New rules to strengthen consumer protection when buying financial products or services online

The Government have announced new rules to strengthen protections for consumers buying financial products or services online or over the phone.

The new rules, which were signed into law today (3 July), means that people can nor request human intervention rather than relying solely on automated online systems when buying a financial product.

It also means that people can expect clearer information before signing up for financial products or services bought online.

Customers will also be better protected from marketing practices that are designed to influence or pressure purchasing decisions, and this means that consumers can easily withdraw from eligible online financial contracts through a clear and accessible cancellation function.

Tánaiste Simon Harris said: “I’m very pleased today to sign into law new rules that will strengthen protections for Irish consumers.

“More and more people are choosing to buy financial products and services online, and consumers should have the same confidence and protections in the digital marketplace as they do in person. These new rules put consumers first and make sure their rights keep pace with how people now access financial services.

“Whether it’s the right to speak to a real person instead of relying solely on an automated system, clearer information before making a decision, or an easier way to cancel an eligible contract, these are practical changes that will make a real difference for consumers.

“Digitalisation has significantly changed the financial services market in Ireland. While the existing financial consumer protection framework is robust, the rules I have signed into law today will ensure that the framework continues to keep pace with the increasingly digitalised financial services landscape and maintains the high level of protections for consumers.”