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

• (b) the reasons why the product options contained in a selection of product options offered to a consumer are considered to be the most suitable to that consumer;

• (c) the reasons why a recommended product is considered to be the most suitable product for that consumer.

• (3) The reasons set out in the statement of suitability shall apply the information gathered under Regulation 16(1) to (10), where applicable, excluding information on any sustainability preferences with regard to the financial service, to explain to the consumer how the financial service offered or recommended meets, where relevant, the consumer’s –

• (a) needs and objectives,

• (b) personal circumstances, and

• (c) financial situation.

• (4) The statement of suitability shall include an outline of how each of the following is aligned with the consumer’s attitude to risk, where relevant:

• (a) the risk profile of the product;

• (b) the nature, extent and limitations of any guarantee attached to the product.

• (5) The statement of suitability shall identify where a financial service set out in the statement of suitability meets any sustainability preferences gathered from the consumer in accordance with Regulation 16.

• (6) A regulated entity shall include a notice in the following format at the beginning of the statement of suitability:

“Important Notice – Statement of Suitability

This is an important document which sets out the reasons why the product(s) or service(s) offered or recommended is/are considered suitable, or the most suitable, for your particular needs, objectives and circumstances.”

• (7) Where a regulated entity has provided an oral explanation to the consumer of the financial service offered or recommended, a regulated entity shall include a record of this explanation in, or with, the statement of suitability.

• (8) This Regulation does not apply where a regulated entity is providing debt management services.

Exemption from knowing the consumer and suitability requirements

19.

• (a) the consumer has instructed a regulated entity that the consumer wishes to proceed with respect to a product, specifying the name of the product and the product producer, and the consumer has not received any assistance from the regulated entity in the choice of either or both that product and product producer;

• (b) the consumer is seeking a term deposit of less than one year or a notice deposit account and the regulated entity has informed the consumer of any restrictions on the term deposit or notice deposit account;

• (c) an insurance intermediary or insurance undertaking is carrying out insurance distribution in relation to sales of insurance–based investment products and all of the requirements in Regulation 42(4) of the Insurance Distribution Regulations are satisfied.

• (2) Paragraph 1(a) does not apply where a personal consumer is seeking any of the following:

• (a) a credit amount above €75,000;

• (b) a mortgage loan;

• (c) a home reversion agreement.

• (3) If the situation referred to in paragraph 1(a) applies, prior to providing an investment product to a consumer, a regulated entity shall warn the consumer, on paper or on another durable medium, that the regulated entity does not have the information necessary to determine the suitability of that product for the consumer.

• (4) The requirements referred to in paragraph (1) are the following: Regulations 16 to 18, Chapter 1 of Part 3, Regulations 340 and 341, and Regulation 370.

Chapter 2 Conflicts of interest and information about remuneration

Fees, commissions, rewards (etc.) permitted to be paid or provided to certain persons only

20.

• (a) a regulated entity;

• (b) a certified person;

• (c) an individual for whom a regulated entity has taken full and unconditional responsibility under the Investment Intermediaries Act 1995 ;

• (d) an agent, branch or entity to which activities are outsourced in accordance with the European Union (Payment Services) Regulations 2018 ( S.I. No. 6 of 2018 ) where the regulated entity remains fully liable for the acts of that agent, branch or entity to which activities are outsourced;

• (e) a distributor, agent, branch or entity to which activities are outsourced in accordance with the European Communities (Electronic Money) Regulations 2011 where the regulated entity remains fully liable for the acts of that distributor, agent, branch or entity to which activities are outsourced;

• (f) a person that is specifically exempted by law from a requirement to hold an authorisation, licence or registration to carry out the regulated activity in respect of which the fee, commission, other reward or remuneration is paid;

• (g) a credit intermediary within the meaning of the Act of 1995 and the European Communities (Consumer Credit Agreements) Regulations 2010;

• (h) a person that is no longer providing a regulated activity, but the fee, commission, other reward or remuneration is paid in respect of a regulated activity that the person provided when the person was a person referred to in any of paragraphs (a) to (g).

Conditions where fees, commissions, rewards (etc.) are paid or provided

21.

• (a) does not impair compliance with the regulated entity’s duty to act honestly, fairly and professionally in the best interests of the consumer,

• (b) does not impair compliance with the regulated entity’s obligation to satisfy the conflicts of interest requirements set out in this Part and, as applicable, the Insurance Distribution Regulations,

• (c) does not impair compliance with the regulated entity’s obligation to satisfy suitability requirements and, as applicable, the Insurance Distribution Regulations, and

• (d) in the case of a non–monetary benefit, is designed to enhance the quality of the service to the consumer.

• (2) In this Regulation “suitability requirements” means the following Regulations:

• (a) Regulations 17 and 18;

• (b) Chapter 1 of Part 3;

• (c) Regulations 182 to 184;

• (d) Regulations 340 and 341;

• (e) Regulation 370.

Conflicts of interest policy to be in place

22.

• (2) The conflicts of interest policy referred to in paragraph (1) shall with reference to its regulated activities –

• (a) identify the circumstances which constitute, or may give rise to, a conflict of interest with respect to its consumers, including those conflicts that are the subject of Regulation 23, and

• (b) specify procedures to be followed, and measures to be adopted, to properly identify and manage any conflicts identified, excluding those conflicts that are the subject of the obligation referred to in Regulation 23 and which therefore must be avoided.

Certain conflicts of interest that are to be avoided

23.

• (a) fees, commission, other rewards or remuneration linked to the achievement of targets that do not consider a consumer’s best interests, including targets relating to volume (including override commission) and bonus payments linked to business retention;

• (b) agreements under which the regulated entity receives a fee, commission, other reward or remuneration in the form of goods or services, in return for which it agrees to direct business through or in the way of another person.

Steps in respect of conflicts of interest that may be managed

24.

• (2) Where a conflict of interest arises with respect to a consumer and cannot be reasonably avoided, a regulated entity shall –

• (a) disclose the nature and source of the conflict of interest to the consumer, and

• (b) ensure that the conflict does not result in any damage to the interests of that consumer.

• (3) For the purposes of this Regulation, a regulated entity may not provide a regulated activity to a consumer if a conflict arises directly or indirectly unless –

• (a) the regulated entity has fully and transparently disclosed the existence and details of the conflict in writing,

• (b) the consumer has acknowledged, on paper or on another durable medium, that he or she understands the conflict and wishes to proceed, and

• (c) the regulated entity has taken all steps within its control to appropriately manage the conflict and minimise the impact of the conflict on the consumer.

No specified level of consumer business to be required of intermediary in order to retain appointment

25.

• (2) This Regulation applies only to a regulated entity that distributes its products to consumers through an intermediary.

Product producers – commission paid to intermediary based on levels of business provided

26.

• (2) A product producer shall ensure that the arrangements referred to in paragraph (1) –

• (a) do not impair the intermediary’s duty to act in the best interests of consumers, and

• (b) do not give rise to a conflict of interest between the intermediary and a consumer.

Conditions for employee remuneration arrangements

27.

• (a) to act in the best interests of consumers, and

• (b) to satisfy suitability requirements.

• (2) In this Regulation, “suitability requirements” has the meaning given to it in Regulation 21(2).

Information barriers to be put in place

28.

• (2) A regulated entity shall establish, maintain and adhere to procedures relating to the robust maintenance of information barriers and the consequences for and handling of breaches of information barriers.

• (3) A regulated entity shall notify the procedures referred to in paragraph (2) to officers and employees of the regulated entity for whom the procedures are relevant.

• (4) In this Regulation, “information barriers” means an arrangement within the regulated entity, or between the regulated entity and any associate of that regulated entity, which requires information held, or the fact of information held by the regulated entity, or as the case may be, any associate of that regulated entity, or a particular operating unit within the regulated entity or within any associate of that regulated entity in the course of carrying on one part of its business of any kind, to be withheld and properly segregated in certain circumstances from other operating units or from persons with whom it deals in the course of carrying on another part of its business of any kind in order to preserve the confidentiality of the information and avoid a potential conflict of interests.

Offering, giving, accepting (etc.) gifts or rewards not to create conflict of interest

29.

Disclosure of fees, commissions (etc.) – mortgage intermediaries and regulated entities authorised under the Investment Intermediaries Act 1995

30.

• (2) The disclosure referred to in paragraph (1) shall –

• (a) describe the nature and amount of the fee, commission or other remuneration,

• (b) be comprehensive, accurate and easily understood by the average consumer,

• (c) be made on paper or on another durable medium, and

• (d) be specifically brought to the attention of the consumer.

• (3) For the purposes of paragraph (2)(a), where the amount cannot be ascertained at the time of the disclosure, the method of calculating that amount shall be disclosed.

• (4) This Regulation does not apply where the financial service relates to an insurance policy.

Ongoing remuneration from product producers – intermediaries to disclose information

31.

• (2) The disclosure referred to in paragraph (1) shall be –

• (a) made prior to the provision of a financial service by an intermediary to the consumer,

• (b) made on paper or on another durable medium, and

• (c) specifically brought to the attention of the consumer.

Summary of fees, commissions (etc.) to be published and made available

32.

• (2) Where an intermediary does not have a website, but has public offices, it shall make available the summary referred to in paragraph (1) in its public offices.

• (3) The summary referred to in paragraphs (1) and (2) shall include, at a minimum, the following:

• (a) where the fee, commission, other reward or remuneration is receivable by the intermediary in the form of an agreed amount or percentage, an indication of that amount or percentage;

• (b) an explanation of the arrangement, including details of the type of fee, commission, other reward or remuneration receivable by the intermediary, which shall include details with regard to any sales commission or trail commission, and details affecting the fee, commission, other reward or remuneration receivable, which shall include details with regard to any clawback provisions;

• (c) details of any other agreed fees, administrative costs, or non–monetary benefits, where details of any non–monetary benefits shall include details of any benefits which are not related to an intermediary’s individual sales.

• (4) Before concluding a contract for a financial service, an intermediary shall –

• (a) bring the summary referred to in paragraphs (1) to (3) to the attention of the consumer, and

• (b) provide any clarification of the information sought by the consumer.

Fees – option of payment, amount, and commission offset, to be explained by intermediaries

33.

• (2) If an intermediary charges a fee and also receives commission in respect of a financial service provided to a consumer, the intermediary shall specifically explain to the consumer whether or not the commission will be offset against the fee, either in part or in full in advance of any such fee being charged.

Chapter 3 Consumers in vulnerable circumstances

Consumers in vulnerable circumstances to be assisted

34.

• (2) A regulated entity shall ensure that any information received from a consumer in vulnerable circumstances and maintained as a record by the regulated entity is, where appropriate and in accordance with the law, accessible to the staff of the regulated entity in the course of the provision by those staff of ongoing reasonable assistance to the consumer.

Consumers in vulnerable circumstances – training requirements

35.

• (a) the knowledge and awareness to understand and recognise consumers in vulnerable circumstances, and how the regulated entity and persons acting on behalf of the regulated entity can respond to the needs of those consumers, and

• (b) knowledge and awareness of the policies, procedures, systems and controls within the regulated entity for responding to the needs of consumers in vulnerable circumstances.

• (2) The persons referred to in paragraph (1) are persons performing the following functions on behalf of the regulated entity:

• (a) consumer–facing functions in respect of consumers that are natural persons;

• (b) functions concerned in the design and development of financial services for consumers that are natural persons;

• (c) functions concerned in the sale or marketing of financial services to consumers that are natural persons;

• (d) functions involving the oversight of and responsibility for persons performing any of the functions referred to in subparagraphs (a), (b) and (c);

• (e) any other function in respect of which the person performing the function may have cause to deal with consumers in vulnerable circumstances at any time.

• (3) A regulated entity shall –

• (a) identify all persons that may require training with respect to vulnerable circumstances in accordance with paragraph (2), and

• (b) ensure that those persons identified to receive training on vulnerable circumstances receive and complete the necessary training.

• (4) A regulated entity shall review, at least once every 2 years, whether the requirements of this Regulation including the objective referred to in paragraph (1) are being achieved and prepare a report of the findings of such review for the board of directors, or the entity or persons controlling the regulated entity.

Trusted contact person

36.

• (a) the regulated entity has a concern about possible financial abuse of the personal consumer,

• (b) the regulated entity needs to confirm the specifics of –

• (i) the consumer’s current contact information,

• (ii) the consumer’s health status, or

• (iii) the identity of any appointed legal guardian, executor or trustee, or

• (c) the regulated entity experiences difficulties in communicating with the consumer.

• (2) Where a regulated entity decides to contact a trusted contact person, the regulated entity may, provided that the regulated entity complies with paragraph (3), disclose confidential information about the personal consumer to the trusted contact person for the purposes of discussing the relevant matter referred to in paragraph (1).

• (3) Paragraph (2) does not apply unless the regulated entity has received–

• (a) the written consent of the personal consumer that the regulated entity may contact the trusted contact person in the relevant circumstances referred to in paragraph (1) to discuss confidential information in relation to that matter with the trusted contact person, and

• (b) the written consent of the trusted contact person confirming that the regulated entity may–

• (i) retain the trusted contact person’s name and contact information for the purposes referred to in paragraph (1),

• (ii) contact the trusted contact person in the circumstances referred to in paragraph (1), and

• (iii) discuss the matters referred to in paragraph (1) with the relevant trusted contact person.

• (4) For the avoidance of doubt, a trusted contact person has no authority to deal with the affairs of a personal consumer in respect of a regulated entity, and is not a legal representative for the purposes of these Regulations, solely on account of having been recorded or contacted by the regulated entity as a trusted contact person.

• (5) Subject to paragraph (6), this Regulation does not apply where the regulated entity is aware that –

• (a) a decision–making representative has been appointed in respect of the personal consumer and the appointment is in effect,

• (b) the personal consumer has appointed an attorney under an enduring power of attorney and the enduring power of attorney is in effect,

• (c) the personal consumer has appointed an attorney under an enduring power under the Act of 1996 and the enduring power under the Act of 1996 is in effect,

• (d) the personal consumer has appointed a decision–making assistant and the appointment is in effect, or

• (e) the personal consumer has appointed a co–decision maker and the appointment is in effect.

• (6) Paragraph (5) does not invalidate the nomination of a trusted contact person who has been nominated and agreed in accordance with this Regulation prior to the coming into effect of an arrangement referred to in paragraph (5)(a) to (e).

• (7) In this Regulation, “co–decision maker”, “decision–making assistant”, “decision–making representative”, “enduring power of attorney” and “enduring power under the Act of 1996” have the meaning assigned to them in section 2 of the Act of 2015.

Reporting of concerns by employees

37.

Chapter 4 Digitalisation

Certain standards to be ensured

38.

• (a) the digital platform is designed for use by a consumer without requiring specialist knowledge in the use of the technology of the digital platform, so that the digital platform is easy to use, understand and navigate;

• (b) the digital platform has undergone testing to ensure that it is easy to use, understand and navigate as referred to in paragraph (a);

• (c) any computer programmes or algorithms used by or within the digital platform –

• (i) are designed to produce outcomes which are objective and consistent for consumers,

• (ii) have been properly documented, and

• (iii) have undergone testing to ensure that the computer programme or algorithm concerned meets the outcomes referred to in paragraph (c)(i);

• (d) the consumer is given sufficient opportunity to consider the financial service before concluding a contract.

Provision of certain preselected options prohibited

39.

Guidance to be provided on use and navigation of digital platform

40.

• (2) A regulated entity shall ensure that a means of accessing the guidance given on the digital platform referred to in paragraph (1) is displayed prominently on that digital platform at all times.

Information to be provided on available assistance when using digital platforms

41.

• (a) a specific query with regard to use of the digital platform for the purposes of being provided with such financial services;

• (b) further information on the financial service provided.

• (2) The information referred to in paragraph (1) and any associated contact details shall be displayed prominently on the digital platform at all times.

Notification to be provided of withdrawal of access to systems

42.

• (2) In the circumstances referred to in paragraph (1), the regulated entity shall notify the consumer that the relevant information may be downloaded, printed, or otherwise retained prior to withdrawal of the means of access.

Notice of upcoming expiry of cooling off period to be given

43.

Chapter 5 Informing effectively

Names of financial services not to be misleading with regard to nature or benefits

44.

Warning statements to be prominent etc.

45.

Notice of changes to range of services to be provided

46.

• (2) The notice referred to in paragraph (1) shall include particulars of the changes being made, together with relevant details of the position prior to such changes, in order that the consumer can compare the position before and after those changes.

• (3) In the circumstances referred to in Regulation 160(1), reference to “one month” in paragraph (1) is substituted with “4 months”.

Technical terms to be explained

47.

Key information to be presented clearly

48.

Arrangements to be in place to ensure security of information when communicating by electronic media

49.

Written information to have appropriate font size

50.

Terms of business to be drawn up and provided

51.

• (2) For the purposes of paragraph (1), insofar as concerns a regulated entity that is an intermediary providing regulated activities on behalf of another regulated entity, only the intermediary is required to provide a copy of its terms of business to the consumer.

• (3) A regulated entity shall provide its terms of business to a consumer as a stand–alone document.

• (4) A regulated entity shall make its terms of business available to consumers on any website of the regulated entity.

Content of terms of business

52.

• (a) the legal name, trading name, address, and contact details of the regulated entity;

• (b) if the regulated entity is part of a group, the name of the group to which the regulated entity belongs;

• (c) confirmation that the regulated entity is authorised, licensed or registered and the name of the competent authority that has authorised, licensed or registered it;

• (d) a statement that it is subject to Bank codes of conduct and Bank regulations which the regulated entity must comply with, which offer protection to consumers and which can be found on the Bank’s website, specifying the website of the Bank for that purpose;

• (e) a description of the regulated activities that the regulated entity provides;

• (f) if the regulated entity acts as an intermediary, whether it provides a fair analysis of the market or a limited analysis of the market and an explanation of that type of service in a way that seeks to inform a consumer as to the nature and distinction between these forms of analysis;

• (g) if the regulated entity is tied for any of the regulated activities it provides, it shall specify –

• (i) the name of any financial service for which it is so tied, and

• (ii) the name of the regulated entity to which it is tied for the financial service concerned;

• (h) a general statement of how charges are imposed by the regulated entity itself and information on where the schedule of charges required pursuant to Regulation 68 is located;

• (i) a summary of the regulated entity’s policy in relation to the identification and management of conflicts of interest;

• (j) an outline of the action and remedies which the regulated entity may take in the event of default by a consumer;

• (k) a summary of the complaints procedure which is operated by the regulated entity and available to a consumer;

• (l) if the regulated entity is a member of a statutory compensation scheme, the name of the scheme and the nature and level of protection available from the scheme;

• (m) the date on which the terms of business came into effect and confirmation that they remain up to date.

• (2) For the purposes of paragraph (1), a regulated entity shall not include information setting out the basis on which the regulated entity provides any activities that are not regulated activities.

• (3) In this Regulation, “limited analysis of the market” means providing services on the basis of a limited number of contracts and product producers available on the market, that is to say, while not tied to one product producer the services are not provided on the basis of a fair analysis of the market.

Deposit agents to provide relevant credit institution’s terms of business

53.

• (2) For the purposes of paragraph (1), the terms of business shall set out the nature of the relationship between the credit institution and the deposit agent and the basis on which the deposit agent’s regulated activities are provided.

Use of term “independent” by intermediaries subject to conditions

54.

• (2) An intermediary may use the term “independent” or use any other word or expression that is a derivative of, or similar to this term in any description of a regulated activity provided by the intermediary, only where that regulated activity is provided on the basis of a fair analysis of the market.

• (3) Paragraphs (1) and (2) are subject to the further condition that an intermediary may use the description “independent” or use any other word or expression that is a derivative of, or similar to this term as provided for by paragraph (1) or (2) only where the intermediary does not accept and retain any fee, commission, other reward or remuneration where the intermediary provides advice in respect of its regulated activities, other than –

• (a) a minor non–monetary benefit, and

• (b) a fee paid by a consumer, or a person acting on behalf of a consumer to whom the advice is provided.

• (4) This Regulation does not apply to a regulated entity within the scope of Regulation 55 of these Regulations or Regulation 23(5) of the European Union (Consumer Mortgage Credit Agreements) Regulations 2016.

• (5) In this Regulation, “minor non–monetary benefit” means such minor non–monetary benefit that is capable of enhancing the quality of the service provided to a consumer and is of a scale and nature such that it could not be judged to impair compliance with a regulated entity’s duty to act in the best interest of the consumer.

MiFID Article 3 services – use of term “independent”

55.

• (2) A regulated entity providing MiFID Article 3 services may use the term “independent” or use any other word or expression that is a derivative of, or similar to this term in any description of a regulated activity provided by the regulated entity, only where that regulated activity is provided on the basis of a fair analysis of the market.

• (3) Paragraphs (1) and (2) are subject to the further condition that a regulated entity providing MiFID Article 3 services may use the term “independent” or use any other word or expression that is a derivative of, or similar to this term as provided for by paragraph (1) or (2), only where –

• (a) the factors to be taken into consideration by the regulated entity in conducting its fair analysis of the market include the criteria set out in Article 53(1)(d) of the MiFID Delegated Regulation, and

• (b) the regulated entity complies with Regulation 411.

Use of term “broker” by intermediaries subject to conditions

56.

Intermediaries which do not provide financial services on the basis of a fair analysis of the market

57.

Intermediaries to disclose tied status

58.

All key information to be provided

59.

• (2) Without prejudice to the generality of paragraph (1), the key information shall include –

• (a) a statement as to whether there will be a right to cancel or withdraw from the contract for the provision of the financial service concerned, or that there will be no such right, as the case may be, and

• (b) if there will be a right to cancel or withdraw from the contract for the provision of the financial service concerned–

• (i) the terms that will apply to that right, including the period during which that right must be exercised, and

• (ii) instructions on how the consumer can exercise that right.

• (3) For the purposes of paragraph (1), the information shall be provided on paper or on another durable medium.

• (4) Paragraphs (1) to (3) do not apply to the extent that the contract for the provision of the financial service concerned is a distance contract for the supply of a financial service under the Distance Marketing Regulations.

Terms and conditions to be provided

60.

• (2) For the purposes of paragraph (1), the terms and conditions shall be provided on paper or on another durable medium.

• (3) Paragraphs (1) and (2) do not apply to the extent that the contract for the provision of the product is a distance contract for the supply of a financial service under the Distance Marketing Regulations.

Information on relevant ombudsman and alternative dispute resolution service to be provided

61.

• (2) Paragraph (1) does not apply to the extent that, prior to entering into a contract with a consumer, the regulated entity is required to inform the consumer, in compliance with any applicable law, of the relevant ombudsman or alternative dispute resolution service, including an ADR entity or out–of–court complaints and redress.

• (3) For the purposes of this Regulation, “ADR entity” has the meaning given to it in Directive 2013/11/EU of the European Parliament and of the Council of 21 May 2013¹⁰ .

Revised terms of business to be provided

62.

• (a) the revised terms of business, and

• (b) a notice which sets out particulars of the changes made, together with relevant details of the position prior to such changes, in order that the consumer can compare the position before and after those changes.

• (2) The information required to be provided pursuant to paragraph (1) shall be provided by the regulated entity on paper or on another durable medium, at least 5 working days prior to the date on which the change takes effect in respect of the affected consumer.

Recording telephone conversations

63.

Information to be drafted and presented for understanding by an average consumer

64.

Product producers to ensure that information enables consumer understanding

65.

• (a) ensure that the information, including documentation, which it provides when producing, manufacturing or packaging a product of a financial or investment nature –

• (i) to consumers, and

• (ii) to intermediaries where the information, including documentation, is required to be provided to intermediaries for the purpose of those intermediaries providing it to consumers,

is designed to readily enable consumer understanding having regard to the target market for that product,

• (b) ensure that the requirement referred to in paragraph (a) is incorporated into the product producer’s processes for product and service design, and

• (c) have in place a process to regularly review, test and monitor the effectiveness of the information and documentation referred to in paragraph (a) in order to comply with the requirement referred to in that paragraph.

Chapter 6 Information about charges

Written breakdown of charges to be provided

66.

• (2) The breakdown of charges referred to in paragraph (1) shall be provided on paper or on another durable medium.

• (3) This Regulation does not apply to a regulated entity providing MiFID Article 3 services.

Information to be provided where charge for provision or arrangement of loan to personal consumer

67.

• (a) the amount of the charge;

• (b) that the personal consumer has a right to pay for this charge separately to any loan repayment;

• (c) if the personal consumer chooses to pay for this charge separately, it will not be added to the loan amount advanced;

• (d) if the personal consumer chooses not to pay for this charge separately and the charge is to be added to the loan amount advanced, the total cost of paying the element referable to the charge over the term of the loan.

• (2) The information referred to in paragraph (1) shall be provided to the personal consumer prior to signing any loan application form.

Schedule of fees and charges to be displayed

68.

Consumers to be notified regarding increases and decreases in charges

69.

• (a) directly notify affected consumers of increases in charges, specifying the previous and increased charge, or the introduction of any additional charges, at least 30 calendar days prior to the increased or additional charges taking effect, and

• (b) where charges are accumulated and applied periodically to accounts, directly notify consumers at least 10 working days prior to the application of charges, providing each consumer with a breakdown of any such charges, except where these charges total an amount of €10 or less.

• (2) A regulated entity shall notify consumers of any decrease in charges as soon as practicable.

Notification of methods to mitigate or avoid likelihood of penalty charges

70.

Chapter 7 Information about regulatory status

Regulatory disclosure statement to be used

71.

• (a) on the business stationery that it uses in connection with its regulated activities,

• (b) on any webpage on its website that relates to its regulated activities, and

• (c) in its electronic communications with consumers, where such communications are in connection with its regulated activities, excluding SMS messages the content of which does not discuss details of financial services within the scope of its regulated activities.

• (2) A regulated entity shall not use a regulatory disclosure statement as to its regulatory status unless provided for by paragraph (1).

• (3) For the purposes of paragraph (1), the content of the business stationery, webpage or electronic communication, on or in which the regulatory disclosure statement is required to be included, shall relate solely to regulated activities.

• (4) The regulatory disclosure statement shall comply with either of the following formats, depending on the Member State where the regulated entity has been authorised, registered or licensed, and shall state no other additional text:

• (a) “[Full legal name of the regulated entity], [trading as – insert all trading names used by that regulated entity relevant to the financial service concerned] is regulated by the Central Bank of Ireland”;

• (b) “[Full legal name of the regulated entity], [trading as – insert trading names used by that regulated entity relevant to the financial service concerned], is [authorised/licensed or registered] by [insert name of the competent authority from which it received its authorisation or licence, or with which it is registered] in [insert name of the Member State where that competent authority resides] and is regulated by the Central Bank of Ireland for consumer protection rules”.

• (5) A regulated entity shall not present its regulatory disclosure statement in such a way as to appear to be an endorsement by the Bank, or other relevant European Union competent authority, of the regulated entity or any of its financial services.

• (6) A regulated entity shall include a regulatory disclosure statement in its advertisements which refer, or relate, to a regulated activity which can be provided, or is available, to a consumer.

• (7) A regulated entity that is a crowdfunding service provider shall include a regulatory disclosure statement in all advertisements which refer, or relate, to a regulated activity which can be provided, or is available, to a consumer, which complies with either of the following formats depending on the Member State where it has been authorised:

• (a) “[Full legal name of the crowdfunding service provider], [trading as – insert all trading names used by the crowdfunding service provider] is regulated by the Central Bank of Ireland”;

• (b) “[Full legal name of the crowdfunding service provider], [trading as – insert all trading names used by that crowdfunding service provider], is regulated by [insert name of the competent authority from which it received its authorisation] in [insert name of the Member State where that competent authority resides] under the Crowdfunding Regulation, and is subject to regulation by the Central Bank Ireland in respect of [consumer protection rules] relating to advertising”.

Chapter 8 Unregulated activities

Website information on regulated activities to be kept separate

72.

• (2) In this Regulation, “unregulated activities” means the provision of services of a financial nature, which are not otherwise regulated activities, to consumers in the State.

Certain outcomes to be ensured

73.

• (a) information that is given to consumers, that refers to both regulated activities and unregulated activities of the regulated entity, clearly identifies which of the regulated entity’s activities are regulated activities and which are unregulated activities;

• (b) where the regulated entity engages in unregulated activities, regulatory protections that apply in respect of the regulated entity’s regulated activities that are not applicable to the regulated entity’s unregulated activities are brought to the attention of the consumer;

• (c) any written communication to a consumer where the regulated entity is disclosing information in relation to unregulated activities shall include the following statement:

“Warning: The provision of this service does not require licensing, registration or authorisation by the Central Bank of Ireland, and as a result is not covered by Central Bank of Ireland rules designed to protect consumers or by a statutory compensation scheme.”

• (2) In this Regulation, “unregulated activities” means the provision of services of a financial nature, which are not otherwise regulated activities, to consumers in the State.

Chapter 9 Advertising

Scope and application (Chapter 9)

74.

Information to be reviewed and updated

75.

• (2) For the purposes of paragraph (1), a regulated entity shall keep a record of the steps undertaken to carry out the review and any necessary update.

Hyperlinks linking to information permitted under certain conditions

76.

• (a) the name of the financial service;

• (b) an invitation to consumers to discuss the financial service in more detail with the regulated entity.

• (2) The hyperlink referred to in paragraph (1) shall –

• (a) be displayed prominently within the advertisement,

• (b) link to all of the information that the regulated entity is required by these Regulations to provide as part of the advertisement, and

• (c) link directly to the information on a single webpage of the regulated entity’s website.

Information provided to meet certain standards

77.

• (a) the design, presentation and content of the information in its advertisements is clear, fair, accurate and not misleading,

• (b) the information in its advertisements does not seek to influence a consumer’s attitude to the advertised financial service or the regulated entity by ambiguity, exaggeration or omission, and

• (c) any research, statistics or claims quoted in its advertisements are substantiated and refer in the advertisement to the source of the research or statistics, or grounds for the claim, including the date of the research or statistics and any assumptions that the regulated entity has made based on the research, statistics or claims.

• (2) Without limiting the generality of paragraph (1), a regulated entity shall ensure that information in its advertisements is not misleading in relation to the following:

• (a) the regulated entity’s independence or the independence of the information it provides;

• (b) the regulated entity’s ability to provide the advertised financial service;

• (c) the scale of the regulated entity’s activities;

• (d) the extent of the resources of the regulated entity;

• (e) the nature of the regulated entity’s or any other person’s involvement in the advertised financial service;

• (f) the scarcity of the advertised financial service;

• (g) past performance or possible future performance of the advertised financial service;

• (h) describing a financial service as free where the financial service is not in its entirety available free of charge to a consumer with no obligation to purchase a financial service after availing of the initial offering;

• (i) the extent to which the regulated entity has a reputation of supporting sustainability factors;

• (j) the features of a financial service in terms of sustainability factors or the impact of acquiring its financial services on sustainability factors.

• (3) In this Regulation, “sustainability factors” means environmental, social and employee matters, respect for human rights, anti- corruption and anti- bribery matters.

Company name and trading name to be specified

78.

Advertisement to identify that it is an advertisement

79.

• (2) Publication of the advertisement in a commercial break on television or on radio shall be taken to satisfy the requirements of paragraph (1) in respect of that advertisement.

Requirements relating to key information, advertising benefits, and use of small print and footnotes

80.

• (a) key information, in relation to an advertised financial service, is clearly identified in the advertisement and is not obscured or disguised in any way by the content, design or format of the advertisement;

• (b) where more than one advertised financial service is specified in the advertisement, the key information referred to in paragraph (a) is distinguished between each such advertised financial service;

• (c) if the benefits of an advertised financial service are specified in the advertisement, the risks attached to the advertised financial service are also specified and, where those risks are specified in writing, in a font size that is at least equal to the predominant font size used throughout the advertisement;

• (d) information in the advertisement is specified without small print or footnotes unless the small print or footnotes are only used to supplement or elaborate on the key information in the advertisement and are of sufficient size and prominence to be clearly legible.

Information on qualifying criteria relating to fixed prices or greatest amount of savings to be clear

81.

Requirements for warning statements

82.

• (a) are reviewed to ensure that they meet the criteria specified in Regulation 45, and

• (b) subject to paragraph (2), appear simultaneously in the advertisement with any reference to the benefits of the advertised financial service.

• (2) Where an advertisement is an audio advertisement, warning statements required by these Regulations to be included in advertisements may be provided at the end of the audio advertisement concerned.

Option not to display warning statements in limited circumstances

83.

• (a) the advertisement only specifies either or both of the following:

• (i) the name of the financial service;

• (ii) an invitation to consumers to discuss the financial service in more detail with the regulated entity;

• (b) the advertisement does not link to other information that forms part of the advertisement through a hyperlink referred to in Regulation 76;

• (c) the advertisement does not refer to any terms or conditions of the financial service as part of the name of the financial service concerned, or elsewhere, in the advertisement.

Promotional or introductory interest rates – required information

84.

Recommendations or commendations to meet certain requirements

85.

• (a) genuine, complete, fair, accurate and not misleading at the time of issue, and relevant to the advertised financial service,

• (b) attributed to the person that is the author of the recommendation or commendation, and dated as of the date of the recommendation or commendation concerned,

• (c) only used where the consent of the author has been obtained, and

• (d) state, if such is the case, that the author is an employee of the regulated entity or a connected party of the regulated entity, or has received any payment from the regulated entity or a connected party of the regulated entity in respect of an advertisement.

Intermediaries to specify where tied to single provider

86.

Comparisons and contrasts to meet certain standards

87.

• (2) The comparisons or contrasts referred to in paragraph (1) shall be specified in a clear, fair and balanced way and not omit any key information from the comparison or contrast.

• (3) Differences in key information between products shall be specified clearly for the purposes of a comparison or contrast referred to in paragraph (1).

Initialisms and acronyms to be explained

88.

Warning statement on investment in crowdfunding projects

89.

“Warning: Investment in crowdfunding projects entails risks, including the risk of partial or entire loss of the money invested. Your investment is not covered by a deposit guarantee scheme or by an investor compensation scheme.”

• (2) For the purposes of paragraph (1), “investor” has the meaning given to it in Article 2 of the Crowdfunding Regulation.

Chapter 10 Bundling and contingent selling

No sale of financial service to be made contingent on purchase of another financial service

90.

• (2) Paragraph (1) does not prevent a regulated entity from offering additional financial services to consumers who are existing customers which are not available to consumers that are potential customers.

• (3) This Regulation does not apply in respect of payment accounts with basic features provided by relevant credit institutions coming within the scope of the European Union (Payment Accounts) Regulations 2016 ( S.I. No. 482 of 2016 ).

No bundling except where cost saving

91.

Required information on bundled product

92.

• (a) the overall cost to the consumer of the bundle;

• (b) the cost to the consumer of purchasing each product separately;

• (c) information on how the consumer may switch products within the bundle;

• (d) the cost to the consumer of switching products within the bundle;

• (e) information on how the consumer may terminate the provision of products to the consumer by way of the bundle;

• (f) the cost to the consumer of terminating the provision of products to the consumer by way of the bundle.

Steps where request to switch products in a bundle or exit bundle

93.

• (a) provide the consumer with the information referred to in Regulation 92(c) and (d), or Regulation 92(e) and (f) as appropriate, on paper or on another durable medium, and

• (b) if the consumer has requested to terminate the provision of products to the consumer by way of a bundle, permit the consumer to retain any product in the bundle that the consumer wishes to keep, without penalty or additional charge other than the loss of any discount.

Steps where optional extras offered

94.

• (a) inform the consumer on paper or on another durable medium –

• (i) that the consumer does not have to purchase the optional extra in order to purchase the financial service,

• (ii) of the cost of the financial service excluding the cost of the optional extra, and

• (iii) of the cost of the optional extra, and

• (b) not charge the consumer a fee for any optional extra that the regulated entity offers with a financial service unless the consumer has provided consent to purchase the optional extra.

Steps regarding information on bundling where communicating by telephone only

95.

• (a) provide the required information orally at the time of offering, recommending, arranging or providing the product, and

• (b) provide the required information to the consumer on paper or on another durable medium immediately after arranging or providing the product.

Chapter 11 Errors resolution

Robust governance arrangements required for errors handling

96.

• (2) The arrangements referred to in paragraph (1) shall include the following:

• (a) at a minimum, provision for –

• (i) identification of the cause and potential impact of the error on consumers,

• (ii) identification of all potentially affected consumers,

• (iii) the timely detection, classification and urgent escalation to the board of directors, or the entity or persons controlling the regulated entity, of errors of such scale and significance as would reasonably be termed significant errors that affect consumers, and of a nature that such management ought to be made aware of, and

• (iv) proper control of the correction process;

• (b) arrangements for the proper oversight of the handling of errors;

• (c) analysis at the appropriate level of the rate of occurrence and patterns of errors, to include the causes of same, on a regular basis and, in that regard, at least once every 6 months;

• (d) arrangements within the regulated entity for reporting to the compliance or risk function of the regulated entity, or any other relevant function of the regulated entity as required, as well as to the board of directors, or the entity or persons controlling the regulated entity, of aggregated information on the number of errors handled and the number of such errors that have been resolved, and on the analysis referred to in subparagraph (c).

Errors to be resolved

97.

• (a) correcting any internal systems failures including information technology systems failures;

• (b) ensuring effective controls are implemented to prevent any recurrence of the identified error;

• (c) effecting a refund with appropriate interest to all consumers who have been affected by the error, in accordance with Regulation 98, and taking any other appropriate remediation steps;

• (d) notifying all affected consumers, both current and former, in a timely manner, of any error that has impacted or may impact negatively on the cost of the service, or the value of the product provided, where possible.

• (2) Paragraph (1)(c) applies to regulated entities providing payment services without prejudice to the rights and obligations arising pursuant to Part 4 (Rights and obligations in relation to the provision and use of payment services) of the European Union (Payment Services) Regulations 2018.

Refunds to be made

98.