James Browne (Wexford, Fianna Fail)
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201. To ask the Minister for Finance his views on the protection of vulnerable consumers in the financial sector; the position regarding the production of good practice guidelines for the financial sector; and if he will make a statement on the matter. [34413/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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I have been advised by the Central Bank that the bank’s Consumer Protection Code 2012 (the Code) provides that a regulated entity must ensure that, in all its dealings with customers and within the context of its authorisation, it 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 the Code.

Provision 3.1 of the Code provides that where a regulated entity has identified that a personal consumer is a vulnerable consumer, the regulated entity must ensure that the vulnerable consumer is provided with such reasonable arrangements and/or assistance to facilitate him or her in their dealings with the regulated entity. Identification of a consumer’s vulnerability or otherwise will require the exercise of judgment and common sense and should be based on a consumer’s ability to make a particular decision at a point in time. 

In the context of this specific requirement, I would expect that regulated firms would have the necessary training in place in order to comply with Provision 3.1. of the Code. 

The Banking and Payments Federation Ireland (BPFI) has a Vulnerable Customer Forum which was established at the behest of members. I understand that it is focused on helping banks in Ireland to positively embrace this issue and that a number of specific actions are currently underway.