Robert Troy
Question:322. Deputy Robert Troy asked the Minister for Finance this views on banking policies for dealing with vulnerable customers as in the case of a person (details supplied). [39627/22]
View answerTuesday, 26 July 2022
Questions (322)
Written answers
While the withdrawal of Ulster Bank from the Irish market is disappointing, I do not have a role in the operations of any bank operating within the State. Decisions in this regard are commercial matters and are the sole responsibility of the board and management of the banks, which must be run on an independent and commercial basis.
My priority now is that the withdrawal takes place in an orderly manner. The importance of this is emphasised in all engagements with Ulster Bank, who are meeting with officials from my Department on a monthly basis.
The Central Bank, as regulator, has also made clear its view that the large scale migration of customer bank accounts must happen in line with customer needs and expectations. This requires a strong customer-focused approach, where individual customer experience and service levels are of a standard that customers rightfully expect and are entitled to.
With regard to vulnerable customers, the Central Bank's Consumer Protection Code 2012 (the Code) applies to regulated financial service providers providing regulated activities within the State. Under the provisions of the Code, the Central Bank expects that all regulated firms take a consumer-focused approach and to act in their customers’ best interests, particularly in dealings with vulnerable consumers. The Code contains a number of provisions aimed at ensuring that vulnerable people can gain access to mainstream financial services and to ensure that the vulnerable consumer is provided with such reasonable arrangements to facilitate them in their dealings with the regulated entity.
The Central Bank has also written specifically to banks on the issue of vulnerable customers setting out its consumer protection expectations in the changing retail banking landscape. This industry letter sets out that all customers are potentially vulnerable to the risk of making uninformed decisions, or decisions that are not in their best interests, particularly during times of uncertainty and change. The Central Bank sets out the following expectation of regulated entities in respect of vulnerable customers:
- Consider specifically the impact of their decisions on vulnerable customers and provide the assistance necessary to reasonably mitigate those impacts and retain access to basic financial services.
- Have specific and effective processes and communication plans to support vulnerable customers during this time of increased uncertainty.
While Ulster Bank has a freephone customer helpline (1800 656 001) open from 8am to 8pm, 7 days a week, Ulster Bank has advised that it also has dedicated staff in all its branches who are available to deal with all customers and in particular vulnerable customers who may need additional support.
The Deputy may also wish to note that the Banking and Payments Federation of Ireland has launched a public information campaign which provides details on the supports available for vulnerable customers: www.bpfi.ie/movingaccount/a-guide-to-moving-your-personal-account/customers-in-vulnerable-circumstances