Dáil Éireann Debate, Thursday - 22 September 2011
93 Deputy Michael McGrath asked the Minister for Finance if there are any plans to limit the number of unsolicited contacts made by financial institutions with debtors in respect of non-mortgage debt; and if he will make a statement on the matter. [25542/11]
Amharc ar fhreagraLast year, the Central Bank published a consultation paper on the ‘Review of the Consumer Protection Code' (the Code). The paper outlined new and amended requirements for regulated financial institutions when dealing with consumers, the purpose being to strengthen the existing consumer protection framework. A second consultation paper was issued in June 2011. In addition to the receipt of in excess of 90 submissions, the Central Bank consulted with the Consumer Advisory Group which was established under the Central Bank Reform Act 2010. It is expected that the revised Code will be signed off by the Central Bank Commission at the end of this month. The draft revised Code requires that contact with consumers in arrears is proportionate and not excessive and places limits on how often a regulated institution may contact consumers in arrears, with no more that three unsolicited communications permitted in any calendar month.
