Róisín Shortall (Dublin North West, Social Democrats)
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313. To ask the Minister for Finance if he has held discussions with the banking sector regarding the need to ensure a better service for older and vulnerable customers, for example, a dedicated direct phone line for older customers so that they can have a quick, easy and helpful reply to queries they may have or a dedicated desk in branches for older and vulnerable customers; and if he will make a statement on the matter. [63610/21]

Paschal Donohoe (Dublin Central, Fine Gael)
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Many retail banks do have dedicated phone lines and priority services which were established to assist older and more vulnerable customers during the COVID-19 crisis. 

While the creation of dedicated phone lines/desks in branches remains a commercial decision for each regulated entity, both the Central Bank and I expect all regulated firms to take a consumer-focused approach and to act in their customers’ best interests, particularly in dealings with vulnerable consumers.

The Central Bank’s Consumer Protection Code 2012 (“the Code”) states 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 that may be necessary to facilitate him or her in his or her dealings with the regulated entity.”

Under the Code a “vulnerable consumer” means a natural person who:

a) has the capacity to make his or her own decisions but who, because of individual circumstances, may require assistance to do so (for example, hearing impaired or visually impaired persons); and/or

b) has limited capacity to make his or her own decisions and who requires assistance to do so (for example, persons with intellectual disabilities or mental health difficulties).

Further, in light of the changing landscape for banking in Ireland I have instructed my Department to undertake a broad-ranging review of the retail banking sector. The Retail Banking Review has commenced its work and is currently in its research phase. As part of the Review, a survey of consumers will be undertaken in the coming months to ascertain their experience and perceptions of the retail banking sector in Ireland.

There will also be a public consultation process this year where members of the public can make a submission to the Department of Finance on issues that fall within the Terms of Reference.