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

• (2) Where the regulated entity has taken all reasonable steps for the purposes of paragraph (1), but has been unable to make the refund, the regulated entity –

• (a) shall not benefit from the refund amount, and

• (b) shall make the refund with appropriate interest when claimed by a consumer to whom the refund is due.

• (3) Paragraphs (1) and (2) apply 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.

Log of errors to be maintained

99.

• (2) The log referred to in paragraph (1) shall contain the following:

• (a) details of each error;

• (b) the date each error was discovered;

• (c) an explanation of how the error was discovered;

• (d) the period of time over which the error occurred;

• (e) the number of consumers affected;

• (f) the overall monetary amounts involved in the error;

• (g) the status of the error in terms of whether the error is fully resolved, partially resolved, or unresolved;

• (h) the date the error was fully resolved;

• (i) the number of consumers refunded in response to the error;

• (j) the total amount refunded in response to the error;

• (k) details of any charitable donations of the refund amount;

• (l) details of any other remediation steps taken.

Record of steps taken to resolve errors to be maintained

100.

• (a) any affected consumers were dissatisfied with the outcome,

• (b) there were difficulties contacting affected consumers, and

• (c) a refund could not be repaid.

Chapter 12 Complaints resolution

Reasonable steps to be taken to resolve complaints

101.

Complaints made orally – consumers to be offered complaints process

102.

Form of complaints that shall be facilitated

103.

Systems to track and manage complaints progress to be in place

104.

Procedures for managing and resolving complaints

105.

• (2) A regulated entity shall make the complaints procedure referred to in paragraph (1) available in a prominent place on all of its websites and shall provide a hard copy of the procedure to a consumer, on request, within 5 working days of the request.

• (3) The procedure referred to in paragraph (1) need not apply where a complaint has been resolved, to the satisfaction of the consumer making the complaint, within 5 working days of receipt of the complaint, provided however that a log of the complaint shall be kept and maintained as required by Regulation 106.

• (4) At a minimum, the procedure referred to in paragraph (1) shall provide for the following:

• (a) subject to subparagraph (b), the regulated entity shall acknowledge each complaint on paper or on another durable medium within 5 working days of the complaint being received, and such acknowledgement shall include –

• (i) clear and complete details of the regulated entity’s procedure for handling complaints,

• (ii) where a consumer can refer the matter to a relevant ombudsman, information that where the circumstances described in subparagraphs (f) and (g) arise, a consumer can refer the matter to the relevant ombudsman, and

• (iii) the contact details of the relevant ombudsman;

• (b) in respect of a complaint submitted online by entering the complaint on a website used by the regulated entity to facilitate the submission of complaints, the regulated entity shall provide an immediate or automatic acknowledgement, on a durable medium, that confirms receipt of the complaint and includes the information referred to in subparagraph (a)(i) to (iii);

• (c) the regulated entity shall provide the consumer making the complaint, or the person making the complaint on the consumer’s behalf, with a point or points of contact in relation to the complaint until the complaint is resolved or all steps of the regulated entity’s complaints handling procedures have been exhausted;

• (d) the regulated entity shall provide the consumer making the complaint with a regular update, on paper or on another durable medium, on the progress of the investigation of the complaint at intervals no greater than 20 working days, starting from the date on which the complaint was received;

• (e) the regulated entity shall investigate and make reasonable efforts to resolve a complaint within 40 working days of having received the complaint;

• (f) where the 40 working day period referred to in subparagraph (e) has elapsed and the complaint is not resolved, the regulated entity shall –

• (i) notify the consumer making the complaint of the anticipated timeframe within which the regulated entity hopes to resolve the complaint,

• (ii) where the consumer has a right to refer the matter to a relevant ombudsman, inform the consumer of their right to refer the matter to the relevant ombudsman, and

• (iii) provide the consumer with the contact details of such ombudsman;

• (g) within 5 working days of the completion of the investigation, the regulated entity shall advise the consumer making the complaint on paper or on another durable medium of –

• (i) the decision at the conclusion of the investigation, including the reasons for that decision,

• (ii) where applicable, the terms of any offer or settlement being made to the consumer making the complaint,

• (iii) where the consumer has a right to refer the matter to a relevant ombudsman, the fact that the consumer may refer the matter to the relevant ombudsman, and

• (iv) the contact details of such ombudsman.

• (5) Where a regulated entity is providing payment services –

• (a) paragraph (4)(d), paragraph (4)(e) and paragraph (4)(f) do not apply to that regulated entity, and

• (b) paragraph (4)(a)(ii) does not include information on the circumstances described in paragraph (4)(f).

Log of complaints to be maintained

106.

• (2) The log referred to in paragraph (1) shall contain the following:

• (a) details of each complaint, to include the core reason for the complaint in order to facilitate analysis of the complaint by category;

• (b) the date that each complaint was received;

• (c) a summary of the regulated entity’s response including the date of such response to the consumer who made the complaint;

• (d) details of any other relevant correspondence or records;

• (e) the steps taken to resolve each complaint;

• (f) the date the complaint was fully resolved;

• (g) where relevant, the current status of a complaint which has been referred to the relevant ombudsman and the current status of an appeal of a decision from the relevant ombudsman.

Governance arrangements for complaints handling

107.

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

• (a) processes for the proper oversight of complaints handling,

• (b) analysis on a regular basis and, in that regard, at least once every 6 months, of the rate of occurrence and patterns of complaints, which shall include complaints resolved within 5 working days, and

• (c) 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 complaints handled and resolved, and on the analysis referred to in subparagraph (b).

Chapter 13 Unsolicited personal visits and telephone calls

Subject to exceptions, no unsolicited personal visits to consumers who are natural persons

108.

• (2) A regulated entity may make a personal visit to a consumer who is a natural person if that consumer has provided his or her written consent to being contacted by the regulated entity by this means.

• (3) For the purposes of paragraph (2), a regulated entity shall obtain consent in advance of each personal visit.

• (4) For the purposes of this Regulation, “consent” means consent with respect to the following:

• (a) the purposes for which a personal visit is to be made, including in the case of sales and marketing, the types of product to be discussed during the personal visit;

• (b) the time, date and location for the personal visit;

• (c) any fee that the regulated entity proposes to charge for the personal visit.

• (5) This Regulation does not apply to a personal visit with regard to a hire–purchase agreement or a consumer–hire agreement.

Initiating telephone calls with consumers that are existing customers

109.

• (a) the regulated entity has provided that consumer with a financial service similar to the one that is the purpose of the contact within the previous 12 months;

• (b) the consumer holds a product which requires the regulated entity to maintain contact with the consumer in relation to that product, and the contact relates to that product;

• (c) the purpose of the contact is to offer a protection policy only;

• (d) the consumer has given his or her written consent to being contacted in this manner by the regulated entity.

• (2) Paragraph (1) is subject to the further condition that the making of the telephone call is not prohibited under any other applicable law.

Initiating telephone calls with consumers that are potential or former customers

110.

• (a) the contacted person has provided his or her written consent for the regulated entity to contact him or her for a specific purpose within the previous 12 months, and the contact relates to that purpose;

• (b) the contacted person has made their contact details public in the State by inclusion in, or on, any one of the following and contact is made via those contact details:

• (i) the business listing section of a current telephone directory or classified telephone directory;

• (ii) trade or professional directories;

• (iii) a website, software app, or other digital technology operated by a business, where contact is made with the consent of the contacted person;

• (c) the contacted person is a director of a company, or a partner in a firm with an entry in one of the directories or other means referred to in subparagraph (b), and contact is made via the business contact details of the company or firm in question and is in connection with their role as director of the company or partner in the firm;

• (d) the regulated entity has received a referral in respect of the contacted person from another regulated entity, another entity within the same group, a solicitor or a certified person and the following further conditions have been met:

• (i) the contacted person has provided written consent for contact in this manner to the relevant person providing the referral;

• (ii) the regulated entity notifies the contacted person that it has received a referral of a kind referred to in this paragraph and seeks, and receives, the written consent of the contacted person to proceed to make contact;

• (e) the purpose of the contact is to offer a protection policy only.

• (2) Paragraph (1) is subject to the further condition that the making of the telephone call is not prohibited under any other applicable law.

Initiating telephone calls to be proportionate, reasonable and not excessive

111.

Permitted contact by telephone or visit to be made only during certain times

112.

Information to be provided / established

113.

• (a) provides the consumer with his or her name and the name of the regulated entity on whose behalf the consumer is being contacted and the legitimate purpose of the contact,

• (b) informs the consumer that the telephone contact is being recorded, if this is the case,

• (c) where relevant, discloses to the consumer, the source of the referral supporting the telephone contact, and

• (d) establishes if the consumer wishes the personal visit or telephone call to proceed and, if not, end the contact immediately.

Sales and marketing – instructions to be complied with for no further visits or telephone calls

114.

Chapter 14 Records and compliance

Required records

115.

• (a) records evidencing compliance with the applicable requirements, including the conditions of such requirements, of these Regulations;

• (b) a copy of all documents and other information required for each consumer’s identification and profile, including any such documents and other information relevant to an assessment of the suitability of a financial service for a consumer;

• (c) a consumer’s contact details;

• (d) all information and documents prepared in compliance with these Regulations;

• (e) information on the financial service provided to a consumer;

• (f) a copy of all correspondence between the regulated entity and a consumer, including with a representative of the consumer, and a copy of any other information provided to the consumer by the regulated entity in relation to a financial service;

• (g) all instructions received by the regulated entity from a consumer or from a person acting on behalf of a consumer, including the date of receipt of the instruction, and, where relevant, the date of transmission by the regulated entity of the instruction to another person or the date of any action undertaken by the regulated entity in accordance with the instruction;

• (h) where a regulated entity accepts an instruction from a consumer that is subject to any condition imposed by the consumer, a record of the condition to which the instruction is subject;

• (i) where a regulated entity is authorised to make a decision on behalf of a consumer with respect to a product and the decision is at the discretion of the regulated entity, a record of the decision and the underlying reasons for such decision;

• (j) all documents or applications provided to the regulated entity that are completed or signed by a consumer;

• (k) copies of all original documents provided to the regulated entity that are submitted by a consumer in support of an application for the provision of a financial service to the consumer;

• (l) a record evidencing consents that are required from a consumer by these Regulations, in the required form, if any;

• (m) comprehensive records in respect of each complaint received from a consumer;

• (n) all other relevant information and documentation concerning the consumer.

• (2) For the purposes of paragraph (1)(l) –

• (a) where the required form is written consent, this means consent recorded in writing by the consumer, and

• (b) where there is no required form of consent, this means consent recorded in writing by the consumer or an audio recording of the consumer’s consent.

Customers who are consumers to be identified in records

116.

Period of retention of records

117.

• (a) retain any records which detail consumer transactions in respect of its regulated activities for 6 years after the date on which the particular transaction is discontinued or completed, and

• (b) retain any records in respect of its regulated activities provided to consumers, other than those referred to in subparagraph (a), for 6 years from the date on which the regulated entity ceased to provide any financial service to the consumer concerned.

• (2) Where a consumer has requested the provision of, or has been offered, a financial service, but has not been provided with the financial service concerned, a regulated entity shall, subject to the consent of the consumer, retain any record in respect of that request or offer for 12 months.

• (3) In the circumstances of paragraph (2), where a consumer does not consent to, or withdraws their consent to, a record being retained by the regulated entity, the regulated entity is not required by these Regulations to retain the record.

• (4) Paragraphs (2) and (3) do not apply to records prepared before the commencement of these Regulations.

Records to meet certain standards

118.

• (2) Where the Bank requires a regulated entity to keep a record in respect of the regulated entity’s compliance with these Regulations and provide such record to the Bank, the regulated entity is required to provide a record which is complete, orderly and accurate.

• (3) For the purposes of paragraph (2), the regulated entity shall provide the record in any period of time and in any format that may be specified by the Bank.

Chapter 15 Miscellaneous business requirements

Outsourcing activity

119.

• (2) In this Regulation, “outsourced activity” is an activity where a regulated entity employs another person, other than a natural person who is an employee of the regulated entity under a contract of service, to carry out the activity on its behalf.

Policies and procedures to be in writing and accessible to employees

120.

Instructions

121.

Receipt to be provided

122.

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

• (a) the name and address of the regulated entity;

• (b) the name of the consumer who provided the payment, or on whose behalf the payment is provided;

• (c) the value of the payment received and the date on which it was received;

• (d) the purpose of the payment.

• (3) A regulated entity is not required to provide a receipt for regular payments made by a consumer in compliance with an agreed payment schedule set out in its contract with the consumer.

Original documentation conferring ownership rights to be given or held for safekeeping

123.

• (2) This Regulation is subject to Regulation 175.

Confirmation of power of attorney to be obtained where relevant

124.

• (a) obtain a certified copy of the power of attorney,

• (b) in the case of an enduring power of attorney made under Part 7 of the Act of 2015 or an enduring power under the Act of 1996, satisfy itself as to the status of the power of attorney, and

• (c) operate within the limitations set out in the power of attorney.

• (2) In this Regulation, “enduring power of attorney” and “enduring power under the Act of 1996” have the meanings assigned to them in section 2 of the Act of 2015.

Procedure to be complied with on ceasing to operate, merging business or transferring regulated activities

125.

• (a) notify the Bank of its intention without delay,

• (b) subject to paragraph (2), if a decision by the regulated entity is made to proceed, provide at least 2 months’ notice of its decision to consumers to which it is providing the relevant financial services which it intends to cease operating, or which are the subject of the merger or transfer, to enable them to make alternative arrangements,

• (c) ensure that all outstanding business with consumers is properly completed prior to the transfer, merger or cessation of operations, as the case may be, or, alternatively in the case of a transfer or merger, inform consumers of how continuity of service will be provided to them following the date of transfer or merger,

• (d) in the case of a merger or transfer of regulated activities, inform a consumer in advance that their details are being transferred to the other regulated entity, if that is the case, and obtain any required consents from the consumer,

• (e) in the case of a merger or transfer of regulated activities, provide to consumers to which it is providing the relevant financial services, at least 2 months prior to the merger or transfer, the name, address and contact details of the other regulated entity with which the merger or the transfer is taking place, and refer to the specific terms and conditions in the consumer’s contract that provide for the transfer or merger of regulated activities,

• (f) in the case of a transfer of mortgage loans, facilitate any due diligence exercise conducted by the other regulated entity in respect of those regulated activities, and

• (g) in the case of a merger or transfer of regulated activities, provide all relevant documentation to the other regulated entity with which the merger or to which the transfer is taking place, to enable the relevant financial service to be administered in accordance with the terms and conditions agreed with consumers and in accordance with any other specific commitments made by the regulated entity to consumers.

• (2) Where a credit institution to which paragraph (1) applies makes a decision to proceed involving cessation of all financial services provided as regulated activities to consumers, the credit institution shall provide at least 6 months’ notice of its decision to consumers to which it is providing the relevant financial services which it intends to cease providing, to enable them to make alternative arrangements.

• (3) Paragraph (1)(f) does not apply to a regulated entity that is an intermediary.

Proposed transferee or merging entity to conduct due diligence and verify continuity of service

126.

• (a) conduct due diligence to ensure that the interests of consumers, to which it will provide regulated activities in the event of completion of the transfer or merger, are protected in the event of the transfer or merger, and

• (b) satisfy itself that it is capable of providing continuity of service to those consumers to which it will provide regulated activities in the event of the transfer or merger, in accordance with those consumers’ contracts with the regulated entity with which the merger or from which the transfer is taking place.

Information to be provided and obtained prior to opening joint account for consumers

127.

• (a) warn each of the consumers as to the legal and practical implications for a party to a joint account in opening and operating such an account as compared with an account for a sole account holder,

• (b) inform each of the consumers of the particular operations of the account for which consent is and is not required from all account holders,

• (c) ascertain agreed instructions from the consumers as to whether they wish each of the joint account holders to be provided with statements, and

• (d) ascertain agreed instructions from the consumers as to whether they wish to impose any limitations on the operations of the account.

Exclusion and restriction of duties and liabilities to be avoided

128.

• (a) any legal liability or duty of care to a consumer which it has under these Regulations or other financial services legislation,

• (b) any other duty to act with skill, care and diligence which is owed to a consumer in connection with the provision to that consumer of financial services, or

• (c) any liability owed to a consumer for failure to exercise the degree of skill, care and diligence that may reasonably be expected of it in the provision of a financial service.

Regulated entities negotiating with debt management firms

129.

Part 3 CONSUMER BANKING, CREDIT, ARREARS, AND CERTAIN OTHER FINANCIAL ARRANGEMENTS

Chapter 1 Knowing the consumer and suitability – additional requirements

Affordability assessment to be carried out

130.

• (2) For the purposes of paragraph (1), an affordability assessment shall include consideration by the lender of the information gathered under Regulation 16(3)(b) and Regulation 16(3)(c).

• (3) The lender shall notify the intermediary through which the credit product, hire–purchase agreement, consumer–hire agreement or BNPL agreement, is distributed to the consumer, if any, of the results of the affordability test referred to in paragraphs (1) and (2).

• (4) A regulated entity shall take account of the result of the affordability assessment when deciding whether a personal consumer is likely to be able to repay the debt for that amount and duration in the manner required under the applicable credit agreement, hire–purchase agreement, consumer–hire agreement or BNPL agreement.

• (5) When assessing and documenting the matters referred to in Regulation 17(2), the regulated entity shall also assess and document whether, on the basis of the information gathered under Regulation 16(1) to (10), in the case of credit products, hire–purchase agreements, consumer–hire agreements or BNPL agreements, a personal consumer has the ability to repay the debt in the manner required under the credit agreement, hire–purchase agreement, consumer–hire agreement or BNPL agreement, on the basis of the outcome of the assessment of affordability.

• (6) Paragraph (5) does not apply to the activities of a creditor within the scope of the European Union (Consumer Mortgage Credit Agreements) Regulations 2016.

Lenders to carry out further affordability and suitability assessment

131.

Chapter 2 Additional information requirements

Interpretation (Chapter 2)

132.

Requirement for publishing interest rates

133.

• (2) Where a regulated entity publishes interest rates by any means that it uses to publish information for consumers, including telephone helplines and websites, the regulated entity shall update the information specified by such means as soon as any interest rate change comes into effect.

Personal consumers to receive explanation of consequences of missing scheduled repayments

134.

• (2) A regulated entity shall highlight the consequences of missing the scheduled repayments in all documentation related to such credit agreement provided to the personal consumer.

• (3) A regulated entity shall provide the following warning statement in the credit agreement documentation referred to in paragraph (2):

“Warning: If you do not meet the repayments on your credit agreement, your account will go into arrears. This may affect your credit report, which may limit your ability to access credit in the future.”

Reasons to be provided for not approving personal consumer credit application

135.

• (2) For the purposes of paragraph (1), the regulated entity shall –

• (a) offer to provide the reasons on paper or on another durable medium,

• (b) if requested by the personal consumer, provide the reasons on paper or on another durable medium, and

• (c) provide the reasons on paper or on another durable medium within 10 working days of such request.

Information to be provided to personal consumers regarding early redemption charge

136.

• (a) offers credit on a fixed interest rate to a personal consumer, or

• (b) offers a personal consumer the option to fix their interest rate or to switch to a fixed interest rate, in respect of an existing credit agreement with the personal consumer.

• (2) In the circumstances referred to in paragraph (1), a regulated entity shall provide in its credit documentation a worked example, specific to the personal consumer, of the early redemption charge in monetary terms, and details in relation to the calculation of this charge.

Information to be provided on guarantee documentation where offering credit to personal consumers

137.

• (a) clearly specifies the obligations of the guarantor in respect of the credit, and

• (b) contains a warning statement in the following format:

“Warning: As a guarantor of this credit, you will have to pay off any outstanding debt amount, the interest and all associated charges up to the level of your guarantee if the borrower(s) do(es) not. Before you sign this guarantee you should get independent legal or financial advice.”

Indicative comparison of total cost to be provided to personal consumers when consolidating loans

138.

• (2) Any assumptions used by a regulated entity for the purposes of the comparison referred to in paragraph (1) shall be reasonable, justifiable and clearly stated.

Information to be provided to personal consumers on lifetime mortgages

139.

• (a) the terms of repayment of the loan, including any terms providing for repayment prior to the date of maturity of the loan;

• (b) details of the applicable interest rate;

• (c) an explanation of the impact of the compounding of the interest over the duration of the loan;

• (d) an indication of the monetary amount required to repay the loan at maturity, based on the interest rate applicable to the loan at drawdown applying for the duration of the term of the loan;

• (e) the effect on an existing mortgage, if any;

• (f) if the terms referred to in paragraph (a) provide for early repayment, an indication of the likely early redemption costs which would be incurred if the loan was redeemed on each of the following dates:

• (i) 3 years from the date of the provision of the loan;

• (ii) 5 years from the date of the provision of the loan;

• (iii) the date at the end of each remaining 5 year period within the term of the loan after the date referred to in subparagraph (ii);

• (g) the party that would be liable for any redemption costs;

• (h) whether the personal consumer or their estate would be liable for any shortfall arising when the proceeds of sale of the mortgaged property are used to repay the loan;

• (i) details of any costs which may apply over the term of the lifetime mortgage or on the sale of the mortgaged property.

Information to be provided to personal consumers on home reversion agreements

140.

• (a) the circumstances in which the agreement comes to an end;

• (b) the effect on the personal consumer’s existing mortgage, if any;

• (c) in the case of a variable–share contract, an indication of the potential change over the duration of the agreement in the portioning of ownership of the property between that held by the home reversion firm and the personal consumer.

• (2) In this Regulation, “variable–share contract” means a home reversion agreement where the portion of the property held by the regulated entity changes during the term of the home reversion agreement.

Conditions for reliance on assumptions in providing information pursuant to Regulations 139 and 140

141.

Importance of obtaining independent legal and financial advice to be notified with lifetime mortgages and home reversion agreements

142.

Warning statements to be included with information on lifetime mortgages and home reversion agreements

143.

• (a) an application form or any other document provided to the personal consumer;

• (b) the regulated entity’s website.

• (2) For the purposes of paragraph (1), warning statements in relation to lifetime mortgages shall contain the following texts, inserting the appropriate information in place of the instruction in square brackets for that purpose:

• (a) in respect of a lifetime mortgage where no interest is payable during the term of the mortgage, but the interest is charged each month or year and added to the amount owed, with the amount owed plus the added interest then being payable in full in circumstances such as death, or permanent vacation or sale of the mortgaged property:

“Warning: While no interest is payable during the term of the mortgage, interest is charged each [insert ‘month’ or ‘year’ as appropriate] and added to the amount owed. The amount owed plus the added interest is then payable in full in circumstances such as death, or permanent vacation or sale of the mortgaged property.”;

• (b) in respect of a lifetime mortgage where interest is charged on an increasing sum (made up of the outstanding mortgage and added interest amounts), but no scheduled repayments are required to be made, the interest then being added to the outstanding debt on a continual basis:

“Warning: Unlike certain other mortgages where interest is charged on a sum that decreases with time, interest on lifetime mortgages is charged on an increasing sum (made up of the outstanding mortgage and added interest amounts), and therefore the total amount owed can increase quickly. As you are not required to make any scheduled repayments, the interest on your mortgage is added to your outstanding debt on a continual basis and you are effectively charged interest on that interest. This is called ‘compound interest’.”;

• (c) in respect of a lifetime mortgage where the debt, if unpaid, could come close to, or equal or exceed the value of the mortgaged residential property:

“Warning: The longer a lifetime mortgage remains unpaid, the more money you will owe and the amount you owe could eventually come close to, equal, or exceed, the value of the mortgaged residential property.”;

• (d) in respect of a lifetime mortgage where the debt, if unpaid, could come close to or equal, but not exceed, the value of the mortgaged residential property:

“Warning: The longer a lifetime mortgage remains unpaid, the more money you will owe and the amount you owe could eventually come close to or equal, the value of the mortgaged residential property.”;

• (e) in respect of all lifetime mortgages:

“Warning: Purchasing this product may negatively impact on your ability to fund future needs. Before purchasing this product, you should get independent legal or financial advice.”.

• (3) For the purposes of paragraph (1), warning statements in relation to home reversion agreements shall contain the following texts:

• (a) “Warning: The money you receive in exchange for transferring a share in your home may be much less than the actual market value of the share in your home.”;

• (b) “Warning: Purchasing this product may negatively impact on your ability to fund future needs as a result of transferring a share in your home.”.

Credit institutions to provide information on term or notice deposit accounts

144.

• (a) a statement of the account which includes, where applicable –

• (i) the opening balance,

• (ii) all additions,

• (iii) all withdrawals,

• (iv) all interest credited,

• (v) all charges,

• (vi) the closing balance,

• (vii) details of the interest rate applied to the account during the period covered by the statement, and

• (viii) where tax is deducted from interest credited, information on the tax deducted or on how consumers may obtain a certificate detailing the tax paid;

• (b) details of interest rates applied to other similar accounts available to the consumer from that credit institution.

• (2) Where the term of the term or notice deposit account referred to in paragraph (1) is less than one year, the credit institution shall provide to a consumer a closing statement which contains the information referred to in paragraph (1)(a) and (b).

• (3) Where a regulated entity is required to provide a consumer with a statement pursuant to this Regulation, the regulated entity shall, where the statement has not already been provided on paper, inform the consumer that he or she may request the statement to be provided on paper, and, if requested by the consumer, the regulated entity shall provide the statement on paper to the consumer.

Credit institutions to provide information on fixed term deposits

145.

• (2) For the purposes of paragraph (1) the credit institution shall provide to the consumer –

• (a) at least 10 working days’ notice in respect of a fixed term deposit with a term of less than 12 months, or

• (b) at least 30 calendar days’ notice in respect of a fixed term deposit with a term of 12 months or more.

• (3) Paragraphs (1) and (2) do not apply where the maturity date of the fixed term deposit is less than 30 calendar days.

Providers of loan accounts to provide statements to personal consumers

146.

• (a) the opening balance;

• (b) all transactions;

• (c) all charges including interest charged;

• (d) the outstanding balance due;

• (e) details of the interest rate applied to the account during the period covered by the statement.

• (2) Where a regulated entity is required to provide a consumer with a statement pursuant to this Regulation, the regulated entity shall, where the statement has not already been provided on paper, inform the consumer that he or she may request the statement to be provided on paper, and, if requested by the consumer, the regulated entity shall provide the statement on paper to the consumer.

Providers of loans to notify personal consumers of interest rate changes

147.

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

• (a) the date from which the new interest rate applies;

• (b) details of the old interest rate and the new interest rate;

• (c) the revised repayment amount;

• (d) an invitation for the personal consumer to contact the lender if he or she anticipates difficulties meeting any higher repayments.

• (3) For the purposes of paragraph (2)(c), in respect of a mortgage where an alternative repayment arrangement has been put in place in accordance with Chapter 9 of Part 3, the notification shall clearly indicate the revised repayment amount that applies to the alternative repayment arrangement.

• (4) A regulated entity shall provide the notification required pursuant to paragraph (1) –

• (a) at least 30 calendar days in advance of any increase in the interest rate, subject to Regulation 187(6), and

• (b) in respect of a decrease in the interest rate, as soon as practicable.

• (5) A regulated entity is not required to comply with the notification requirement pursuant to paragraph (1) in respect of a loan that is not a mortgage loan, provided that all of the following conditions are satisfied:

• (a) the change in interest rate is caused by a change in a reference interest rate which changes on a daily or weekly basis;

• (b) the new reference interest rate is made publicly available by appropriate means;

• (c) information concerning the new reference interest rate is kept available in the regulated entity’s public offices and on its websites on which it provides information in respect of its regulated activities.

• (6) Where an exemption applies to a regulated entity pursuant to paragraph (5), the regulated entity may choose to comply with the notification requirement pursuant to paragraph (1) if it wishes to do so.

Chapter 3 Additional post–sale information requirements

Guarantor of personal consumer credit to be notified

148.

• (2) In this Regulation, a reference to “credit” shall be taken to include, without limitation, reference to a consumer–hire agreement, hire–purchase agreement and a BNPL agreement.

Chapter 4 Advertisements

Scope and application (Chapter 4)

149.

• (2) Regulations 150 to 154, and Regulation 157, apply only to advertisements which refer, or relate, to a regulated activity which can be provided, or is available, to a personal consumer.

Referring to annual percentage rate

150.

• (2) For the purposes of paragraph (1), where the interest rate is a fixed interest rate, the regulated entity shall specify the term of the fixed interest rate in the advertisement concerned and shall specify the interest rate that will apply after the fixed interest rate has expired.

Advertising term loans and other arrangements while specifying annual percentage rate and term

151.

• (2) Paragraph (1) does not apply to an advertisement in respect of a mortgage loan.

Fixed–rate loans and other arrangements – warning statement regarding early payment

152.

“Warning: You may have to pay charges if you pay off a [state product type: fixed–rate loan, hire–purchase agreement, consumer–hire agreement or BNPL–agreement] early.”

Personal lending and other arrangements – warning statement regarding failure to make repayments

153.

“Warning: If you do not meet the repayments on your [state product type: loan, hire–purchase agreement, consumer–hire agreement or BNPL–agreement], your account will go into arrears. This may affect your credit report, which may limit your ability to access credit, a hire–purchase agreement, a consumer–hire agreement or a BNPL–agreement in the future.”

Credit enabling consolidation of debts – required information

154.

“Warning: This new credit may take longer to pay off than your previous credit. This means you may pay more than if you paid off your credit over a shorter term.”

• (2) Where the advertisement referred to in paragraph (1) offers sample figures in the advertisement, the regulated entity shall ensure that the advertisement indicates the difference between the total cost of credit to a consumer of the consolidated credit and the total cost of credit to a consumer of the individual debts that are the subject of consolidation.

Displaying interest rate for savings or deposit account

155.

• (a) whether the interest rate quoted is fixed or variable;

• (b) if the interest rate quoted is fixed, the period for which it is fixed and, where relevant, an indication of the rate that will apply after that fixed period;

• (c) the relevant interest rate for each term quoted and the annual equivalent rate, and each such interest rate and annual equivalent rate shall be of equal size and prominence;

• (d) the minimum term or amount required to qualify for a specified rate of interest, if applicable;

• (e) if any tax is payable on the interest earned on the account.

Annual equivalent rates

156.

• (a) the annual equivalent rate is not misleading,

• (b) any assumptions used in the calculation of the annual equivalent rate are reasonable, accurate and clearly stated, and

• (c) a record of the manner of the calculation of the annual equivalent rate is maintained.

Home reversion agreements

157.

• (a) “Warning: The money you receive in exchange for transferring a share in your home may be much less than the actual market value of the share in your home.”;

• (b) “Warning: Purchasing this product may negatively impact on your ability to fund future needs as a result of transferring a share in your home.”.

Chapter 5 Additional miscellaneous business requirements for credit institutions and provision of credit

Credit institutions to follow timelines for crediting funds to term or notice deposit accounts

158.

• (2) Where the funds are not credited on the day they are received by the credit institution in accordance with paragraph (1), the credit institution shall backdate credit for those funds to that day.

Credit institution to give information and protect consumer interests when closing, merging or moving local branches

159.

• (a) notify the Bank without delay when the decision to close, merge, or move has been made;

• (b) provide the notification referred to in subparagraph (a) at least 2 months in advance of notifying affected consumers or the wider community of the decision;

• (c) inform the Bank of any relevant planned steps or subsequent developments which have the potential to affect consumers during the period from the date of notification referred to in subparagraph (a) to the date of closure, merger or move;

• (d) subject to notifying the Bank in accordance with subparagraphs (a) and (b), provide at least 6 months’ individual notice to every consumer that is a customer of the credit institution through the relevant branch, prior to the closure, merger or move, to enable such consumers to make alternative arrangements;

• (e) properly complete all business of the branch prior to the closure, merger or move, or, alternatively, inform the consumers referred to in subparagraph (d) of how continuity of an equivalent service will be provided through another branch;

• (f) subject to notifying the Bank in accordance with subparagraphs (a) and (b), notify the wider community of the closure, merger or move at least 6 months in advance, by way of public notification in a manner appropriate to the individual characteristics of the locality in which the branch is located.

• (2) Where it intends to close a branch in the State, the credit institution shall promptly prepare an assessment, approved by the board of directors, or the entity or persons controlling the regulated entity, of the anticipated impact of the closure on consumers that are customers of the credit institution with regard to –

• (a) access to financial services, and

• (b) range of financial services available to the consumers.

• (3) The assessment referred to in paragraph (2) shall include an assessment of the following:

• (a) the suitability of alternative arrangements for provision of a financial service provided in the closing branch;

• (b) where those alternative arrangements are suitable, the credit institution’s plans for transferring consumers that are customers of the credit institution to those arrangements, including any plans necessary for consumers in vulnerable circumstances.

• (4) No later than 2 months prior to the closure of the branch, a credit institution shall –

• (a) publish the assessment, as prepared in accordance with paragraph (2) on a website of the regulated entity, and

• (b) arrange publication, in the relevant branch and in one or more local newspapers that are local to the relevant branch, of details of the fact that the assessment, as prepared in accordance with paragraph (2), has been carried out, and where a copy of the assessment may be found.

• (5) Where a credit institution has closed a branch in the State, the credit institution shall –

• (a) within 9 months following the closure, commence an assessment of the impact of the closure on consumers that are customers of the credit institution, where alternative arrangements were made for those consumers, in order to assess those consumers’ satisfaction and experience with regard to the alternative arrangements put in place following the branch closure,

• (b) complete the assessment before 15 months have elapsed following closure,

• (c) publish the assessment on a website of the regulated entity,

• (d) arrange publication, in one or more local newspapers that are local to the relevant branch, of details of the fact that the assessment has been carried out, and where a copy of the assessment may be found, and

• (e) re–assess the suitability of the alternative arrangements of the consumers referred to in subparagraph (a) and, where material adverse issues arise with regard to the suitability of those arrangements, rectify those issues.

• (6) This Regulation does not apply where the closure, merger or move will be temporary.

• (7) In this Regulation, “branch” means a local branch which consumers can attend onsite for the purposes of being provided with financial services.

Credit institution to give information and protect consumer interests when significantly amending local branch services

160.

• (a) give the 4 month notice required by Regulation 46;

• (b) prepare an assessment, approved by the board of directors, or the entity or persons controlling the regulated entity, of the anticipated impact of the intended amendment on consumers that are customers of the credit institution with regard to –

• (i) access to financial services, and

• (ii) range of financial services available to the consumers.

• (2) The assessment referred to in paragraph (1)(b) shall include an assessment of the following:

• (a) the suitability of alternative arrangements for provision of the financial service where the regulated entity anticipates that alternative arrangements may be required;

• (b) where those alternative arrangements are suitable and may be required, the credit institution’s plans for transferring consumers that are customers of the credit institution to those arrangements, including any specific plans necessary for consumers in vulnerable circumstances.

• (3) No later than 2 months prior to the amendment, a credit institution shall –

• (a) publish the assessment, as prepared in accordance with paragraph (1)(b) on a website of the regulated entity, and

• (b) arrange publication, in the relevant branch and in one or more local newspapers that are local to the relevant branch, of details of the fact that the assessment, as prepared in accordance with paragraph (1)(b), has been carried out, and where a copy of the assessment may be found.

• (4) The credit institution shall –

• (a) within 9 months following the amendment, commence an assessment of the impact of the amendment on consumers that are customers of the credit institution, where alternative arrangements were made for those consumers, in order to assess those consumers’ satisfaction and experience with regard to the alternative arrangements put in place following the amendment,

• (b) complete the assessment before 15 months have elapsed following amendment,

• (c) publish the assessment on a website of the regulated entity,

• (d) arrange publication, in the relevant branch and in one or more local newspapers that are local to the relevant branch, of details of the fact that the assessment has been carried out, and where a copy of the assessment may be found, and

• (e) re–assess the suitability of any alternative arrangements of the consumers referred to in subparagraph (a) and, where material adverse issues arise with regard to the suitability of those arrangements, rectify those issues.

• (5) In this Regulation, “branch” has the same meaning given to it in Regulation 159(7).

Unsolicited pre–approved credit to personal consumers

161.

• (2) In this Regulation, a reference to “credit” shall be taken to include, without limitation, reference to a consumer–hire agreement, hire–purchase agreement and a BNPL agreement.

No increase of personal consumer’s credit limit without agreement

162.

Separate payment by personal consumers to be permitted in respect of loan charge

163.

Credit institution not prevented from requiring opening of feeder account

164.

• (a) the credit institution shall not require the consumer to use the feeder account for purposes other than facilitating payments in respect of the product concerned;

• (b) the credit institution shall not apply charges for using the feeder account for the purpose for which it was established;

• (c) any additional facilities available on the feeder account, including any subject to a charge, shall be made optional by the credit institution and shall only be activated by the credit institution if requested by the consumer in writing;

• (d) the credit institution shall clearly communicate each of the conditions referred to in paragraphs (a) to (c) to the consumer in writing.

Steps where offering payment protection insurance with a loan

165.

• (a) exclude the payment protection insurance premium from the initial repayment estimate of the loan provided to a consumer and separately inform the consumer of the premium amount for such payment protection insurance, and

• (b) use separate application forms for each of the payment protection insurance and the loan.

Chapter 6 Additional requirements specific to mortgage business

Interpretation (Chapter 6)

166.

• (a) may be advantageous to a personal consumer, as compared with not availing of those offers, for a period less than the term of the mortgage, but

• (b) if availed of may, over the whole term of the mortgage, have the consequence of additional costs to a personal consumer as compared with not availing of those offers.

Register to be maintained of appointed mortgage intermediaries

167.

• (2) A regulated entity shall provide a confirmation on paper, or on another durable medium, to the Bank, upon termination or cessation of the appointment of a mortgage intermediary, that the intermediary has been removed from the register maintained in accordance with paragraph (1).

Personal consumers to be provided certain information with mortgage calculators and approval in principle documents

168.

• (a) an indicative figure of the total cost of the mortgage loan that would be payable by the personal consumer, and

• (b) information on any online tools to compare mortgages and to calculate mortgage repayments which the Competition and Consumer Protection Commission has made available on its website, together with a hyperlink to any relevant sections of that website.

• (2) Where a regulated entity is providing information to a personal consumer with a mortgage calculator with regard to a mortgage loan secured on residential property that may be offered with an incentive, the regulated entity shall provide the following warning statement with the mortgage calculator:

“Warning: You should consider the total cost of a mortgage loan, including any potential additional cost of an incentive offered with it.”

• (3) Where a regulated entity is providing a document to a personal consumer containing an estimate of the amount that may be borrowed by the personal consumer by way of a mortgage loan secured on residential property (referred to in this Regulation as an “approval in principle document”), the regulated entity shall provide the following warning statement on the approval in principle document in circumstances where the mortgage loan may be offered with an incentive:

“Warning: You should consider the total cost of the mortgage loan that may be offered to you, including any potential additional cost of an incentive offered with it.”

• (4) Where a regulated entity is providing information to a personal consumer with regard to a mortgage loan secured on residential property in either of the circumstances referred to in paragraph (2) or paragraph (3), other than the fact that there is no incentive that is offered with the mortgage loan, the regulated entity shall provide the following warning statement on the approval in principle document or with the mortgage calculator concerned:

“Warning: You should consider the total cost of a mortgage loan.”

• (5) Where a regulated entity is providing an approval in principle document to a personal consumer in respect of an interest–only mortgage, the regulated entity shall provide the following warning statement on the approval in principal document:

“Warning: If the value of the capital lump sum or asset sale proceeds anticipated by your proposed repayment plan falls short of what you expect, you may be unable to meet the capital repayment that falls due when you reach the end of your interest–only term. You will be liable for any shortfall.”

Information on mortgage switching to be given to personal consumers

169.

• (a) a guide to mortgage switching, to include at least the following information:

• (i) the switching process that the regulated entity has in place;

• (ii) an explanation of the legal process and how the regulated entity will engage with a personal consumer and a personal consumer’s legal representative;

• (iii) the regulated entity’s requirements in relation to loan security and insurance policies when switching mortgage;

• (iv) a statement that a personal consumer should consider whether, and how, their existing insurance policy may be maintained;

• (b) mortgage loan application forms, including any separate application forms applicable to top–up mortgages;

• (c) the timelines which apply to the assessment of a mortgage loan application as set out in the regulated entity’s policies and procedures;

• (d) the information required from a personal consumer in support of a personal consumer’s mortgage loan application;

• (e) a link to the relevant webpage on the Competition and Consumer Protection Commission’s website relating to switching regulated entities providing mortgage loans or changing mortgage type;