CUMA wishes to highlight the need for attention as the Central Bank of Ireland updates its regulatory approach to ensure strong consumer protection. Regulators should have the power to quickly remove...
3.23 Article 41(9) of CCD2
Closed19 Sep, 2024, 12:00 - 18 Oct, 2024, 17:00
Member States are required to designate competent authorities empowered to ensure the enforcement of CCD2 and to ensure that those competent authorities are granted investigation and enforcement powers and have adequate resources for the performance of their duties. In Ireland, the competent authority is the Central Bank of Ireland. Member States may also grant product intervention powers to national competent authorities where credit products are detrimental to consumers and need to be withdrawn.
Question 23 - Should the Central Bank of Ireland have product intervention powers to direct that products which are contrary to consumer interests are withdrawn?
[NB - Under Section 8 of the Consumer Credit Act 1995 (as amended) the functions of the Central Bank in relation to consumer credit include requesting providers to desist from engaging in practices that are contrary to obligations imposed on them by a designated provision and to bring civil proceedings in the High Court in the event of noncompliance.]
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No. We believe that the existing powers of the Central Bank are sufficient where product intervention is required.
Yes. We would view the provisions of the CUA as giving the Central Bank product intervention powers specifically Section 87 of the CUA in certain circumstances. The pace of new innovation and the...
This certainly merits consideration as the CBI is currently transforming their approach to regulation and supervision to ensure consumers of financial services are protected in all respects in this...
If the power to have product intervention powers are given to the Central Bank of Ireland, we would ask that if a product is been withdrawn, a risk assessment should be carried out prior to any...