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.
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Source: IrishTimes - 🏆 3. / 98 Read more »