The Central Bank of Ireland is responsible for the regulation of all financial services firms in Ireland. The Central Bank Reform Act 2010, which commenced on 1 October 2010, created a new single body called the Central Bank of Ireland which is responsible for both central banking and financial regulation. It replaced the previous related bodies – the Central Bank and the Financial Services Authority of Ireland (generally known as the Central Bank) and the Irish Financial Services Regulatory Authority (Financial Regulator).
The Central Bank regulates the activities of:
The main purpose of regulation is:
The Central Bank monitors and enforces the consumer protection, conduct of business and prudential requirements of financial institutions. It also sets minimum competency requirements for firms.
The Central Bank has a number of statutory codes of conduct which oblige financial institutions to act in a fair and transparent manner, and in the best interests of their customers. These protection codes are policed and enforced by means of on-site inspections, backed-up by enforcement powers. Copies of the various codes are available on the Central Bank’s financial regulation website.
It is important that you first make your complaint to your financial service provider. It is best to put your complaint to your provider in writing and keep a copy of your letter. You must give your provider an opportunity to look into your problem and allow them to try to reach a resolution. If you are still not satisfied that your complaint is being dealt with fairly by your provider, you may take your complaint to the Financial Services Ombudsman.
You can read more about making a complaint in our document: Making a complaint about a financial service provider.
The Competition and Consumer Protection Commission (CCPC) provides information to consumers on their rights and on the costs, risks and benefits of different financial products. This information also helps you to access the financial services that are most suitable to you. The CCPC maintains financial information on its website for consumers.
PO Box 559
Tel:(01) 224 6000
Locall:1890 777 777
Fax:(01) 671 6561
If you have a question relating to this topic you can contact the Citizens Information Phone Service on 0761 07 4000 (Monday to Friday, 9am to 8pm) or you can visit your local Citizens Information Centre.