Holly Cairns (Cork South West, Social Democrats)
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30. To ask the Minister for Finance the steps that he is taking to reform mortgage protection practices to prevent financial institutions putting excessive and unreasonable stipulations on home buyers. [26927/22]

Paschal Donohoe (Dublin Central, Fine Gael)
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Mortgage lenders are required to comply with the relevant legal and regulatory requirements governing the provision and operation of mortgage credit agreements entered into by consumers. This includes the relevant provisions of the Consumer Credit Act 1995, the European Union (Consumer Mortgage Credit Agreements) Regulations 2016, the Central Bank of Ireland Consumer Protection Code 2012 and the Code of Conduct Code of Conduct on Mortgage Arrears 2013.

In addition, other more general consumer protection legislation, such as the European Communities (Unfair Terms in Consumer Contracts) Regulations 1995, will also apply where relevant to mortgage contracts entered into by consumers.

Through its consumer protection role, the Central Bank sets out requirements in its codes of conduct which detail how regulated firms should deal with and treat their customers. The Central Bank expects all regulated firms to take a consumer-focused approach and to act in their customers’ best interests at all times. If a mortgage applicant or mortgage borrower is not satisfied with how a regulated firm is dealing with them, or they believe that the regulated firm is not following the requirements of the Central Bank’s codes and regulations or other financial services law, they should make a complaint directly to the regulated firm.

If a mortgage applicant or mortgage borrower is not satisfied with the response from the regulated entity to that complaint, a person may then submit the matter to the statutory and independent Financial Services and Pensions Ombudsman.