FINANCIAL SERVICES OMBUDSMAN
We expect the Financial Services and Pensions Ombudsman (Amendment) Bill to be finalised in April / May 2025.
The Bill was amended at Dáil Committee Stage in March 2025 to address an issue that arose in early 2024 in respect of the Ombudsman's remit.
The Ombudsman's view had been that his remit does not extend to complaints regarding how a borrower's Standard Financial Statement under the Code of Conduct on Mortgage Arrears is dealt with / assessed by a credit servicing firm where the mortgage loan was sold between 2015 and 2019. The Ombudsman views that as being a 'key decision' and therefore one that rested (between 2015 and 2019) with the legal title holder (who did not require to be regulated by the Central Bank of Ireland during that period) and not with the credit servicer (against whom the borrower lodged the complaint).
The amendment will extend the Ombudsman's jurisdiction, once the Bill becomes law, to review complaints made at any point after a loan sale, including complaints in respect of matters that arose before the commencement of the 2015 or 2018 credit servicing-related Acts.
REVISED CONSUMER PROTECTION CODE
Regulated entities are analysing the Central Bank's regulations that will replace the Consumer Protection Code (CPC) (published on 24 March 2025).
The CPC has been revised, updated and consolidated into the Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Consumer Protection) Regulations 2025 (Consumer Protection Regulations). The Code of Conduct on Mortgage Arrears, the 2020 Licensed Moneylenders Regulations and the 2022 Insurance Requirements Regulations have also been updated (albeit less substantively) and consolidated into the Consumer Protection Regulations.
The Consumer Protection Regulations will apply from 24 March 2026, giving regulated entities a 12-month transition period to prepare for the changes. As expected, the Central Bank has adjusted the maximum turnover threshold for an incorporated body to come within the CPC definition of "consumer" from €3 million per annum to €5 million per annum, so this will bring an additional layer of incorporated entities into scope.
For more information, read our insights here:
IAF/SEAR Update: Business Standards Regulations published (effective 24 March 2026)
Consumer Protection Regulations - impact on insurance
INDIVIDUAL ACCOUNTABILITY FRAMEWORK
Under the Central Bank (Individual Accountability Framework) Act 2023, the Central Bank is empowered to prescribe Business Standards for all or specific classes of regulated entities.
Draft 'Standards for Business' Regulations formed part of the Central Bank's 2024 consultation on changes to the CPC. The final regulations were published (the Central Bank Reform Act 2010 (Section 17A) (Standards for Business) Regulations 2025 (Business Standards Regulations)) as part of the Central Bank's publications relating to the new Consumer Protection Regulations, and stakeholders will be reviewing these closely during April 2025 and assessing next steps towards implementation.
The Business Standards Regulations will, as is the case with Consumer Protection Regulations, apply from 24 March 2026.
This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.
