards

Diarmuid Kelly

CEO

Brokers Ireland


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