The Central Bank of Ireland has issued an interesting discussion paper that examines the issues of digital delivery of financial services and how that interacts with the Consumer Protection Code from an Irish perspective.
It is really good to see the CBI engaging on these types of issues, as they pose challenges to regulators and service providers adding an extra layer of complexity into the already complicated environment of financial regulation. Hopefully we will see similar approaches in Ireland to the FCA's regulatory sandbox initiative in the UK. The response period to the paper ends in October.
The publication of the Discussion Paper launches a four-month consultation period seeking views from consumers, regulated financial services firms, FinTech firms and any other interested parties, on how consumers are or should be better protected in an increasingly digital financial services environment.
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