The Central Bank released their Consumer Protection Outlook Report this week which sets out the consumer protection priorities it will be focussing on over the next year as well as highlighting a number of key risks facing consumers of financial services for all regulated firms to fully consider.
According to the Central Bank, the risks include the absence of an embedded consumer-focussed culture within firms, design and sale of products which are complex and difficult to understand and poor standards of service.
Director of Consumer Protection, Bernard Sheridan says, "Boards and senior management need to consider the risks that their business models, practices and behaviours pose to their customers, and ensure that the right culture is embedded within their firms all the way from the board room to front line staff.
"This Outlook Report calls out the responsibility on firms to demonstrate to us that they have consumers’ best interests at the centre of all that they do."
Source: www.businessworld.ie