Consumer Protection Code - Ireland
The Financial Regulator in Ireland has unveiled its new Consumer Protection Code and new competency standards for financial services companies, which are designed to guarantee consumers a minimum standard of protection regardless of the type of financial service they engage with. For companies the new regulations set out the terms by which they are expected to conduct their dealings with customers and include guidelines for improving complaint handling.
Principle-Based Approach
The principle-based approach adopted by the Financial Regulator enables businesses to comply with regulations while still pursuing their commercial strategy. Many will welcome this flexible approach as it gives businesses the freedom to focus on strategic objectives while taking into account the needs of the consumer. CDC Respond’s complaint management software, built around the specific requirements of the financial marketplace, can provide companies with the tools to make decisions within a corporate framework – providing good front and backend controls to ensure the business objectives and compliance requirements are met, while also fulfilling the commercial requirements of the business. In a regulated environment, the imperative is in ensuring that the technology employed to automate the process is robust enough to absorb the commercial needs of the enterprise as well as changes in industry regulations.
Complaint Handling
Over the coming months as the Consumer Protection Code is put in to place, companies will have to make significant changes to systems and processes to ensure compliance. Some will fare better than others but those that have opted to take a best practice approach to customer service and complaint handling will find it easier to comply with the new regulations than those who don’t. Customer-centric organizations that place the customer at the heart of the business are proving to be the most successful and the most profitable. The Financial Regulator is driving organizations to embed these principles through the organization to provide a more coordinated and strategically driven approach that goes beyond the Consumer Protection Code minimum complaint handling requirements.
If you are struggling with how to move forward in light of the new regulations then give us a call on +353 1 664 1794, or click here. Or for more information visit the complaint handling section.