The Central Bank has published new guidelines to strengthen the protection for consumers in their dealings with financial institutions.
The revised Consumer Protection Code comes into effect from January next year.
The code is set to improve the consumer's situation when dealing with financial institutions, such as better protection for vulnerable consumers and stricter rules to prevent borrowers in arrears from being harassed.
It sets out how institutions deal with customers struggling to repay loans, credit card bills and buy-to-let mortgages.
Unsolicited home visits are banned under the new code and it also limits the number of unsolicited communications with a consumer in arrears to three per month.
It also means that financial institutions have to be more careful when selling a product or a service to a customer, making sure it suits their circumstances. They have to give more details on their investment products to brokers.
In an effort to promote more responsible mortgage lending, the revised code bans banks from accepting self-certified declarations of income from consumers.
It also sets out how products should be advertised and says risks should be outlined and important information prominent.
