12267872
Description
Mind Map by MARTHA MADRIZ, updated more than 1 year ago
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Created by MARTHA MADRIZ
about 6 years ago
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Consumer Protection Code
- The Consumer Protection Code 2006 (the Code)
was introduced in August 2006 and it came fully
into effect on 1 July 2007.
- set out the requirements that regulated firms must comply
with when dealing with consumers in order to ensure a
similar level of protection for consumers, regardless of the
type of financial services provider
- THE CODE DOES NOT APPLY TO
- Services provided by
regulated entities to
persons outside the State
- MiFID services
- Moneylending under the
Consumer Credit Act 1995
- Reinsurance business
- Bureau de change business
- Credit union activities,
other than when
acting as insurance
intermediaries
- The provision of credit
involving a total amount
of credit of less than €200
- Hire purchase and consumer
hire agreements
- Services provided by
regulated entities to
persons outside the State
- THE CODE DOES NOT APPLY TO
- The Consumer Protection Code 2006 was revised and
the Consumer Protection Code 2012 came into effect on
1 January 2012.
- acts honestly, fairly and
professionally in the best
interests of its customers and
the integrity of the market
- in the best
interests of its
customers and
the integrity of
the market
- A regulated Entity
- acts with due skill, care and
diligence
- has and employs effectively the resources,
policies and procedures, systems and control
checks, including compliance checks, and
staff training that are necessary for
compliance with this Code
- makes full disclosure of all relevant material
information, including all charges, in a way
that seeks to inform the customer
- must
- acts with due skill, care and
diligence
- does not recklessly,
negligently or deliberately
mislead a customer
- seeks from its customers
information relevant to the
product or service requested
- in the best
interests of its
customers and
the integrity of
the market
- APPLIES TO
- Credit Institutions
- Insurance Undertakings
- Investments Business Firms
- authorised
under the
Investment
Intermediaries
Act 1995
- authorised
under the
Investment
Intermediaries
Act 1995
- Investment Intermediaries
- authorised
under the
Investment
Intermediaries
Act
1995
- authorised
under the
Investment
Intermediaries
Act
1995
- Insurance Intermediaries
- Mortgage Intermediaries
- Payment Institutions
- Electronic Money Institutions
- Credit Unions, when acting
as insurance intermediaries
- Regulated entities Providing
retail credit
- Home reversion firms
- Debt Management Firm
- Credit Institutions
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