A Central Bank review has found that most financial institutions are fully implementing its revised consumer protection code.
The review and inspection found that firms have committed the necessary resources and training to ensure that they will have all revised code provisions in place by the end of June.
However, the Central Bank said there were still some areas for improvement.
These include the provision of clear and accurate information in plain English, identification of the needs of vulnerable consumers and provision of reasonable arrangements for these customers.
The revised code was introduced in January, and contains both enhanced and new consumer protection requirements for banks, insurance companies and their intermediaries.
''The revised code plays a significant role in providing greater consumer protection, which is a key priority for the Central Bank,'' commented the bank's director of consumer protection, Bernard Sheridan.
He said that while the Central Bank realised that the new code may have required some firms to engage in enhanced system development and training, it is ''imperative'' that the code is implemented in full.
''We have written to banks and insurance companies to outline our findings and to highlight areas that we believe require more work and focus,'' he added.
