Pearse Doherty (Donegal, Sinn Fein)
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98. To ask the Minister for Finance if the Central Bank has investigated issues regarding failure to comply with provision 3.11 of the consumer protection code relating to the transfer of mortgages; if so, the nature of the complaints, investigation or results; and if he will make a statement on the matter. [12564/18]

Paschal Donohoe (Dublin Central, Fine Gael)
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The Central Bank monitors compliance by regulated entities with its regulated requirements, including the Consumer Protection Code (the Code), through its on-going supervisory engagement with firms including but not limited to reviews and research; themed inspections; mystery shopping; and advertising monitoring.

Provision 3.11 of the Code requires that where a regulated entity intends to transfer all or part of its regulated activities to another regulated entity, it must:

- notify the Central Bank immediately;

- provide at least two months’ notice to affected consumers to enable them to make alternative arrangements;

- ensure all outstanding business is properly completed prior to the transfer;

- inform the consumer of how continuity of service will be provided following the transfer; and

- inform the consumer that their details are being transferred to the other regulated entity, if that is the case.

The provisions of the Code are binding on regulated entities and, must at all times, be complied with when providing financial services. The Central Bank of Ireland has the power to administer sanctions for a contravention of this Code, under Part IIIC of the Central Bank Act 1942.