Address by Derville Rowland, Director General, Financial Conduct, Central Bank of Ireland to The European Consumer Protection Conference in Prague, 22nd March 2018

Good Morning Ladies and Gentlemen, I am delighted to be with you in Prague today to talk to you about the evolution of the Irish Consumer Protection Framework.

I will describe the institutional framework for delivering consumer protection in Ireland; the role that the Central Bank of Ireland plays in protecting consumers through our regulatory and supervisory activities, particularly in the area of insurance; and our increasing focus on requiring financial institutions to promote cultures and behaviour that put customers at heart of their business models.

Safeguarding Stability, Protecting Consumers

Excessive risk-taking by financial firms and governance failures were central causes of the global financial crisis which had a very significant impact on Ireland – a small open economy.

Informed by lessons learned from the crisis, the institutional framework of the Central Bank of Ireland was strengthened so that the statutory mandates of financial stability, prudential regulation and consumer protection are the core focus.

This integrated structure recognises that consumers are best protected in a financial system that is stable - consisting of firms that are financially sound where consumers’ interests are protected.

The context in which the Central Bank of Ireland operates is that we are a systemic regulator which aims to safeguard stability and protect consumers, while other agencies are charged with information, education, competition matters and adjudicating consumer complaints.

Our vision is for a financial services system underpinned by a strong culture of compliance, with firms and the people working in those firms acting in the best interests of their customers.