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

• (5) An insurance undertaking or insurance intermediary shall document a donation made in accordance with the consent obtained from the consumer for the purposes of paragraph (2) and shall obtain and retain a receipt from the relevant charity.

• (6) In this Regulation, “registered charity” means a registered charitable organisation within the meaning of section 2 of the Charities Act 2009 (No. 6 of 2009).

Premium rebate processing agreement

350.

Full rebate amount to be paid in the absence of agreement

351.

• (2) For the purposes of paragraph (1), any charges that the consumer owes the insurance undertaking or insurance intermediary shall not be deducted from the rebate amount without obtaining the prior written consent of the consumer.

• (3) Where a consumer has agreed to the deduction of any charges for the purposes of paragraph (2), these charges shall be clearly specified by the insurance undertaking or insurance intermediary in correspondence accompanying notification of the rebate to the consumer.

Return and reissue of rebate

352.

• (2) Where a consumer requests from an insurance undertaking or insurance intermediary a rebate that has been returned to an insurance undertaking in accordance with paragraph (1), the requested insurance undertaking or insurance intermediary shall provide the rebate in accordance with Regulations 348, 349 and 351.

Chapter 10 Claims processing

Scope and application (Chapter 10)

353.

• (2) In this Regulation –

“method of direct settlement in respect of health insurance” means a method of settlement whereby an insurance undertaking pays a health care provider directly in settlement of a claim by a policyholder under a health insurance contract, rather than paying a monetary sum to the policyholder at a later date.

Verification of claims

354.

Claims handling procedure

355.

• (2) The procedure referred to in paragraph (1) shall, at a minimum, provide for the following:

• (a) where an accident or event has occurred giving rise to a personal injury claim, the insurance undertaking shall provide a copy of a guide for claimants produced by the Personal Injuries Resolution Board to a claimant as soon as the insurance undertaking is notified of the claim;

• (b) where a consumer has been involved in a motor accident with an uninsured or unidentified vehicle or with a foreign registered vehicle, the insurance undertaking shall advise the consumer to contact the Motor Insurers’ Bureau of Ireland;

• (c) where a claim form is required to be completed for the purposes of a claimant making a claim, the insurance undertaking shall provide the form to the claimant within 5 working days of it becoming apparent to the insurance undertaking that the form is required;

• (d) the insurance undertaking shall offer to assist a claimant in the process of making a claim, including, in the case of a claimant falling within paragraph (a) or (c) of the definition of “claimant”, alerting the claimant to policy terms and conditions that may be of benefit to the claimant, where relevant;

• (e) the insurance undertaking shall comply with a request from a claimant for the insurance undertaking to use a particular means of communication with the claimant in relation to a claim, unless to do so would be unreasonable or the means of communication requested by the claimant is not a means of communication currently employed by the insurance undertaking for this purpose;

• (f) the insurance undertaking shall keep a record of all conversations with the claimant in relation to the claim, including audio recordings of telephone calls where these are recorded;

• (g) where the insurance undertaking makes audio recordings of telephone calls in connection with the provision of financial services to consumers, the insurance undertaking shall make and keep audio recordings of telephone calls with a claimant in relation to a claim and shall inform a claimant at the outset of a telephone conversation that the telephone conversation is being recorded;

• (h) the insurance undertaking shall, while the claim is being processed, provide the claimant with updates of any developments concerning the outcome of the claim within 10 working days of learning of the development;

• (i) where the insurance undertaking requires additional documentation or clarification from a claimant, the insurance undertaking shall notify the claimant as soon as the additional document or clarification is required and, if necessary, the insurance undertaking shall provide the claimant with a reminder of the notification on paper or on another durable medium.

Assisting a consumer in making a claim

356.

Engagement of loss adjustor or expert appraiser

357.

• (2) When an insurance undertaking provides a claimant with contact details for the purposes of paragraph (1), the insurance undertaking shall, at the same time, notify the claimant on paper or on another durable medium that the person engaged acts in the interest of the insurance undertaking and such notification shall include an explanation of the function of the person engaged.

Notification that a claimant may appoint a loss assessor

358.

Engagement with third party in relation to a claim

359.

Insurance undertaking to be available to discuss claims

360.

Restitution work – appointment of third party

361.

• (2) The information referred to in paragraph (1) shall be provided to the claimant on paper or on another durable medium in advance of the appointment of the third party.

Restitution work – certification

362.

• (2) An insurance undertaking shall not require a claimant to provide any form of certification of the kind referenced in paragraph (1) above on its behalf.

Claim settlement offer to represent best estimate of a claimant’s reasonable entitlement

363.

• (2) In determining that any claim settlement offer made to a claimant is its best estimate of the claimant’s reasonable entitlement, an insurance undertaking shall take into account all relevant factors, including the following:

• (a) any evidence submitted by the claimant, or any third party acting on his or her behalf, to support the value of the claim;

• (b) any evidence made known to the insurance undertaking by a third party or evidence that should be reasonably available to the insurance undertaking;

• (c) the procedures used by the insurance undertaking in determining the monetary amount of compensation offered.

• (3) This Regulation does not apply to a claimant falling within paragraph (b) of the definition of “claimant” where liability is not agreed.

Decision on a claim

364.

• (a) the outcome of its investigation of the claim;

• (b) where applicable, the terms of any claim settlement offer;

• (c) where the insurance undertaking has decided to decline the claim, the reasons for this decision;

• (d) any appeals mechanism provided by the insurance undertaking in respect of the decision made.

• (2) When making a claim settlement offer, the insurance undertaking shall ensure that the following conditions have been satisfied:

• (a) the insured event has been proven, or accepted by the insurance undertaking;

• (b) all specified documentation has been received by the insurance undertaking from the claimant;

• (c) the entitlement of the claimant to receive payment under the policy has been established.

• (3) An insurance undertaking shall retain a record of the decision referred to in paragraph (1).

Minimum period for acceptance or rejection of a claim settlement offer

365.

• (2) Where a claimant waives this right as provided for in paragraph (1), the insurance undertaking shall retain a record of the claimant’s decision.

• (3) This Regulation does not apply –

• (a) in the case of surrender or encashment of insurance–based investment products,

• (b) to claims on policies falling within paragraph (b) of the definition of “protection policies” where the settlement amount is set out in the policy’s terms and conditions, or

• (c) to a claimant falling within paragraph (b) of the definition of “claimant” who has issued legal proceedings in respect of their claim.

Settlement of claim

366.

• (2) Where a method of direct settlement is being applied, the insurance undertaking shall discharge any claim without delay.

Insurance undertaking to publish details of appeals mechanism

367.

• (2) An insurance undertaking shall provide the details referred to in paragraph (1) to claimants on paper or on another durable medium on request. A request under this paragraph (2) shall be facilitated within 5 working days.

Information concerning settlement where a consumer policyholder is not the beneficiary

368.

• (a) subject to paragraph (2), the amount for which the claim has been settled and the reason or reasons for it being settled;

• (b) where applicable, that the settlement of the claim will affect future insurance contracts entered into by the policyholder of the type that was the subject of the settlement.

• (2) Paragraph (1)(a) does not apply to a claim in respect of which section 16(4)(d) of the Act of 2019 applies.

Part 5 Investments

Chapter 1 Preliminary

Interpretation (Part 5)

369.

“compound annual rate” means the equivalent annual rate of interest, where interest is paid on previously earned interest as well as on the principal, payable at the end of the year, on a deposit;

“Key Features Document” means the document referred to in Regulation 376;

“PRSA” has the meaning given to it in Part X of the Pensions Act 1990;

“Standard PRSA” has the meaning given to it in Part X of the Pensions Act 1990;

“target market” for an investment product means the profile of the group of consumers at which the regulated entity aims a particular investment product.

Chapter 2 Additional suitability requirements

Assessing and determining suitability of investment product transaction or series of such transactions

370.

• (2) A regulated entity shall advise a consumer of the determination referred to in paragraph (1) on paper or on another durable medium and shall advise the consumer not to proceed with the relevant investment product transaction or series.

• (3) If a regulated entity has advised the consumer as referred to in paragraph (2), and the consumer instructs the regulated entity to proceed with the relevant transaction or series, the regulated entity shall make a contemporaneous record that it has advised the consumer of its determination.

Chapter 3 Information about investment products

Information to be provided to consumers

371.

• (a) capital security;

• (b) the risk that some or all of the investment may be lost;

• (c) leverage and its effects;

• (d) any limitation on the sale or disposal of the investment product;

• (e) any restriction on access to funds invested;

• (f) any restriction on the redemption of the investment product;

• (g) the impact, including the cost, of exiting the investment product early;

• (h) the minimum recommended investment period;

• (i) the risk that the estimated or anticipated return on the investment product may not be achieved;

• (j) the potential effects of volatility in price, fluctuation in interest rates, and movements in exchange rates on the value of the investment;

• (k) the identity of any guarantor and the level, nature, extent and limitations of its guarantee.

• (2) The information referred to in paragraph (1) shall be provided in a stand–alone document, except where such information is already required to be disclosed in accordance with the Life Assurance (Provision of Information) Regulations 2001 ( S.I. No. 15 of 2001 ) or any other regulations made under Section 43D of the Insurance Act 1989 (No. 3 of 1989) concerning provision of information for life assurance policies and where such information is disclosed to the consumer in a manner which complies with such Regulations.

• (3) This Regulation does not apply to a tracker bond.

Warning statement to be provided with illustrations of figures on performance of investment product

372.

“Warning: These figures are estimates only. They are not a reliable guide to the future performance of your investment.”

• (2) This Regulation does not apply to illustrations included in the key information document to be drawn up and provided to retail investors in accordance with the PRIIPs Regulation.

Prospectus to state where representing or containing terms of contract

373.

• (2) This Regulation does not apply to a prospectus within the scope of the Prospectus Regulation.

Information on periodic suitability assessments to be provided

374.

• (a) whether the regulated entity will provide the consumer with a periodic assessment of the suitability of the investment product recommended to that consumer,

• (b) where applicable, the steps that the regulated entity will take to periodically assess whether the investment product remains suitable for the consumer and the frequency with which that assessment will be carried out, and

• (c) any services that the regulated entity will provide to the consumer relating to the management of the investment product.

• (2) Where a regulated entity recommends an investment product falling within paragraph (a) or (b) of the definition of “investment product” to a consumer, and where the regulated entity will not provide the consumer with a periodic assessment of the suitability of the investment product recommended to that consumer, the regulated entity shall, prior to the conclusion of a contract for that investment product, provide the consumer with an explanation why such periodic assessment will not be done.

• (3) The information referred to in paragraphs (1) and (2) shall be provided to the consumer on paper or on another durable medium.

• (4) A regulated entity shall include a warning statement in the following format on any application form for an investment product falling within paragraph (a) or (b) of the definition of “investment product” other than an insurance–based investment product:

“Warning: Due to the nature of this product, it is important to ensure that it remains suitable for you. We recommend that you engage with your financial advisor on a regular basis to ensure its ongoing suitability.”

Tracker bonds – product brochure and application form

375.

• (a) for an investment in a product that does not commit to provide a 100% return of a consumer’s capital on maturity, the following warning:

“Warning: The value of your investment may go down as well as up. You may get back less than you invest.”;

• (b) where there is a promised return which is known but is less than the initial 100% invested by a consumer, the following warning:

“Warning: If you invest in this product you could lose [insert figure]% of the money you invest.”;

• (c) if a consumer’s return on capital only becomes payable on a specific date, the following warning:

“Warning: If you cash in your investment before [specify the particular date] you may lose some or all of the money you invest.”;

• (d) if there is no access to funds for the term of the product, the following warning:

“Warning: If you invest in this product you will not have any access to your money for [insert time required before the product matures].”;

• (e) the identity of any guarantor and the nature, extent and limitations of its guarantee.

Tracker bonds – Key Features Document

376.

• (2) Where the information required by the Key Features Document referred to in paragraph (1) is otherwise already provided to a consumer as required pursuant to the Life Assurance (Provision of Information) Regulations 2001 or any other regulations made under Section 43D of the Insurance Act 1989 requiring the provision of information to consumers regarding life assurance policies, the regulated entity is not required to include that information in the Key Features Document.

• (3) A regulated entity shall provide a Key Features Document to a consumer prior to them signing an application form for a tracker bond.

• (4) Where the terms of the tracker bond provide that return on investment is limited, the Key Features Document shall include an explanation in relation to this limitation.

Tracker bonds – illustration to be provided where facility to borrow funds to invest

377.

• (a) the year–by–year and total interest payments the consumer is likely to be required to pay in respect of the borrowed funds, until the date the product matures;

• (b) the equivalent compound annual rate of the return payable under the relevant tracker bond shown prominently;

• (c) the difference between the return payable under the tracker bond and the total projected outgoings of the consumer over the period to the maturity date of the tracker bond.

• (2) For the purposes of the illustration referred to in paragraph (1)(a), the fixed interest rate offered by the lender for the period to the date of the promised payment under the tracker bond shall be used or, if the lender does not offer a fixed interest rate over this period, an equivalent open market fixed interest rate shall be used.

• (3) For the purposes of paragraph (1)(c), “total projected outgoings” means any borrowed funds, any capital repayments related to such borrowings and any capital investment by the consumer other than the borrowed funds.

PRSAs – information to be provided

378.

• (2) If a non–standard PRSA is offered or recommended to a consumer, the regulated entity shall, in addition to the requirement referred to in paragraph (1) complete the declaration in Schedule 9 to these Regulations in the prescribed form.

Product producers to provide statement on investment products

379.

• (a) the opening balance or statement of value at the beginning of the relevant 12 month period;

• (b) any additions, including additional amounts invested;

• (c) any withdrawals;

• (d) the total sum invested;

• (e) the number of units held;

• (f) any interest charged or accrued;

• (g) any charges and deductions affecting the investment product including any charges associated with the management, sale, set up and ongoing administration of the investment product;

• (h) the aggregate amount, expressed as a monetary amount, of the charges and deductions referred to in subparagraph (g);

• (i) the closing balance or statement of value at the end of the relevant 12 month period.

• (2) In the case of an investment product falling within paragraph (b) of the definition of “investment product” and for which the policy terms and conditions provide for periodic premium reviews, the statement referred to in paragraph (1) shall include the following warning statement:

“Warning: You hold a policy for which your existing premiums may not be sufficient to maintain existing protection benefits in the future. You should ask your insurance company for an assessment of the projected increases in premiums. You should seek financial advice on the choices available to you.”

• (3) A product producer shall include the following warning statement in the statement referred to in paragraph (1):

“Warning: Due to the nature of this product, it is important to ensure that it remains suitable for you. We recommend that you engage with your financial advisor on a regular basis to ensure its ongoing suitability.”

• (4) Where a product producer is required to provide a consumer with a statement pursuant to this Regulation, the product producer 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 product producer shall provide the statement on paper to the consumer.

Tracker bonds – product producers to issue information document following sale

380.

• (a) the name and address of the consumer;

• (b) the start date of the term of the tracker bond;

• (c) the amount of investment;

• (d) the date or dates on which any right to a minimum payment amount becomes payable;

• (e) disclosure of the key features of the investment, if those features differ from those shown in the Key Features Document provided in accordance with Regulation 376;

• (f) the date that the investment will mature;

• (g) the number of days from the commencement of the investment date or date of receipt of the policy document a consumer has available to cancel the tracker bond, if such a right is available in respect of the investment.

• (2) An intermediary shall, within 5 working days of receiving the document from a product producer in accordance with paragraph (1), provide that document to the consumer that purchased the tracker bond.

Chapter 4 Advertisements

Scope and application (Chapter 4)

381.

Warning statement regarding return on investment

382.

“Warning: If you invest in this product, you may lose some, or all, of the money you invest.”

Warning statement where return on capital applicable on or from a specific date

383.

“Warning: If you seek to realise your investment before [specify the particular date], you may lose some, or all, of the money you invest.”

Warning statement where no access to funds invested for product term

384.

“Warning: If you invest in this product you will not have any access to your money for [insert time required before the product matures].”

Provision of information on past performance to meet certain conditions

385.

• (a) be based on a financial service similar to that being advertised,

• (b) not be selected so as to exaggerate the success or disguise the lack of success of the advertised financial service,

• (c) state the source of the information,

• (d) be based on actual performance,

• (e) state clearly the period chosen, which must cover the preceding 5 years, or the whole period for which the advertised financial service has been provided, where less than 5 years,

• (f) include the most recent period where more than one period of past performance may be used,

• (g) specify, where applicable, details of transaction costs, interest and taxation, and take these details into account in the calculations outlining past performance, and

• (h) disclose the effect of commissions, fees or other charges, where the indication is based on gross performance.

Warning statement to be provided regarding past performance

386.

“Warning: Past performance is not a reliable guide to future performance.”

Statement to be included where position or holding in a financial service

387.

• (2) For the purposes of paragraph (1), a regulated entity shall be deemed to have a position or holding in a financial service where it has an interest in the financial service in respect of which it may be subject to a financial gain or loss, and the statement required in accordance with paragraph (1) shall detail this possibility.

Information on simulated performance to meet certain conditions

388.

• (a) in relation to an advertised financial service, be based on the actual past performance of one or more investment products which are the same as or substantially the same as the advertised financial service, and the information relating to the past performance used for this purpose shall comply with Regulation 385,

• (b) not be selected so as to exaggerate the success or disguise the lack of success of the advertised financial service or of the regulated entity,

• (c) state the source, and

• (d) indicate whether, and to what extent, transaction costs, interest and taxation have been taken into account.

Warning statement to be provided where illustrations or information on simulated performance

389.

“Warning: These figures are estimates only. They are not a reliable guide to the future performance of this investment.”

Conditions for describing product as guaranteed or conveying the same meaning or impression

390.

• (a) there is a legally enforceable guarantee agreement in place in which a guarantor undertakes to meet, to whatever extent is stated in the advertisement, a consumer’s claim under the guarantee,

• (b) the regulated entity has made, and can demonstrate that it has made, an assessment of the amount of the guarantee,

• (c) it clearly states the nature and extent of limitations of the guarantee and the name of the guarantor, and

• (d) the advertisement states that the guarantee is provided by a connected party of the regulated entity, if applicable.

Reference to the impact of taxation

391.

• (a) state the assumed rate of taxation,

• (b) where tax reliefs are applied, reference the reliefs that apply as of the date of publication of the advertisement,

• (c) specify the person to which the tax reliefs referred to in the advertisement are available,

• (d) state, where applicable, if the taxation impacts referenced are limited in their application to a particular class of consumer with particular tax liabilities, identifying the class of consumer and the type of liabilities concerned,

• (e) identify the party that is responsible for applying for the tax benefits advertised,

• (f) identify, where applicable, if income payable from an investment product is subject to income tax that is deducted at source, and

• (g) identify, where applicable, if the value of the advertised financial service is linked to a product which is liable to capital taxation.

Warning on value of investment that can fluctuate

392.

“Warning: The value of your investment may go down as well as up.”

Statement to be made if return determined on a particular date

393.

Warning statement where income can fluctuate

394.

“Warning: The income you earn from this investment may go down as well as up.”

Effect of withdrawal of amount from capital amount invested as income equivalent to be explained

395.

Warning statement where financial service may be affected by change in currency exchange rates

396.

“Warning: This [insert “product” or “service” as appropriate] may be affected by changes in currency exchange rates.”

Required warning where investment product not readily realisable

397.

• (a) sell or exit the investment product;

• (b) obtain reliable information about its value or the extent of the risks to which it is exposed.

Statement to be provided if investment product cannot be encashed prior to maturity date or early redemption charge

398.

Statement to be provided where deductions for charges and expenses not made uniformly

399.

• (a) deductions for charges and expenses are applied in this manner,

• (b) if a consumer withdraws from the investment product prior to its maturity date, the practice of applying deductions for charges and expenses in this manner will impact on the amount of the consumer’s return, and

• (c) if applicable, that a consumer may not get back the full amount they invested on the maturity date of the product.

Information on deposit interest rate on investment represented by tracker bond or component thereof

400.

• (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 if the term of the tracker bond is longer than the applicable fixed period;

• (c) the relevant compound annual rate calculated in respect of the term of the tracker bond that is applicable to the investment, or a component of that investment, to be placed on deposit;

• (d) whether any tax is payable on the interest earned on the investment, or a component of that investment, placed on deposit.

• (2) Each rate provided to a consumer in accordance with this Regulation shall be of equal font size and prominence.

Information on projected return on investment for tracker bond

401.

• (2) For the purposes of paragraph (1), where the investment representing a tracker bond is invested in separate components, the requirement to express and show the equivalent compound annual rate as prominently shall apply in respect of each of those components over the term of the tracker bond.

Chapter 5 Product producer responsibilities

Information to be provided to intermediaries for consumers in relation to new investment products

402.

• (a) the key characteristics and features of the product;

• (b) the target market of consumers for the product;

• (c) the nature and extent of the risks inherent in the product;

• (d) the level, nature, extent and limitations of any guarantee attaching to the product and the name of the guarantor.

Information on investment products to meet certain standards

403.

Facility to be given to intermediaries when seeking information on investment product

404.

• (2) A product producer shall notify the intermediary of the availability of the facility referred to in paragraph (1) and shall provide it to the intermediary for the duration of the period in which that investment product is offered for sale by the product producer and sold to consumers through that intermediary.

Information on new investment product to be updated and provided to intermediary

405.

• (2) A product producer shall update the intermediary with respect to any additional material information, which the product producer has implemented or of which the product producer is aware, in relation to the matters referred to in Regulation 402(a) to Regulation 402(d), within 10 working days of implementation or of becoming aware.

Chapter 6 MiFID Article 3 services

Scope and application (Chapter 6)

406.

Recording of telephone conversations or electronic communications

407.

• (a) comply with Regulations 23(5) to (12) of the MiFID Regulations 2017 and Article 76(1)(b), 76(8) and 76(10) of the MiFID Delegated Regulation, or

• (b) where telephone conversations or electronic communications relating to the provision of client order services that relate to offering, arranging or providing an investment product are not recorded –

• (i) promptly follow up the telephone conversation with a written communication to the client which confirms the key details of the telephone conversation, and

• (ii) provide the client with an opportunity to disagree with the content of the written communication or to otherwise stop the order being executed within a specified time–frame.

• (2) The written confirmation referred to in paragraph (1)(b)(i) shall include, at a minimum, the order details and the details of any recommendation in connection with that order.

Disclosure of conflicts of interest

408.

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

• (a) the risks to the client that arise as a result of the conflicts of interest, and

• (b) the steps undertaken to mitigate those risks,

in sufficient detail to enable that client to take an informed decision with respect to the investment business service in the context of which the conflicts of interest arise.

Conflicts of interest policy

409.

Target market and information on products

410.

• (a) obtain all appropriate information on the investment product and the investment product approval process, including the identified target market of the investment product, and

• (b) understand the characteristics and identified target market of each investment product.

Independent advice – fees, commissions, etc.

411.

Independent advice – information

412.

Independent advice – restriction on natural person providing both independent and non–independent advice

413.

Information relating to execution of orders

414.

Information on costs and associated charges

415.

• (a) Regulations 32(4)(d) and 32(7) to (9) of the MiFID Regulations 2017;

• (b) Article 50(2), 50(5), 50(8), 50(9) (second subparagraph) and 50(10) of the MiFID Delegated Regulation.

Periodic suitability assessments

416.

• (a) Regulation 32(5)(c) of the MiFID Regulations 2017;

• (b) Article 54(12) (third subparagraph) and Article 54(13) of the MiFID Delegated Regulation.

Remuneration

417.

Part 6 FINAL PROVISIONS AND REVOCATIONS

Revocations

418.

• (a) Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Licensed Moneylenders) Regulations 2020 ( S.I. No. 196 of 2020 );

• (b) Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Insurance Requirements) Regulations 2022 ( S.I. No. 126 of 2022 ).

• (2) The revocation of the Consumer Protection Code as amended, the Code of Conduct on Mortgage Arrears as amended, the Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Licensed Moneylenders) Regulations 2020, or the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Insurance Requirements) Regulations 2022 does not –

• (a) affect any direction given by the Bank, investigation undertaken, or disciplinary, sanctioning or enforcement action undertaken by the Bank or any other person, in respect of any matter in existence at, or before, the time of the revocation, or

• (b) preclude the taking of any legal proceedings, or the undertaking of any investigation, or disciplinary, sanctioning or enforcement action by the Bank or any other person, in respect of any contravention of an enactment or requirement imposed under an enactment, or any misconduct which may have been committed before the time of the revocation.

Amendments

419.

• “(c) without limiting the generality of paragraph (b), a housing loan entered into as part of the mortgage arrears resolution process described in provision 16 of the Code of Conduct on Mortgage Arrears issued by the Bank or as part of the mortgage arrears resolution process described in Regulation 238 of the Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Consumer Protection) Regulations 2025.”

• (2) Regulation 4(3) and (4) of the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Investment Firms) Regulations 2023 ( S.I. No. 10 of 2023 ) is substituted by the following:

• “(3) An investment firm shall –

  • (a) not change its name without the prior written approval of the Bank,

  • (b) notify the Bank within 5 working days, in writing, of any change to the investment firm’s registered office address, postal address, telephone number or email address,

  • (c) where issuing correspondence relating to regulated activities, state on the investment firm’s headed paper that it is regulated by the Bank, and

  • (d) take appropriate steps to mitigate the risk that a customer will understand an activity to be, or to carry the protections of, a regulated activity where this is not the case, including through clearly distinguishing between the firm’s regulated activities and its unregulated activities.

• (4) An investment firm shall not provide the Bank, in purported compliance with supervisory and regulatory requirements, with information which it knows or ought reasonably to know to be false or misleading in a material respect.

• (5) In this Regulation –

“regulated activities” means the provision of financial services, including financial products, that are provided in this State by an investment firm and which are subject to the regulation of the Bank;

“unregulated activities” means the provision of services of a financial nature, which are not otherwise regulated activities, to consumers in the State.”

Failure to comply with these Regulations

420.

SCHEDULE 1 Summary statement on variable mortgage interest rates

Regulation 172(4)(d)

Variable Rate Policy Statement

[Note to regulated entities: Warning statements must be in compliance with Regulation 45 i.e. in a box, in bold type and of a font size that is at least equal to the predominant font size used throughout the summary statement.]

[Include the following warning statement:

“Warning: We may change the interest rate on this loan. This means the cost of your monthly repayments may increase or decrease.”]

What do we consider when setting our variable interest rates?

[Include the following information:

• (a) the factors and criteria that the regulated entity uses in making a decision on the setting or changing of the variable interest rate. For example, where factors and criteria such as credit risk, cost of funds, operational costs, regulatory requirements, competitive position and environment, profitability and business strategy are relevant, include these factors and criteria in a manner that seeks to explain these factors and criteria in an informative and non–technical manner;

• (b) a statement outlining that variations/changes in the factors and criteria stated under this heading could result in changes to the variable interest rate.]

How do we make decisions when setting variable interest rates?

[Include information on the governance processes and procedures applied by the regulated entity in setting the variable interest rate. Explain these processes and procedures at a high level using non–technical terms with a focus on the level within the regulated entity at which decisions are made and their frequency on both a normal and extraordinary basis.]

Why do we have different variable interest rates?

[Set out the circumstances when the regulated entity applies different variable interest rates to different cohorts of personal consumers and the reasons why different rates apply to those consumer cohorts.]

Could you get a different type of interest rate or a lower interest rate?

[Encourage the personal consumer to consider their mortgage options on a regular basis, note where information on alternative options with the regulated entity is available (e.g. a website address or hyperlink to the relevant section of the regulated entity’s website), and encourage the personal consumer to contact the regulated entity if they consider that there may be a better offer available for them, explaining how the personal consumer can do so.]

Instructions to regulated entities when completing their Variable Rate Policy Statement

Draft the statement in a clear, consumer friendly manner and in plain English.

Before providing the Variable Rate Policy Statement to personal consumers or publishing it on its website, the regulated entity shall first conduct consumer testing on the content to ensure that the content is clear and easily understood.

SCHEDULE 2 Information notice (number 1) (high cost credit provider)

Regulation 207

Information notice

✓ If you require this credit to pay for accommodation, food, electricity, heating, medication or other similar costs, availing of credit from a high cost credit provider may not be in your best interests. You can find more information on the Money Advice and Budgeting Service website at www.mabs.ie, including in relation to the debt counselling services of the Money Advice and Budgeting Service. [Insert the contact details for the Money Advice and Budgeting Service and information on any relevant charities which have notified the high cost credit provider that they may be able to assist consumers through the provision of emergency funds or items to meet their immediate basic needs.]

✓ If you would like to take time to consider your options prior to completing a credit application further, please do so. However, you can proceed with your credit application if you wish. If you choose not to proceed with your credit application today, you can contact us again should you wish to discuss future credit.

SCHEDULE 3 Information notice (number 2) (high cost credit provider)

Regulations 210 and 211

Information notice about credit from a licensed high cost credit provider

Warning: This is high–cost credit.

[Name of high cost credit provider] is the provider of high–cost credit.

Consider alternative options before applying for this credit, including alternatives from other lenders regulated by the Central Bank of Ireland.

For example:

✓ Shop around in order to know whether you can obtain credit on terms better suited to you.

✓ If you are struggling to manage your finances, talk to your creditors to agree a payment plan and ask the Money Advice and Budgeting Service for help. You can find more information on the MABS website at www.mabs.ie.

✓ If you are in receipt of social welfare payments, you may qualify for additional financial support which may address your immediate financial needs. Contact your local citizens information office for more information.

[Our high cost credit agreements have an APR of [insert interest rate as APR] with a cost of credit of [insert cost of credit in euro] per €100 borrowed.

or

Our high cost credit agreements range from having an APR of [insert lowest interest rate product provided as APR] with a cost of credit of [insert lowest cost of credit in euro] per €100 borrowed, to an APR of [insert highest interest rate product provided as APR] with a cost of credit of [insert highest cost of credit in euro] per €100 borrowed.

or in relation to running accounts

Our high cost credit agreements have a maximum APR of [insert interest rate as APR].]

Licensed high cost credit providers must assess your creditworthiness in accordance with regulatory requirements. Before providing credit, we will seek such information from you.

[Payments collected in person include a home collection charge. There are alternative collection methods that do not incur a charge, these are: [include details] [delete if not applicable]].

SCHEDULE 4 Standard financial statement

(mortgage borrowers)

Regulation 219 – definition of “standard financial statement”

[Note to regulated entities: Provided that the standard financial statement (SFS) meets the prescribed format, a regulated entity may improve the design and presentation of the SFS for the purpose of making the SFS more user–friendly for mortgage borrowers.]

Information to help you with completing the Standard Financial Statement (SFS)

Please read carefully

To complete the SFS, please use the Guide to completing a Standard Financial Statement published by the Central Bank and available on its website [insert “here” with relevant hyperlink].

We at [insert name of regulated entity] are committed to working with customers who are in or facing financial difficulties to find a solution where that is possible. Before you complete this Standard Financial Statement (SFS), please read the following information which will assist you with understanding the document.

What is this Standard Financial Statement?

This SFS helps you set out your financial situation. After you complete it, we will assess your information as part of the Mortgage Arrears Resolution Process (MARP). We will then explore what type of alternative repayment arrangement (ARA), from the options we offer, is appropriate and sustainable for your individual circumstances. While it may look like a lot of information to provide, we only ask for the information we really need to help us to assess your financial situation and find, when possible, a suitable solution for you.

Where can I find more information on the MARP?

• • Our MARP booklet can be found [insert “here” with relevant hyperlink]. The MARP booklet also provides useful information where no alternative solution is offered to you.

• • The Central Bank’s [guide to the requirements of Chapter 9 of Part 3] outlines your protections when experiencing difficulties with your mortgage and can be found [insert “here” with relevant hyperlink].

What supports are available to help me complete the SFS?

Check our website for the range of the supports we provide [insert “here” with relevant hyperlink].

The Central Bank’s Guide to completing a Standard Financial Statement can be found [insert “here” with relevant hyperlink].

The Money Advice and Budgeting Service (MABS): MABS is a free, confidential and independent service which will help you to complete the SFS. They will talk you through the document and give advice about the supporting documents you may need to provide.

Call the MABS [insert “Helpline” or succeeding name of MABS Helpline] on [insert appropriate telephone number] and/or visit the website of MABS [insert “here” with relevant hyperlink].

Abhaile is a service to help homeowners find a resolution to home mortgage arrears. Depending on your situation, Abhaile provides vouchers for you to get financial advice, legal advice or insolvency advice and help from experts. The vouchers are available through MABS.

Mortgage to Rent (MTR) is a government scheme to help homeowners who are at risk of losing their homes due to mortgage arrears. The MTR scheme is a social housing option only available if you are eligible for social housing support and your mortgage is unsustainable.

For more information visit [insert “here” with hyperlink to relevant government website].

Other debt advisory services like a financial adviser

If you decide that you want a MABS adviser or a lawyer, accountant or financial adviser to act for you, we ask that you agree in writing for us to contact them. We will then work with them directly and no longer contact you except in relation to matters other than your arrears situation.

Other resources:

You can also check the website of the Competition and Consumer Protection Commission (CCPC) for useful information about loans and mortgages [insert “here” with hyperlink to CCPC website].

Who do I contact if I have a question?

If you have any questions, please contact us at [insert relevant contact details]. We have specially trained staff to deal with customers experiencing financial difficulties, and can help you with completing your SFS.

What’s in the SFS?

Please fill out all sections of the SFS fully and accurately and provide any documents that we may need to assess your financial circumstances. Any missing documents will slow down the assessment of your SFS. The Table below outlines the content of each section of the SFS along with key points for you to note.

For information, all the terms in blue are explained in Appendix 1 available at the end of this document. Please refer to this Appendix as you complete the SFS.

Appendix 2 provides a checklist of all documents which may be required to complete your SFS. Please note we may request additional documents from you if necessary to the assessment of your SFS.

[Note to regulated entities: In the following pages of the document, use blue font for text in square brackets marked with an asterisk. “Borrower” has the same meaning as the defined term “mortgage borrower”.]

Information to be provided