Consumers are being given stronger protection and transparency when dealing with banks, insurance companies, and other financial services, as the modernised Consumer Protection Code comes into force.
According to the Central Bank, the revision was necessary to "better protect consumers in today's world, in anticipation of how financial services will evolve into the future."
Among the changes announced by the Central Bank, mortgage switching should become easier with lenders obliged to show you how much money you could save by switching to a cheaper option and send you reminders.
"In your annual mortgage statement, if you're on a variable rate loan, or in the notification at the end of your fixed rate loan, the lender must set out the options that they have available that could save you money," the Central Bank's Deputy Governor Colm Kincaid told RTÉ's Morning Ireland.
The bank must also provide a customer "with an estimate of how much you could save each month and how much you could save each year by moving" to another product within the same lender.
A reminder must be issued in four to eight weeks after that.
The updated regulation also brings changes to insurance renewals.
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Firms can no longer automatically renew policy unless for gadget, dental, pet, and travel insurances, unless a customer agrees to it explicitly. Companies must also give a reminder 20 days prior to the end of period covered.
When buying on credit online, firms must offer more clarity and give enough time to think about this type of offer, described as "by now, pay later".
"You're going online to buy shoes for the children or sports equipment, and then you're presented with a finance option to spread the payments for that over a period of time using a "buy now, pay later" contract, which is a type of regulated credit," Mr Kincaid said.
"What we were concerned to see is that the consumer didn't go onto that website to enter into a financial transaction," he states.
Agreeing to such credit could have financial implications for consumers, Central Bank's Deputy Governor noted.
Consumers must receive clear communications that "it is indeed a loan," he added.
