S.I. No. 81/2025 - Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Consumer Protection) Regulations 2025

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of 25th March, 2025.

CONTENTS

Regulation
Part 1
PRELIMINARY AND GENERAL
1. Citation and commencement
2. Interpretation
3. Scope and application
4. Restricted application where European Communities (Consumer Credit Agreements) Regulations 2010 apply
5. Restricted application where European Union (Consumer Mortgage Credit Agreements) Regulations 2016 apply
6. Restricted application to high cost credit providers
7. Restricted application to credit unions
8. Restricted application in respect of relevant activities related to SMEs
9. Restricted application where providing payment services or issuing electronic money
10. Restricted application to regulated entities providing solely account information services
11. Restricted application to insurance distributors and insurance–based investment products
12. Restricted application to packaged retail and insurance–based investment products
13. Restricted application to crowdfunding services
14. Restricted application to MiCAR services
15. Circumstances in which these Regulations do not apply
Part 2
GENERAL CONSUMER PROTECTION REQUIREMENTS
Chapter 1
Knowing the consumer and suitability
16. Knowing the consumer – information to be gathered and recorded
17. Assessing and ensuring suitability
18. Statement of suitability to be provided
19. Exemption from knowing the consumer and suitability requirements
Chapter 2
Conflicts of interest and information about remuneration
20. Fees, commissions, rewards (etc.) permitted to be paid or provided to certain persons only
21. Conditions where fees, commissions, rewards (etc.) are paid or provided
22. Conflicts of interest policy to be in place
23. Certain conflicts of interest that are to be avoided
24. Steps in respect of conflicts of interest that may be managed
25. No specified level of consumer business to be required of intermediary in order to retain appointment
26. Product producers – commission paid to intermediary based on levels of business provided
27. Conditions for employee remuneration arrangements
28. Information barriers to be put in place
29. Offering, giving, accepting (etc.) gifts or rewards not to create conflict of interest
30. Disclosure of fees, commissions (etc.) – mortgage intermediaries and regulated entities authorised under the Investment Intermediaries Act 1995
31. Ongoing remuneration from product producers – intermediaries to disclose information
32. Summary of fees, commissions (etc.) to be published and made available
33. Fees – option of payment, amount, and commission offset, to be explained by intermediaries
Chapter 3
Consumers in vulnerable circumstances
34. Consumers in vulnerable circumstances to be assisted
35. Consumers in vulnerable circumstances – training requirements
36. Trusted contact person
37. Reporting of concerns by employees
Chapter 4
Digitalisation
38. Certain standards to be ensured
39. Provision of certain preselected options prohibited
40. Guidance to be provided on use and navigation of digital platform
41. Information to be provided on available assistance when using digital platforms
42. Notification to be provided of withdrawal of access to systems
43. Notice of upcoming expiry of cooling off period to be given
Chapter 5
Informing effectively
44. Names of financial services not to be misleading with regard to nature or benefits
45. Warning statements to be prominent etc.
46. Notice of changes to range of services to be provided
47. Technical terms to be explained
48. Key information to be presented clearly
49. Arrangements to be in place to ensure security of information when communicating by electronic media
50. Written information to have appropriate font size
51. Terms of business to be drawn up and provided
52. Content of terms of business
53. Deposit agents to provide relevant credit institution’s terms of business
54. Use of term “independent” by intermediaries subject to conditions
55. MiFID Article 3 Services – use of term “independent”
56. Use of term “broker” by intermediaries subject to conditions
57. Intermediaries which do not provide financial services on the basis of a fair analysis of the market
58. Intermediaries to disclose tied status
59. All key information to be provided
60. Terms and conditions to be provided
61. Information on relevant ombudsman and alternative dispute resolution service to be provided
62. Revised terms of business to be provided
63. Recording telephone conversations
64. Information to be drafted and presented for understanding by an average consumer
65. Product producers to ensure that information enables consumer understanding
Chapter 6
Information about charges
66. Written breakdown of charges to be provided
67. Information to be provided where charge for provision or arrangement of loan to personal consumer
68. Schedule of fees and charges to be displayed
69. Consumers to be notified regarding increases and decreases in charges
70. Notification of methods to mitigate or avoid likelihood of penalty charges
Chapter 7
Information about regulatory status
71. Regulatory disclosure statement to be used
Chapter 8
Unregulated activities
72. Website information on regulated activities to be kept separate
73. Certain outcomes to be ensured
Chapter 9
Advertising
74. Scope and application (Chapter 9)
75. Information to be reviewed and updated
76. Hyperlinks linking to information permitted under certain conditions
77. Information provided to meet certain standards
78. Company name and trading name to be specified
79. Advertisement to identify that it is an advertisement
80. Requirements relating to key information, advertising benefits, and use of small print and footnotes
81. Information on qualifying criteria relating to fixed prices or greatest amount of savings to be clear
82. Requirements for warning statements
83. Option not to display warning statements in limited circumstances
84. Promotional or introductory interest rates – required information
85. Recommendations or commendations to meet certain requirements
86. Intermediaries to specify where tied to single provider
87. Comparisons and contrasts to meet certain standards
88. Initialisms and acronyms to be explained
89. Warning statement on investment in crowdfunding projects
Chapter 10
Bundling and contingent selling
90. No sale of financial service to be made contingent on purchase of another financial service
91. No bundling except where cost saving
92. Required information on bundled product
93. Steps where request to switch products in a bundle or exit bundle
94. Steps where optional extras offered
95. Steps regarding information on bundling where communicating by telephone only
Chapter 11
Errors resolution
96. Robust governance arrangements required for errors handling
97. Errors to be resolved
98. Refunds to be made
99. Log of errors to be maintained
100. Record of steps taken to resolve errors to be maintained
Chapter 12
Complaints resolution
101. Reasonable steps to be taken to resolve complaints
102. Complaints made orally – consumers to be offered complaints process
103. Form of complaints that shall be facilitated
104. Systems to track and manage complaints progress to be in place
105. Procedures for managing and resolving complaints
106. Log of complaints to be maintained
107. Governance arrangements for complaints handling
Chapter 13
Unsolicited personal visits and telephone calls
108. Subject to exceptions, no unsolicited personal visits to consumers who are natural persons
109. Initiating telephone calls with consumers that are existing customers
110. Initiating telephone calls with consumers that are potential or former customers
111. Initiating telephone calls to be proportionate, reasonable and not excessive
112. Permitted contact by telephone or visit to be made only during certain times
113. Information to be provided / established
114. Sales and marketing – instructions to be complied with for no further visits or telephone calls
Chapter 14
Records and compliance
115. Required records
116. Customers who are consumers to be identified in records
117. Period of retention of records
118. Records to meet certain standards
Chapter 15
Miscellaneous business requirements
119. Outsourcing activity
120. Policies and procedures to be in writing and accessible to employees
121. Instructions
122. Receipt to be provided
123. Original documentation conferring ownership rights to be given or held for safekeeping
124. Confirmation of power of attorney to be obtained where relevant
125. Procedure to be complied with on ceasing to operate, merging business or transferring regulated activities
126. Proposed transferee or merging entity to conduct due diligence and verify continuity of service
127. Information to be provided and obtained prior to opening joint account for consumers
128. Exclusion and restriction of duties and liabilities to be avoided
129. Regulated entities negotiating with debt management firms
Part 3
CONSUMER BANKING, CREDIT, ARREARS, AND CERTAIN OTHER FINANCIAL ARRANGEMENTS
Chapter 1
Knowing the consumer and suitability – additional requirements
130. Affordability assessment to be carried out
131. Lenders to carry out further affordability and suitability assessment
Chapter 2
Additional information requirements
132. Interpretation (Chapter 2)
133. Requirement for publishing interest rates
134. Personal consumers to receive explanation of consequences of missing scheduled repayments
135. Reasons to be provided for not approving personal consumer credit application
136. Information to be provided to personal consumers regarding early redemption charge
137. Information to be provided on guarantee documentation where offering credit to personal consumers
138. Indicative comparison of total cost to be provided to personal consumers when consolidating loans
139. Information to be provided to personal consumers on lifetime mortgages
140. Information to be provided to personal consumers on home reversion agreements
141. Conditions for reliance on assumptions in providing information pursuant to Regulations 139 and 140
142. Importance of obtaining independent legal and financial advice to be notified with lifetime mortgages and home reversion agreements
143. Warning statements to be included with information on lifetime mortgages and home reversion agreements
144. Credit institutions to provide information on term or notice deposit accounts
145. Credit institutions to provide information on fixed term deposits
146. Providers of loan accounts to provide statements to personal consumers
147. Providers of loans to notify personal consumers of interest rate changes
Chapter 3
Additional post–sale information requirements
148. Guarantor of personal consumer credit to be notified
Chapter 4
Advertisements
149. Scope and application (Chapter 4)
150. Referring to annual percentage rate
151. Advertising term loans and other arrangements while specifying annual percentage rate and term
152. Referring fixed–rate loans and other arrangements – warning statement regarding early payment
153. Personal lending and other arrangements – warning statement regarding failure to make repayments
154. Credit enabling consolidation of debts – required information
155. Displaying interest rate for savings or deposit account
156. Annual equivalent rates
157. Home reversion agreements
Chapter 5
Additional miscellaneous business requirements for credit institutions and provision of credit
158. Credit institutions to follow timelines for crediting funds to term or notice deposit accounts
159. Credit institution to give information and protect consumer interests when closing, merging or moving local branches
160. Credit institution to give information and protect consumer interests when significantly amending local branch services
161. Unsolicited pre–approved credit to personal consumers
162. No increase of personal consumer’s credit limit without agreement
163. Separate payment by personal consumers to be permitted in respect of loan charge
164. Credit institution not prevented from requiring opening of feeder account
165. Steps where offering payment protection insurance with a loan
Chapter 6
Additional requirements specific to mortgage business
166. Interpretation (Chapter 6)
167. Register to be maintained of appointed mortgage intermediaries
168. Personal consumers to be provided certain information with mortgage calculators and approval in principle documents
169. Information on mortgage switching to be given to personal consumers
170. Personal consumers to be provided with indicative comparison on total mortgage interest payable
171. Interest rates for mortgages to be published on websites
172. Summary statement on variable mortgage interest rates
173. Required information to be included with offer document on mortgage
174. Personal consumers to be provided with redemption figure on existing mortgage
175. Personal consumer’s legal representative to be provided with title deeds within specified timeframe
176. Warning statement for interest–only mortgages
177. Information to be provided on incentives and other offers where offered prior to mortgage approval
178. Supporting documentation to be obtained prior to providing mortgage
179. Process to be followed for dealing with mortgage loan applications by personal consumers
180. Assessing reasonableness (etc.) of information in support of mortgage application
181. Mortgage lenders to obtain valuation report
182. Affordability assessment – additional test for mortgage products provided to personal consumers
183. Mortgage intermediaries to provide information for affordability assessment
184. Revised figures to be provided to personal consumer regarding variable interest rate mortgage
185. Mortgage drawdown – information to be provided to personal consumers
186. Statements of account on mortgages to provide for additional matters in certain circumstances
187. Notification of interest rate changes to provide for additional matters in certain circumstances
188. Switching from tracker interest rate – personal consumer to be informed
189. Switching from tracker interest rate to fixed interest rate – personal consumer to be notified of tracker margin on expiry of fixed term
190. Switching from tracker interest rate – personal consumer to be notified prior to implementing switch
191. Switching from tracker interest rate – personal consumer to be allowed time to consider information
192. Switching to fixed interest rate – personal consumer to be notified of loss of discount (etc.)
193. Personal consumer to be provided with information when offering incentives on existing mortgage
194. Warning statement for certain advertisements
Chapter 7
Deposit agents
195. Deposit agents not to retain consumer account passbook
196. Deposit agents not to operate from same premises as deposit broker
Chapter 8
High cost credit providers
197. Interpretation (Chapter 8)
198. Scope and application (Chapter 8)
199. Expertise for engaging in high cost credit
200. Unsolicited credit facilities
201. Unsolicited contact
202. Communications
203. Prohibition on incentivising credit purchases
204. Lending policy and procedures
205. Home collections
206. Pre–contract information
207. Provision of information to consumers
208. Information to be provided on guarantee documentation
209. Additional disclosure requirements
210. Information notice on website and application form
211. Information notice at premises
212. Knowing the consumer
213. Post–contract information
214. Provision of information to guarantors
215. Subsequent high cost credit agreements
216. Advertising
217. Consumer records
218. Provision of records to third parties
Chapter 9
Arrears – Mortgage debt secured by a mortgage borrower’s primary residence
219. Interpretation (Chapter 9)
220. Scope and application (Chapter 9)
221. Meaning of not cooperating
222. Dedicated person to be appointed for dealing with arrears
223. All relevant information to be available prior to communicating with mortgage borrower
224. Regulated entities to have procedures for dealing with arrears and pre–arrears
225. Management information systems to be in place
226. Consumer–facing staff to be provided with training or information as appropriate
227. Conditions for setting targets or offering incentives to relevant staff
228. Timeline for processing mortgage borrower information requests relating to State support applications
229. Mortgage borrower’s nominated third party to be liaised with
230. Mortgage borrower’s reasons for missing repayment schedule to ascertained
231. Mortgage borrowers to be encouraged to engage on financial difficulties
232. No charges or surcharge interest on arrears where mortgage borrower is cooperating
233. Unsolicited personal visits to comply with certain conditions
234. Communications to be open to engaging with mortgage borrower
235. Arrears and pre–arrears meetings with mortgage borrowers not to be in public
236. MARP information booklet required
237. Dedicated webpage to be maintained
238. MARP required
239. Arrears support unit required
240. Circumstances in which MARP to be applied
241. Application of MARP to pre–arrears cases
242. Mortgage borrower to be informed of appointment of third party for engaging with mortgage borrower
243. Policy on communications with mortgage borrowers required
244. Standards for communicating with mortgage borrowers
245. Mortgage borrower and guarantor to be informed in case of arrears
246. MARP information booklet to be provided in pre–arrears case
247. Updated information to be provided where arrears persist
248. Mortgage borrower to be notified of consequences when 3 repayments missed
249. Letter to be provided to mortgage borrower prior to classification as “not cooperating”
250. Mortgage borrower to be informed of certain matters following classification as “not cooperating”
251. Requirements for obtaining financial information from a mortgage borrower
252. Assessment of mortgage borrower case
253. Requirements when considering alternative repayment arrangement options
254. Requirements when offering alternative repayment arrangements
255. Reasons and additional information to be provided where alternative repayment arrangement refused
256. Information to be provided where alternative repayment arrangement offered but not agreed by mortgage borrower
257. Alternative repayment arrangements with mortgage borrowers to be reviewed
258. Appeals process to be in place
259. Appeals to be logged and analysed
260. Complaints resolution
261. Requirements prior to commencement of legal proceedings for repossession
262. Contact to be maintained with mortgage borrower where legal proceedings for repossession commenced
263. Information to be provided following repossession
264. Records to be kept and maintained
Chapter 10
Arrears – debts of personal consumers, other than mortgage debt secured by a mortgage borrower’s primary residence
265. Scope and application (Chapter 10)
266. Legal proceedings
267. Policies and procedures for handling arrears to be in place
268. Dedicated webpage to be maintained
269. Agreed approach on arrears to be sought
270. Notification of existing arrears and enquiries
271. Personal consumer’s nominated third party to be liaised with
272. Notification of particular information relating to account in arrears
273. Mortgage debt – notification of potential for further proceedings
274. Notification to be provided where engaging third party
275. Information to be provided where agreement on revised repayment arrangement
276. Reasons to be recorded and provided where revised repayment arrangement is rejected
277. Communications policy on arrears to be in place and communications to reflect certain standards
278. Conditions for unsolicited personal visits to personal consumers in relation to arrears
279. Further conditions for unsolicited contact with personal consumers in respect of arrears
Chapter 11
Arrears – debts in relation to high cost credit agreements
280. Interpretation (Chapter 11)
281. Scope and application (Chapter 11)
282. Consumer’s nominated third party to be liaised with
283. Agreed approach on arrears to be sought
284. Arrears handling
285. Debt collection
Chapter 12
Debt management firms
286. Interpretation (Chapter 12)
287. Scope and application (Chapter 12)
288. Information about debt management services
289. Signed agreement to be obtained
290. No recommendations, arrangements or assistance for payment of fees or charges by way of credit
291. Information to be provided where proposed payment of fees or charges by way of credit
292. No payment of fees, commissions (etc.) for customer referrals or identification
293. No prevention or obstruction of consumer from directly communicating with free services or creditors
294. No standard financial statement to be provided to creditors without prior written consent
295. Standard financial statement to be used
296. Certain specific matters to be assessed and recorded in assessing suitability
297. Debt management arrangement to be in best interests of consumer
298. Assessing suitability of transactions or series of transactions
299. Non–application of certain requirements in respect of negotiation without advice
300. Statement of advice to be prepared following suitability assessment
301. Oral explanation to be provided of next steps in relation to statement of advice
302. Conditions to begin negotiations with creditors for discharge of debts
303. Notification to be provided of outcome of negotiations with each creditor
304. No agreement to negotiated outcome for discharge of debts without prior written agreement of consumer
305. Regular updates on status of negotiations to be provided
306. Statement of activities and fees to be provided where services provider over more than 6 months
Part 4
INSURANCE
Chapter 1
Preliminary
307. Interpretation (Part 4)
Chapter 2
Additional business requirements
308. Receipt to be provided – insurance intermediaries
Chapter 3
Premium handling
309. Non–application of chapter
310. Client premium account
311. Permitted payments into and out of client premium account
312. Client premium account – reconciliation
Chapter 4
Differential pricing
313. Interpretation (Chapter 4)
314. Scope and application (Chapter 4)
315. Setting subsequent renewal prices
316. Closed books
317. Insurance intermediaries’ involvement in setting price
318. Responsibility of insurance undertaking or insurance intermediary where more than one insurance undertaking or insurance intermediary is involved in setting the subsequent renewal price
319. Related additional financial services
320. Related additional financial services where financial service no longer available at first renewal
321. Firms’ assurance over consumer outcomes
322. Annual review and record keeping
Chapter 5
Automatic renewals
323. Scope and application (Chapter 5)
324. Automatic renewals – cancellations
325. Automatic renewals – notifications in respect of policies with a duration of 10 months or more
326. Automatic renewals – notifications in respect of policies with a duration of less than 10 months
327. Automatic renewal of pet insurance, travel insurance, gadget insurance or dental insurance
Chapter 6
Information about insurance products specifically
328. Information to be provided in insurance quotation – general
329. Information to be provided in insurance quotation – warranties and endorsements
330. Information to be provided in insurance quotation – discounts or loadings
331. Policy documentation to state name of underwriter
332. Information to be provided about disclosure obligations
333. Information to be provided about permanent health insurance
334. Information to be provided about serious or critical illness insurance
335. Information to be provided about property or motor insurance
336. Refusal to quote for motor or property insurance
337. Information to be provided where premium may be subject to review
338. Insurance quotation – explanation of difference in cost between payment of premium by lump sum or by instalment
339. Consent to be obtained for follow up telephone communication in respect of an insurance quotation provided on a digital platform
Chapter 7
Knowing the consumer and suitability – insurance specific provisions
340. Statement of suitability where immediate cover required
341. Statement of suitability in the case of travel, motor or home insurance
Chapter 8
Post–sale information requirements – information about insurance products
342. Issuance of insurance policy
343. Terms and conditions applicable to no claims discount to be provided to consumer
344. Appointed claims representative
345. Information concerning surrender value of a life insurance policy
346. Advance notification of expiry date of a policy of non–life insurance
347. Notification of lapse of cover under health insurance contract
Chapter 9
Premium rebates
348. Premium rebates – timing
349. Option of deduction from renewal or other premium or donation in lieu of premium rebate
350. Premium rebate processing agreement
351. Full rebate amount to be paid in the absence of agreement
352. Return and reissue of rebate
Chapter 10
Claims processing
353. Scope and application (Chapter 10)
354. Verification of claims
355. Claims handling procedure
356. Assisting a consumer in making a claim
357. Engagement of loss adjustor or expert appraiser
358. Notification that a claimant may appoint a loss assessor
359. Engagement with third party in relation to a claim
360. Insurance undertaking to be available to discuss claims
361. Restitution work – appointment of third party
362. Restitution work – certification
363. Claim settlement offer to represent best estimate of a claimant’s reasonable entitlement
364. Decision on a claim
365. Minimum period for acceptance or rejection of a claim settlement offer
366. Settlement of claim
367. Insurance undertaking to publish details of appeals mechanism
368. Information concerning settlement where a consumer policyholder is not the beneficiary
Part 5
INVESTMENTS
Chapter 1
Preliminary
369. Interpretation (Part 5)
Chapter 2
Additional suitability requirements
370. Assessing and determining suitability of investment product transaction or series of such transactions
Chapter 3
Information about investment products
371. Information to be provided to consumers
372. Warning statement to be provided with illustrations of figures on performance of investment product
373. Prospectus to state where representing or containing terms of contract
374. Information on periodic suitability assessments to be provided
375. Tracker bonds – product brochure and application form
376. Tracker bonds – Key Features Document
377. Tracker bonds – illustration to be provided where facility to borrow funds to invest
378. PRSAs – information to be provided
379. Product producers to provide statement on investment products
380. Tracker bonds – product producers to issue information document following sale
Chapter 4
Advertisements
381. Scope and application (Chapter 4)
382. Warning statement regarding return on investment
383. Warning statement where return on capital applicable on or from a specific date
384. Warning statement where no access to funds invested for product term
385. Provision of information on past performance to meet certain conditions
386. Warning statement to be provided regarding past performance
387. Statement to be included where position or holding in a financial service
388. Information on simulated performance to meet certain conditions
389. Warning statement to be provided where illustrations or information on simulated performance
390. Conditions for describing product as guaranteed or conveying the same meaning or impression
391. Reference to the impact of taxation
392. Warning on value of investment that can fluctuate
393. Statement to be made if return determined on a particular date
394. Warning statement where income can fluctuate
395. Effect of withdrawal of amount from capital amount invested as income equivalent to be explained
396. Warning statement where financial service may be affected by change in currency exchange rates
397. Required warning where investment product not readily realisable
398. Statement to be provided if investment product cannot be encashed prior to maturity date or early redemption charge
399. Statement to be provided where deductions for charges and expenses not made uniformly
400. Information on deposit interest rate on investment represented by tracker bond or component thereof
401. Information on projected return on investment for tracker bond
Chapter 5
Product producer responsibilities
402. Information to be provided to intermediaries for consumers in relation to new investment products
403. Information on investment products to meet certain standards
404. Facility to be given to intermediaries when seeking information on investment product
405. Information on new investment product to be updated and provided to intermediary
Chapter 6
MiFID Article 3 services
406. Scope and application (Chapter 6)
407. Recording of telephone conversations or electronic communications
408. Disclosure of conflicts of interest
409. Conflicts of interest policy
410. Target market and information on products
411. Independent advice – fees, commissions, etc.
412. Independent advice – information
413. Independent advice – restriction on natural person providing both independent and non–independent advice
414. Information relating to execution of orders
415. Information on costs and associated charges
416. Periodic suitability assessments
417. Remuneration
Part 6
FINAL PROVISIONS AND REVOCATIONS
418. Revocations
419. Amendments
420. Failure to comply with these Regulations
SCHEDULE 1
Summary statement on variable mortgage interest rates
SCHEDULE 2
Information notice (number 1) (high cost credit provider)
SCHEDULE 3
Information notice (number 2) (high cost credit provider)
SCHEDULE 4
Standard financial statement (mortgage borrowers)
SCHEDULE 5
Standard financial statement (debt management)
SCHEDULE 6
Information to be provided to consumer in respect of debt management services
SCHEDULE 7
Key Features Document for tracker bonds
SCHEDULE 8
Information to be provided to consumer in respect of Personal Retirement Savings Account
SCHEDULE 9
Declaration in respect of Non–Standard Personal Retirement Savings Account

In exercise of the powers conferred on the Central Bank of Ireland (the “Bank”) by section 48 of the Central Bank (Supervision and Enforcement) Act 2013 (No. 26 of 2013) (the “Act”), the Bank, having consulted, in accordance with section 49 of the Act, with the Minister for Finance, the Minister for Enterprise, Trade and Employment and other persons that the Bank considers appropriate to consult in the circumstances, hereby makes the following regulations:

Part 1 PRELIMINARY AND GENERAL

Citation and commencement

1.

• (2) These Regulations come into operation on 24 March 2026.

Interpretation

2.

“account information service” has the meaning given to it in Article 4 of Directive 2015/2366/EU of the European Parliament and of the Council of 25 November 2015¹ ;

“Act of 1942” means the Central Bank Act 1942 (No. 22 of 1942);

“Act of 1995” means the Consumer Credit Act 1995 (No. 24 of 1995);

“Act of 1997” means the Central Bank Act 1997 (No. 8 of 1997);

“Act of 2014” means the Companies Act 2014 (No. 38 of 2014);

“Act of 2015” means the Assisted Decision–Making (Capacity) Act 2015 (No. 64 of 2015);

“advertised financial service” means the financial service that is the subject of an advertisement;

“advertisement” means any communication in respect of a regulated entity, which is addressed to the consumer public or a section of it, the purpose being to advertise a regulated activity or a regulated entity the subject of these Regulations, excluding name plaques, material that only communicates the regulated entity’s brand name rather than the promotion of a specific financial service, and a prospectus drawn up in accordance with the Prospectus Regulation;

“arrears” means, subject to the specific definitions of “arrears” which apply pursuant to Regulations 219 and 280(1) respectively, arrears which arise where a personal consumer –

• (a) has not made a full repayment of all outstanding amounts due, or only makes a partial repayment of any such amount, as set out in the original loan account contract, hire–purchase agreement, consumer–hire agreement or BNPL–agreement, by the scheduled due date, or

• (b) in the case of a credit card account, has not made the minimum repayment by the due date for such repayment,

and “in arrears” means a situation in which arrears have arisen.

“associate” in relation to a person (the “first person”) means –

• (a) an undertaking in the same group as that first person,

• (b) any other person whose business, private or familial relationship (other than as arises solely because that person is a client of the firm) with the first person or its associate might reasonably be expected to give rise to a common interest between them which may involve a conflict of interest in dealings with third parties, or

• (c) any other persons whose business, private or familial relationship (other than as arises solely because that person is a client of the firm) with the first person is such that he or she has influence over the first person’s judgment as to how to invest the first person’s property or exercise any rights attaching to the first person’s investments;

“associated undertaking” means an associated undertaking within the meaning of the Act of 2014;

“Bank” means Central Bank of Ireland;

“BNPL” means buy now pay later;

“BNPL agreement” means an agreement for the provision of credit, as defined in section 28 of the Act of 1997, indirectly to a consumer for the purchase of goods or services from a vendor, whereby the provider of the credit makes a payment to the vendor in respect of the goods or services and the consumer owes an equivalent amount to the provider of the credit;

“bundle” means the bundle referred to in the definition of “bundling”;

“bundling” means the packaging of 2 or more distinct products into a bundle, where each of these products can be purchased separately from or through the regulated entity;

“Central Credit Register” means the Central Credit Register referred to in section 5 of the Credit Reporting Act 2013 (No. 45 of 2013);

“certified person” has the meaning given to it in section 55 of the Investment Intermediaries Act 1995 (No. 11 of 1995);

“charge” means, except where otherwise stated, any cost or fee which a consumer must pay in connection with a financial service provided by a regulated entity;

“claimant” means any of the following:

• (a) a consumer making a claim under an insurance policy;

• (b) a person (in this definition referred to as a “third party”) making a claim of liability against another person (in this definition referred to as the “policyholder”), in circumstances where –

• (i) the insurance undertaking with whom the policyholder is insured is handling the claim made by the third party, and

• (ii) but for the fact that the third party may not be a customer of the insurance undertaking referred to in subparagraph (b)(i), the third party otherwise meets the definition of a consumer;

• (c) an actual or potential beneficiary under an insurance policy who is making a claim under that policy and who, but for the fact that the beneficiary may not be a customer of the relevant insurance undertaking, otherwise meets the definition of a consumer;

“complaint” means, subject to Regulation 260, an expression of grievance or dissatisfaction by a consumer, either orally or in writing, in connection with –

• (a) the provision or the offer of the provision of a financial service to a consumer by a regulated entity, or

• (b) the failure or refusal of a regulated entity to provide a financial service to a consumer;

“connected party” shall, except where otherwise stated, include –

• (a) a partner, officer, controller, associated undertaking, related undertaking or subsidiary undertaking or employee of the regulated entity, including any associate of the person concerned, and

• (b) in the case of a high cost credit provider, includes, in addition to paragraph (a), a person authorised to engage in the business of high cost credit on behalf of a high cost credit provider, including any associate of the person concerned;

“consumer” means, subject to paragraph (4), a customer that is –

• (a) a natural person,

• (b) a group of natural persons, including a partnership, club, charity, trust or other unincorporated body, or

• (c) an incorporated body, that is not –

• (i) an incorporated body that had an annual turnover in excess of €5 million in the previous financial year, or

• (ii) an incorporated body that is a member of a group of companies having a combined turnover greater than €5 million;

“consumer–hire agreement” has, subject to paragraph (3), the meaning given to it in section 2 of the Act of 1995;

“consumer in vulnerable circumstances” means a consumer that is a natural person and whose personal circumstances, whether permanent or temporary, make that consumer especially susceptible to harm, particularly where a regulated entity is not acting with the appropriate levels of care, and “vulnerable circumstances” shall be construed accordingly;

“credit institution” means an undertaking which satisfies point (a) of the definition of “credit institution” in Article 4(1) of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013² ;

“Crowdfunding Regulation” means Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 2020³ ;

“crowdfunding service” has the meaning given to it in Article 2 of the Crowdfunding Regulation;

“crowdfunding service provider” has the meaning given to it in Article 2 of the Crowdfunding Regulation;

“customer” means, subject to paragraph (3) –

• (a) any person to whom a regulated entity provides or offers financial services,

• (b) any person who requests the provision of financial services from the regulated entity,

• (c) a relevant borrower in a case where a regulated entity undertakes credit servicing in respect of the credit agreement concerned, or

• (d) a hirer in a case where a regulated entity undertakes credit servicing in respect of the consumer–hire agreement or hire–purchase agreement concerned,

and includes, where appropriate, a potential “customer” and former “customer” within the above meaning;

“debt management firm” has the meaning given to it by section 28 of the Act of 1997;

“debt management services” has the meaning given to it by section 28 of the Act of 1997;

“deposit agent” means any person who holds an appointment in writing from a single credit institution enabling him to receive deposits on behalf of that institution and prohibiting him from acting in a similar capacity on behalf of another credit institution;

“deposit broker” means any person who brings together with credit institutions persons seeking to make deposits in return for a fee, commission or other reward;

“digital platform” means an online system through which contracts can be concluded to provide financial services to consumers, or a website or application that provides access to consumers to conclude contracts for the provision of financial services;

“Distance Marketing Regulations” means European Communities (Distance Marketing of Consumer Financial Services) Regulations 2004 ( S.I. No. 853 of 2004 );

“durable medium” means any instrument that enables a recipient to store information addressed personally to the recipient in a way that renders it accessible for future reference for a period of time adequate for the purposes of the information and which allows the unchanged reproduction of the information stored;

“employee” means, unless the context otherwise requires, a person employed under a contract of service or a person otherwise employed by a regulated entity;

“fair analysis of the market” means providing services on the basis of a sufficiently large number of contracts or investment products and product producers available on the market to enable the intermediary to make a recommendation, in accordance with professional criteria, regarding which contract or investment product would be adequate to meet the consumer’s needs;

“financial abuse” means any of the following:

• (a) the wrongful or unauthorised taking, withholding, appropriation, or use of a consumer’s money, assets or property;

• (b) any act or omission by a person, including through the use of a power of attorney, guardianship, or any other authority regarding a consumer, to –

• (i) obtain control, through deception, intimidation or undue influence, over the consumer’s money, assets or property, or

• (ii) wrongfully interfere with or deny the consumer’s ownership, use, benefit or possession of the consumer’s money, assets or property;

“financial services” include financial products;

“Financial Services and Pensions Ombudsman” has the meaning given to it in section 2(1) of the Act of 1942;

“group” includes, unless otherwise specified, a company, its parent and its subsidiaries and any associated undertaking or related undertaking;

“health insurance contract” has the meaning given to it in section 2 (1) of the Health Insurance Act 1994 (No. 16 of 1994);

“high cost credit” has the meaning given to it in section 2 of the Act of 1995;

“high cost credit provider” has the meaning given to it in section 2 of the Act of 1995 and includes a representative of a high cost credit provider;

“hire–purchase agreement” has, subject to paragraph (3), the meaning given to it in section 2 of the Act of 1995;

“home reversion agreement” has the meaning given to it in section 28 of the Act of 1997;

“insurance–based investment product” has the meaning given to it by Regulation 2 of the Insurance Distribution Regulations;

“Insurance and Reinsurance Regulations” means the European Union (Insurance and Reinsurance) Regulations 2015 ( S.I. No. 485 of 2015 );

“insurance–based investment product” has the meaning given to it by Regulation 2 of the Insurance Distribution Regulations;

“Insurance Distribution Regulations” means the European Union (Insurance Distribution) Regulations 2018 ( S.I. No. 229 of 2018 );

“insurance intermediary” includes insurance intermediaries and ancillary insurance intermediaries that are subject to the Insurance Distribution Regulations;

“insurance undertaking” means an insurance undertaking within the meaning of, as appropriate, Regulation 3 of the Insurance and Reinsurance Regulations, Regulation 2 of the European Communities (Non–Life Insurance) Framework Regulations 1994 ( S.I. No. 359 of 1994 ), or Regulation 2 of the European Communities (Life Assurance) Framework Regulations 1994 ( S.I. No. 360 of 1994 );

“interest–only mortgage” means a mortgage loan for which a consumer is required to make interest repayments to a regulated entity for a specified period and no capital repayments during that same period;

“introductory interest rate” means an interest rate favourable to the consumer that applies for a specified period of time at the beginning of the contract;

“investment product” means:

• (a) an “investment instrument” within the meaning of section 2 of the Investment Intermediaries Act 1995 and “crypto–asset” within the meaning of article 3 of MiCAR, and

• (b) an insurance product which offers a maturity or surrender value and where that maturity or surrender value is wholly or partially exposed, directly or indirectly, to market fluctuations but does not include –

• (i) non–life insurance products as listed in Annex I to Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009⁴ , and

• (ii) life insurance contracts where the benefits under the contract are payable only on death or in respect of incapacity due to injury, sickness or disability;

“key information” means any information which is likely to influence a consumer’s actions with regard to a financial service;

“life insurance” means insurance of a class falling within Schedule 2 to the Insurance and Reinsurance Regulations or Annex I to the European Communities (Life Assurance) Framework Regulations 1994;

“lifetime mortgage” means a loan secured on a borrower’s residential property where –

• (a) interest payments are rolled up on top of the capital throughout the term of the loan,

• (b) the capital is repaid on a specified event or events, or by repayments as detailed in the terms of the loan, and

• (c) the borrower retains ownership of the residential property;

“MABS” means the Money Advice and Budgeting Service established by the State to provide money advice services;

“Member State” means a state that is a member of the European Union and, where relevant, includes a contracting party to the Agreement on the European Economic Area signed at Oporto on 2 May 1992 as adjusted by all subsequent amendments to that agreement;

“MiCAR” means Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023⁵ ;

“MiFID Article 3 services” means the services specified in Regulation 4(3) of the MiFID Regulations 2017, transposing Article 3(1)(b) and Article 3(1)(c) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014⁶ ;

“MiFID Delegated Regulation” means Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council⁷ ;

“MiFID Regulations 2017” means the European Union (Markets in Financial Instruments) Regulations 2017 ( S.I. No. 375 of 2017 );

“mortgage borrower” means a mortgage borrower that is an individual and includes all individuals that are parties named on the mortgage loan account;

“mortgage intermediary” has the meaning specified in section 2 of the Act of 1995 and shall include a mortgage credit intermediary within the meaning of Regulation 3 of the European Union (Consumer Mortgage Credit Agreements) Regulations 2016 ( S.I. No. 142 of 2016 );

“non–life insurance” means insurance of a class falling within Part 1 of Schedule 1 to the Insurance and Reinsurance Regulations or Part A of Annex I to the European Communities (Non–Life Insurance) Framework Regulations 1994;

“officer” has the meaning given to it in section 28 of the Act of 1997;

“payment service” has the meaning given to it in Article 4 of Directive 2015/2366/EU of the European Parliament and of the Council of 25 November 2015;

“person” means, unless otherwise specified, a natural person or a legal person;

“personal consumer” means a consumer who is a natural person acting outside his or her business, trade or profession;

“power of attorney” has the meaning given to it in the Powers of Attorney Act 1996 (No. 12 of 1996);

“PRIIPs Regulation” means Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014⁸ ;

“product producer” means any regulated entity that produces, manufactures or packages a product of a financial or investment nature, and is not limited to a product producer as defined in the Investment Intermediaries Act 1995 ;

“Prospectus Regulation” means Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017⁹ ;

“protection policies” includes the following:

• (a) policies of non–life insurance;

• (b) policies of life insurance of classes 1, 3 or 4 as set out in Schedule 2 to the Insurance and Reinsurance Regulations, or classes I, III or IV as set out in Annex I to the European Communities (Life Assurance) Framework Regulations 1994, where the purpose and intention of the policy is solely to provide benefits on death or in respect of incapacity due to injury, sickness or disability;

“record” means any document, file or other record of information, whether stored electronically or otherwise, and which is capable of being reproduced in a legible form;

“regulated activities” means the provision of financial services that are provided in the State by a regulated entity and which are subject to the regulation of the Bank and a “regulated activity” is the provision of any one such financial service;

“regulated entity” means a financial services provider authorised, registered or licensed by –

• (a) the Bank,

• (b) a state (other than the State) that is a member of the European Union, or

• (c) a state (other than the State) that is a contracting party to the Agreement on the European Economic Area signed at Oporto on 2 May 1992, as adjusted by all subsequent amendments to that agreement,

that is providing regulated activities in the State;

“related undertaking” means –

• (a) companies related within the meaning of section 2(10) of the Act of 2014,

• (b) undertakings where the business of those undertakings is carried on in such a way that the separate business of each undertaking, or a substantial part thereof, is not readily identifiable, or

• (c) undertakings where the decision as to how and by whom each shall be managed can be made either by the same person or by the same group of persons acting in concert;

“residential property” has the meaning given to it in Regulation 2(1) of the Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Housing Loan Requirements) Regulations 2022 ( S.I. No. 546 of 2022 );

“terms of business” means the document in which a regulated entity sets out the basis on which it will conduct business with consumers;

“tracker bond” means a deposit or life insurance policy which has either or both of the following features:

• (a) it provides for a minimum payment, at the expiration of a specified period of time, of a specified percentage of the amount of capital invested by a consumer in the product;

• (b) it provides for a potential cash bonus payable after a specified period of time, which is linked to, or determined by, changes over the period of investment in the level of one or more recognised stock market indices, commodity prices, any other recognised financial indices or the price of one or more securities specified at the outset or from time to time;

“tracker interest rate” means a mortgage interest rate which tracks a rate which comes from a publicly available source which can be verified by both the consumer and the regulated entity, including without limitation, a rate that tracks the European Central Bank main refinancing operations rate;

“working day” means a day which is not a Saturday, Sunday or public holiday.

• (2) Unless otherwise stated –

• (a) references to provision of products means provision of financial services the subject of these Regulations, and

• (b) references to the provision of services in these Regulations include the provision of advice.

• (3) For the purposes of the definition of “customer” in paragraph (1), “relevant borrower”, “credit servicing”, “credit agreement”, “consumer–hire agreement”, “hire–purchase agreement” and “hirer” have the same meaning as in Part V of the Act of 1997.

• (4) Where a high cost credit provider is engaged in the activity of providing high cost credit, “consumer” means a consumer within the meaning of the Act of 1995.

Scope and application

3.

• (2) Subject to paragraph (1), unless specified in an individual Regulation, Chapter or Part, these Regulations apply in respect of –

• (a) customers in the State that are consumers or, where specified, personal consumers, mortgage borrowers, or consumers within the meaning of the Act of 1995, and

• (b) insofar as concerns Chapter 10 of Part 4, unless otherwise specified in the context of an individual regulation of that Chapter, claimants in the State.

• (3) Where these Regulations apply, the application of these Regulations is further subject to Regulations 4 to 14.

• (4) These Regulations do not apply in the circumstances referred to in Regulation 15.

Restricted application where European Communities (Consumer Credit Agreements) Regulations 2010 apply

4.

• (a) The following provisions of Part 2:

• (i) Regulations 20 to 29;

• (ii) Chapters 3 and 4;

• (iii) Regulations 44 to 46;

• (iv) Regulations 71(1) to 71(5);

• (v) Chapter 8;

• (vi) Chapters 10 to 15;

• (b) The following provisions of Part 3:

• (i) Regulation 137;

• (ii) Regulation 167;

• (iii) Chapters 3, 5, 7 and 10;

• (c) Chapter 3 of Part 4;

• (d) Regulation 369 and Chapter 5 of Part 5.

• (2) This Regulation applies subject to Regulation 6.

Restricted application where European Union (Consumer Mortgage Credit Agreements) Regulations 2016 apply

5.

• (a) Regulation 16(11);

• (b) Regulation 30, Regulation 31 and Regulation 33;

• (c) Regulation 61;

• (d) Regulation 66;

• (e) Regulation 90 and Regulation 91;

• (f) Regulation 130(4);

• (g) Regulation 164(a) and Regulation 164(c).

• (2) The following Regulations do not apply to the provision of advisory services and credit intermediate services when within the scope of the European Union (Consumer Mortgage Credit Agreements) Regulations 2016:

• (a) Regulation 27(1)(a);

• (b) Regulation 67;

• (c) Regulation 163.

Restricted application to high cost credit providers

6.

• (a) The following provisions of Part 2:

• (i) Chapter 3;

• (ii) Regulation 45, Regulation 49 and Regulation 50;

• (iii) Regulation 71(1) to Regulation 71(5), and Regulation 72;

• (iv) Regulation 74, Regulation 77(1)(a), Regulation 77(1)(b), Regulation 77(2)(a) to Regulation 77(2)(g), Regulation 78, Regulation 79, Regulation 80(a), Regulation 80(d), Regulation 82, Regulation 85(a), Regulation 85(c), Regulation 85(d) and Regulation 87;

• (v) Chapters 11, 12 and 14;

• (vi) Regulation 119, Regulation 120, and Regulation 128;

• (b) The following provisions of Part 3:

• (i) Chapter 8;

• (ii) Regulation 274 (and for that purpose, reference to “arrears” in Regulation 274 shall be read as referring to “arrears” as defined in Regulation 280);

• (iii) Chapter 11.

Restricted application to credit unions

7.

Restricted application in respect of relevant activities related to SMEs

8.

Restricted application where providing payment services or issuing electronic money

9.

• (a) The following provisions of Part 2:

• (i) Regulations 22 to 29;

• (ii) Chapters 3 and 4;

• (iii) Regulation 71(1) to 71(6);

• (iv) Chapter 8;

• (v) Regulation 74, and Regulations 77 to 88;

• (vi) Chapters 10 to 13;

• (vii) subparagraphs (a) (b), (c), (d), (e), (f), (j), (k), (m) and (n) of Regulation 115(1), and Regulations 117 to 118;

• (viii) Regulations 119 and 120;

• (b) The following provisions of Part 3:

• (i) Regulations 155 and 156;

• (ii) Regulation 164;

• (iii) Chapter 10.

• (2) Paragraph (1) is subject to Regulation 10, Regulation 97(2), Regulation 98(3), and Regulation 105(5).

• (3) In this Regulation, “electronic money” has the meaning given to it in Regulation 3 of the European Communities (Electronic Money) Regulations 2011 ( S.I. No. 183 of 2011 ).

Restricted application to regulated entities providing solely account information services

10.

Restricted application to insurance distributors and insurance–based investment products

11.

• (2) Regulation 22, Regulation 24, Regulation 26, Regulations 28 to 29 and Regulation 66 do not apply to the distribution of insurance–based investment products.

• (3) Chapter 1 of Part 2 and Regulation 370 do not apply to the provision of advice on insurance–based investment products.

• (4) In this Regulation, “insurance distributor” has the meaning given to it by Regulation 2 of the Insurance Distribution Regulations.

Restricted application to packaged retail and insurance–based investment products

12.

Restricted application to crowdfunding services

13.

• (a) The following provisions of Part 2: Regulation 71(7), Regulation 74, Regulations 77 to 79, Regulation 80(a), Regulation 80(d), Regulations 81 to 84, Regulation 85(a), Regulation 85(c), Regulation 85(d), and Regulations 87 to 89;

• (b) The following provisions of Part 5 (such following provisions apply notwithstanding Regulation 381): Regulation 386, Regulation 389, Regulation 391, and Regulation 396.

Restricted application to MiCAR services

14.

• (a) The following provisions of Part 2:

• (i) Regulation 16(9), Regulation 16(13), Regulation 18(6) and Regulation 18(7);

• (ii) Chapters 3 and 4;

• (iii) Regulations 44 to 45, Regulation 49, Regulation 51(1), Regulation 51(2), Regulation 51(4), Regulations 60 to 65;

• (iv) Regulations 69 to 70;

• (v) Regulation 71(1) to (6);

• (vi) Chapter 8;

• (vii) Regulations 74 to 78, Regulations 80 to 83, Regulation 85, Regulation 87, and Regulation 88;

• (viii) Chapter 11;

• (ix) Regulations 101 to 104, and Regulation 106;

• (x) Regulation 108, Regulation 109(1)(a), Regulation 109(1)(b), Regulation 109(1)(d), Regulation 109(2), Regulation 110(1)(a) to (d), Regulation 110(2), and Regulations 111 to 114;

• (xi) Regulation 115(1)(a) to (l), Regulation 115(1)(n), Regulation 115(2), and Regulations 116 to 118;

• (xii) Regulation 120, Regulations 124 to 125, and Regulation 128;

• (b) The following provisions of Part 5:

• (i) Regulations 369 to 370;

• (ii) Regulation 372;

• (iii) Regulations 381 to 399;

• (iv) Regulations 402 to 405.

Circumstances in which these Regulations do not apply

15.

• (a) services provided by regulated entities to persons outside the State;

• (b) any service or activity set out in Schedule 1 of the MiFID Regulations 2017, but not including any service or activity of a person to whom such Regulations do not apply by virtue of Regulation 4(3) of the MiFID Regulations 2017;

• (c) reinsurance business.

Part 2 GENERAL CONSUMER PROTECTION REQUIREMENTS

Chapter 1 Knowing the consumer and suitability

Knowing the consumer – information to be gathered and recorded

16.

• (2) For the purposes of paragraph (1), the regulated entity shall gather information that is –

• (a) appropriate to the nature and complexity of the financial service sought by the consumer, and

• (b) sufficient to provide a professional service to the consumer.

• (3) The information referred to in paragraphs (1) and (2) shall include information on the consumer’s –

• (a) needs and objectives,

• (b) personal circumstances,

• (c) financial situation,

• (d) where relevant, attitude to risk, and

• (e) any sustainability preferences with regard to the financial service.

• (4) For the purposes of paragraph (3)(a), the information shall include, where relevant, information on –

• (a) the length of time for which the consumer wishes to hold a product,

• (b) the consumer’s need for access to funds, including emergency funds, and

• (c) the consumer’s need for accumulation of funds.

• (5) For the purposes of paragraph (3)(b), the information shall include, where relevant, information on the consumer’s –

• (a) age,

• (b) health,

• (c) knowledge and experience of financial products,

• (d) dependents,

• (e) employment status, and

• (f) known future changes to his or her circumstances.

• (6) For the purposes of paragraph (3)(c), the information shall include, where relevant, information on the consumer’s –

• (a) income,

• (b) savings,

• (c) financial products and other assets, and

• (d) debts and financial commitments.

• (7) For the purposes of paragraph (3)(d) the information shall include, in particular, the importance of capital security to the consumer.

• (8) The requirement to include information on a matter referred to in paragraph (3)(a) to (e), paragraph 4(a) to (c), paragraph 5(a) to (f), paragraph 6(a) to (d) or paragraph (7), does not apply in respect of that matter unless the gathering and recording of information on that matter is relevant to an assessment of suitability to be carried out by a regulated entity pursuant to this Chapter.

• (9) Prior to offering, recommending, arranging or providing a further financial service to the consumer, a regulated entity shall –

• (a) seek confirmation of whether there are any material changes to the information gathered from a consumer pursuant to paragraphs (1) to (8),

• (b) gather information on any such material changes, and

• (c) keep a record of any such material changes.

• (10) For the purposes of paragraph (9), where there is no material change, the regulated entity shall make a note of this on the consumer’s records.

• (11) Where a consumer refuses to provide the information requested by a regulated entity for the purposes of paragraphs (1) to (10), the regulated entity shall inform the consumer that, as it does not have the relevant information necessary to assess suitability, it cannot offer, recommend, arrange or provide the consumer the financial service sought.

• (12) Paragraph (11) does not apply to insurance intermediaries or insurance undertakings carrying out insurance distribution activities in relation to sales of insurance–based investment products where no advice is provided.

• (13) A regulated entity shall endeavour to ensure that a consumer certifies the accuracy of the information that it has provided to the regulated entity pursuant to paragraphs (1) to (10).

Assessing and ensuring suitability

17.

• (2) When assessing the suitability of a financial service for a consumer, the regulated entity shall assess and document whether, on the basis of the information gathered in accordance with Regulation 16(1) to (10), excluding information on sustainability preferences with regard to the financial service –

• (a) the financial service meets that consumer’s needs and objectives and whether there is a more suitable financial service available,

• (b) the consumer –

• (i) is likely to be able to meet the financial commitment associated with the product on an ongoing basis, and

• (ii) is financially able to bear any risks attaching to the financial service, and

• (c) the financial service is consistent with the consumer’s attitude to risk.

• (3) A regulated entity shall ensure that any financial service offered to a consumer is suitable for that consumer, having regard to the facts disclosed by the consumer and other relevant facts about that consumer of which the regulated entity is aware.

• (4) Where a regulated entity offers a selection of product options to a consumer, the product options contained in the selection shall represent the most suitable from the range available from the regulated entity.

• (5) Where a regulated entity recommends a product to a consumer, the recommended product shall be the most suitable product for that consumer having regard to the facts referred to in paragraph (3).

Statement of suitability to be provided

18.

• (2) The statement of suitability shall set out one of the following, as applicable:

• (a) the reasons why a financial service offered to a consumer is considered to be suitable to that consumer;