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OECD commends Central Bank supervision role

The OECD has today published the outcome of its review of the Central Bank of Ireland’s consumer-protection supervisory functions.

The Central Bank commissioned the OECD to review its supervisory functions against the global standards for financial consumer protection – the G20/OECD High-Level Principles on Financial Consumer Protection.

The review involved an in-depth assessment of the Central Bank’s approach by the OECD.

The OECD assessment found that the Central Bank was strongly committed to fostering and upholding the G20 principles, aligned with international standards, and that its practices were consistent with peer regulators.

Gabriel Makhlouf said: “Consumer protection is at the heart of everything we do in the Central Bank, aligned to our constant and predominant aim of the welfare of the people as a whole.

“Over the last decade, the Central Bank, alongside other key public institutions, has played a significant role in strengthening the consumer-protection framework in Ireland, with the aim of ensuring that our system and protections are in line with global standards.”

Evolve

He added that, while there had been improved supports and outcomes for consumers, the framework must continue to adapt and evolve.

“The implementation of these recommendations will sit alongside our new regulatory and supervisory framework and our forthcoming new Consumer Protection Code and ensure regulated firms are operating under a modernised set of rules and approaches as we face into a changing global economy,” he said.

Carmine Di Noia of the OECD said: “Financial consumer protection is key to ensure consumers are treated fairly, receive transparent information, and are safeguarded against misconduct when purchasing financial products and services.

“Today’s digital landscape means that consumers need to navigate an ever more complex environment, making the role of governments and market conduct supervisors, such as the Central Bank of Ireland, more important than ever.

“The G20/OECD High-Level Principles on Financial Consumer Protection are the international standard for effective and comprehensive financial consumer protection frameworks. They offer a roadmap for countries to improve existing policies and regulations, and develop new ones.

“Effective consumer protection benefits the whole economy. It builds trust in the financial system, supports financial inclusion and helps prevent risks such as over-indebtedness, ultimately supporting economic resilience and financial well-being.”