Central Bank rules will make cost of mortgage incentives clear to consumers

  • 📰 IrishTimes
  • ⏱ Reading Time:
  • 41 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 98%

Compliance Institute News

Property Property Latest News,Property Property Headlines

Compliance professionals say toughening up of 12 year old consumer protection code is very timely and much needed

New rules to better protect consumers from financial abuse, fraud and unregulated activities are “much needed and long overdue”, the Compliance Institute says. But it could be another two years before they come into force, it warns.

Among the Central Bank proposals are new rules to help consumers better understand the impact of mortgage incentives, such as cashbacks and switching bonuses, on the overall cost of their mortgage.Fully let investment on Dublin’s South William Street seeking €3.6m“We would support any measures which will make it easier for consumers to select the best mortgage deals as ultimately, for most people, a mortgage is one of the biggest financial commitments they will ever have,” Mr Kavanagh said.

“It can be very difficult for some consumers to tell the difference between an unregulated firm or product and a regulated one and the repercussions of dealing with an unregulated firm or product can be very serious for a consumer and indeed, could be to their financial detriment,” Mr Kavanagh said.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in PROPERTY

Property Property Latest News, Property Property Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Central Bank’s decision to ease mortgage rules has fanned house prices, ESRI report concludesIn highly critical review, ESRI describes regulator’s move to ease its borrowing rules for first-time buyers as ‘premature’
Source: IrishTimes - 🏆 3. / 98 Read more »