www.businessnews.ie
Supplement created for Mediaplanet
Managing Your Finances Putting consumers at the heart of Irish finance The Consumer Protection Code (CPC) will not only ensure fair customer outcomes in Ireland’s motor finance and wider financial services market. Crucially, it’ll make finances clearer, safer and more sustainable for Irish consumers.
A
t Close Brothers Motor Finance, customer outcomes drive us. Good financial services thrive on positive customer experiences, so the longawaited Consumer Protection Code (CPC) earlier this spring was welcome news.
Eoin Farrington Chief Operating Oficer, Close Brothers Motor Finance
Sponsored by Close Brothers Motor Finance
working hard in recent months to ensure systems and processes comply with the new regulations. A key plank has been the revision of customer communications to bring more clarity, accessibility and transparency to how firms interact with customers. Likewise, customer journeys are being Decoding the CPC strengthened to ensure protection and positive The CPC is the Government’s flagship financial services outcomes at every step. consumer protection regulation. It Good customer outcomes aren’t was originally introduced in 2007 but just about how firms talk to their has been updated several times. The customers, but also the way they latest version reinforces financial listen. So, complaint and error Good customer services consumer protection in handling processes are also being outcomes aren’t just Ireland and improves customer enhanced to ensure firms can be outcomes. more responsive to customer needs. about how firms talk to A key objective is to bring greater Our team at Close Brothers Motor their customers, but also Finance has long placed customer transparency. We all, no doubt, experienced opening a letter from a outcomes at the heart of what we do. the way they listen. finance business only to find it full of This is why, for us, our 4.8 Trustpilot jargon and difficult to understand. is more than just a number; it’s The CPC aims to stop that, calling a daily reminder of what good upon financial services providers to customer service looks like. And focus on clarity in communications. This is especially the it’s why we recently moved from having an external case for consumers in vulnerable circumstances, who will company provide our customer service support to receive enhanced support. bringing customer service in-house and recruiting our own internal customer service team based in our What to expect from your financial services provider Dublin office, putting service at the core of our team Financial services businesses across Ireland — including and close to our customers. our team at Close Brothers Motor Finance — have been
Close Brothers Motor Finance explains the new Consumer Protection Code (CPC):
Convincing investment scams surge online Increasingly sophisticated investment scams that look highly convincing and legitimate are costing Irish consumers tens of thousands of euros.
L
osses can start anywhere from €250 on crypto scams, with bigger scams involving shares, bonds or similar products often leading to losses of €30,000-€40,000, and sometimes far more. Victims are not necessarily wealthy but ordinary people trying to make sensible decisions about their financial future.
Mary D’Arcy Financial Crime Lead, Banking & Payments Federation Ireland (BPFI)
01
Scammers build trust before funds disappear Fraudsters use pop-up adverts, social media posts and comparison-style websites to promote fake opportunities, sometimes featuring apparent endorsements from well-known public figures. These images or videos are often generated using artificial intelligence, making it harder than ever to tell what is real and what is not. Many scams follow a similar pattern. After someone clicks an advert or link, they are asked for contact details and then receive a call from a person posing as a financial adviser. Scammers often use the name and branding of a well-known bank or investment firm, and back it up with links to high-quality brochures
MEDIAPLANET
and professional-looking websites. Once a payment is authorised, funds are quickly moved through multiple accounts, often overseas, making recovery extremely difficult. By the time doubts arise, the money is usually gone. Pausing can make all the difference Banks use a range of measures to protect customers, but because these scams target people directly, knowing the warning signs is essential. The most important step is to pause. Before investing, confirm a firm is authorised by checking the Central Bank Registers and contact the firm using details you source independently (not those provided in an advert). Discussing the opportunity with a trusted adviser, friend or family member can also provide perspective. If something feels too good to be true, it usually is. If you have shared personal information or bank details, or transferred money and suspect a scam, report it to your bank and the Gardaí immediately.
For more information on investment scams, warning signs and how to protect yourself, visit FraudSMART.ie.
READ MORE AT BUSINESSNEWS.IE