Consumer Advisory Group

The role of the Consumer Advisory Group ('CAG') is to advise the Central Bank on the performance of its functions and the exercise of its powers in relation to consumers of financial services including:

  1. The effects of the Central Bank's Strategic Plans on consumers of financial services;
  2. Initiatives aimed at further enhancing the protection of consumers of financial services; and
  3. If the Central Bank so requests, documents, consultation papers or other materials prepared by the Central Bank.

Theodor Kockelkoren

Theodor is the Chair of the Consumer Advisory Group. He is a partner in McKinsey & Company's Amsterdam office. He is serving financial institutions across Europe as well as clients in sectors where public interests overlap significantly with private interests, such as Health care and Energy. He is a leader in McKinsey's European Risk and Regulation practice and a member of the Strategy Practice. Previously, Theodor served as a board member and executive director of the Authority for the Financial Markets, the Dutch conduct of business regulator for the financial sector. He has also served as Chairman of the G20/OECD taskforce on Financial Consumer Protection.

Annmarie O'Connor

Annmarie O'Connor is Business Manager for MABS National Development CLG. Previously Annmarie was as a management consultant and worked in the area of social and economic strategy development and evaluation with a particular emphasis on social inclusion.

Liam Delaney

Liam Delaney is a Professor of Economics at University College Dublin. He is also a Visiting Professor of Economics at Stirling University. He has worked at the intersection of economics and psychology throughout his career and has published widely in economics and psychology journals. These are not limited to but include, the Journal of European Economics Association and Psychological Science. Professor Delaney has a keen interest in the measurement foundations of behavioural welfare economics and has built several interdisciplinary projects examining how to measure real-world economic preferences. Earlier in his career, Mr. Delaney was the Deputy Director of the UCD Geary Institute from 2008 to 2011, and Deputy Dean of Stirling Management School from 2011 to 2016. In his role with the University of Stirling, he directed a research centre in the area of behavioural science and was responsible for developing all aspects of research across the Stirling Management School.

Dr. Tadhg Nagle

Dr. Nagle is a lecturer and researcher in the Department of Accounting, Finance and Information Systems (UCC) since 2008. In addition, Dr. Nagle has been the Programme Director of MSc in Data Business at the Irish Management Institute since 2012. From 2006 to 2008, and with a background in Financial Services, he became a Business Analyst Lab Leader in the Digital Enterprise Research Institute, from which he holds a PhD. Focusing on emerging technologies, strategic innovation and disruptive technologies, he has published a number of papers in leading international Information Systems conferences and journals such as the Harvard Business Review. His current focus is on the implementation of Cloud and Big Data technologies with a view to creating real business value.

Pat O'Sullivan

Mr O'Sullivan has been CEO of the LIA (Life Insurance Association) since 2008 and retired at end-2019. The LIA has played a key role in Ireland in improving the standards of professionalism amongst staff of regulated firms those who give financial advice to consumers. In his previous career, Mr O’Sullivan worked in various senior roles in Bank of Ireland and First Active. From 2004 to 2005, he held the role of Secretary of the Irish Mortgage Council (affiliated to the Irish Banking & Payments Federation) and, in 2005, was appointed Director of Financial Services with the Irish Brokers Association (IBA). He remained in the IBA until his appointment as CEO of the LIA in 2008.


2017 - Present

No Items

February 2017

Ger Deering, Financial Services Ombudsman, provided members with an overview of his office's Dispute Resolution Model. Work is progressing on the next phase of a project in relation to commission payments to intermediaries. Next steps will include, inter alia, incorporating feedback arising from the Discussion Paper into a draft Consultation Paper, and developing proposals to further strengthen protections for consumers. The Group was provided with an overview of the latest Mortgage Switching Research results. Members were presented with the Consumer Protection Outlook Report (CPOR) 2017. The CPOR outlines the Directorate's consumer protection objectives, an assessment of the current and emerging consumer environment and risks to Consumer Protection objectives, for full consideration by regulated firms. Members were provided with an overview of the Moneylending sector, its' regulatory framework, consumer research and areas of concern within the sector. Consumer Protection propose to commence a review of the Moneylenders Code in Q4 2017. Additional operational updates provided to the Group included: the protection of consumers in a digitalised financial services environment and whether or not enhancements are necessary to reflect this new environment; the Tracker Mortgage Examination Review; and an update on the conferences the Central Bank will facilitate in April.

2016 Meetings

November 2016

This meeting marked the end of tenures for both the Chair, Anthony Walsh and member, Elaine Kempson. Their valued contributions and commitment to the Group was acknowledged by both the Governor and the Director of Consumer Protection. The management team provided the group with a brief overview of their relevant sectors and members' views were sought on the emerging consumer protection environmental and sectoral risk assessments as well as priorities for the 2017 work programme, including a possible assessment of the Consumer Protection rules framework in the medium term. A discussion took place around Fintech and how it is affecting the work of the Directorate, and members were asked to inform our thinking in this area. The Central Bank's Communication unit provided an overview on the status of the Central Bank's project to re-develop the Central Bank's website, including the development of a new section with information specifically aimed at the public. The new website is due to launch in Q1 2017.

September 2016

The meeting began with initial discussions on motor insurance pricing, structured products, mortgage arrears and the tracker mortgage examination. Members were updated on Consumer Protection's annual risk assessment process and how it will help determine the Directorate's objectives for 2017. The Group was presented with the findings of both the thematic inspection on Health Insurance renewals, as well as Structured Retail Products. Members were provided with an overview of the main changes introduced in the Payment Services Directive and also an update on the Department of Finance consultation on National Discretions under MiFID II and IDD relating to inducements to intermediaries. The Group was advised on the progression of the Tracker Mortgage Examination review and were updated on the Mortgage Switching research being undertaken by the Directorate.

May 2016

Jill Forde, Head of Communications, provided members with an overview of the Central Bank's emerging communications strategy and new website developments. The Group was advised that the Directorate is considering carrying out consumer focused research in order to gain a better understanding of consumer experiences, behaviours, perceptions and attitudes towards mortgage switching. The output of this research will help inform CPD's consideration of any future work that may be required in the area of mortgage switching. Cyril Roux, Deputy Governor joined the meeting to outline and discuss the Central Bank's strategic direction and plan, including its objectives and key priorities over the next few years. Members were also provided with an overview of the current position on mortgage arrears with a particular emphasis on Long Term and Non-Performing Loans. Other areas of discussion focused on the Payments Account Directive in terms of its transposition, the Minimum Competency Code as well as future CPD projects and inspections.

February 2016

Following a general discussion on topical issues, an overview of the Retail Intermediary sector was presented to members which generated a discussion on key consumer risks. The proposal to respond to the EU Green paper on Financial Services was discussed as well as the risks and benefits arising from current commission arrangements in place between product producers and intermediaries across the insurance, banking and investment sectors. The Group was presented with CPD's approach to influencing a consumer focused culture in the provision of financial services as a key strategic priority over the next three years. Members were also given an overview of how market intelligence, including data on consumer complaints, is used to support a risk and evidence-based approach to our work.

2015 Meetings

November 2015

Following a presentation on the outputs from internal consumer risk assessments, the focus of this meeting was in seeking input from members on strategic priorities for the Consumer Protection Directorate for 2016 and beyond in order to inform our annual work planning and the preparation of the 2016 Consumer Protection Outlook Report.

August 2015

Views of the Group were sought in relation to the on-going review of the Code of Conduct for Business Lending to Small and Medium Enterprises, particularly the responses received to the public consultation on this project. Members were updated on the proposed public consultation on enhanced transparency measures for consumers with variable rate mortgages and on progress in work related to the transposition of the EU Payments Account Directive, particularly on Member State discretions. A general discussion took place on work underway in the area of health insurance.

May 2015

Following a general discussion on topical issues, an overview of the Life and Non-Life insurance markets from both a prudential and conduct of business perspective was presented to members which generated a discussion on key risks and issues. The implementation of the European Supervisory Authority product oversight and governance guidelines and technical standards was discussed, focusing on some of the key principles. An update on the research into Hire Purchase and Personal Contract Plans was presented at the meeting. The findings from the recent review of Debt Management firms compliance to date with Central Bank requirements was delivered and next steps for this industry sector were outlined.

April 2015

The Registrar of Credit Unions delivered a presentation outlining the Irish Credit Union sector and its key priorities and challenges including regulatory developments which their division are currently focusing on. Members also received a copy of the Netherlands Authority for Financial Markets report on the outcome of the peer review of the Consumer Protection function of the Central Bank of Ireland. A discussion took place on how the Central Bank is approaching the regulation of a changing payments sector including innovation and emerging changes in payments products, services and providers.

2014 Meetings

November 2014

An overview of the Consumer Protection Outlook Report - which outlined the range of consumer protection issues and risks which the Directorate will focus on during 2015, was presented. As part of the ongoing discussions around the 5 'C's framework within which the Directorate operates, a discussion took place on Compliance and how the Directorate utilises industry Board meetings, speaking engagements, seminars and Roadshows to promote compliance in industry. Members were asked to comment two EU consultation papers on product oversight and governance, to assist the Central Bank's input into the drafting of guidelines. A brief update on the transposition of the Mortgage Credit Directive and the consultation paper on Macroprudential measures were also discussed.

August 2014

A verbal update was given to members of topical issues currently under review by the Consumer Protection Directorate (CPD). Following this, a presentation was delivered on the proposed development of a Consumer Protection model that supports prudential supervision and conduct of business.

An update on the 2014 peer review of the Consumer Directorate by the Netherlands Authority for Financial Markets was provided to the group.

The Directorate has commenced the annual sectoral risk assessment process for 2015, and members were invited to submit their views on areas of concern, which could be considered for work plans for the following year. The Directorates new approach to engaging with EU and International Stakeholders was outlined, and members input requested on how the Directorate should measure positive outcomes from participation at an EU level.

Colleagues from the Financial Stability Division participated in a Q&A session on the June SME Market report. Member's views were sought on related CPD projects including the SME Code Review and on-site SME themed review.

May 2014

A verbal update was given to members of topical issues currently under review by the Consumer Directorate. Members then discussed how the Consumer Directorate promotes a challenging and outcome focused approach to its work, the work of those we regulate, and the Irish market place.

A discussion took place on Virtual Currencies and whether they should be regulated, including an update on developments in relation to this in the European context. Members also discussed the issue of Crowdfunding and peer-to-peer lending both in an Irish and International environment. The Central Bank proposes to issue a warning notice to consumers and industry in June 2014 on this topic.

The team involved in the development of a central credit register discussed the progress towards implementation of the register which will have data available from several key financial sectors. The register is intended to promote responsible lending and help drive better lending decisions.

An update was given to members on the proposed Debt Management code including the proposal to issue a second consultation document in June.

February 2014

A verbal update was given to members of topical issues the Consumer Directorate have been dealing with in recent months, including the restructuring of the banking system and sale of loans to unregulated entities. A discussion took place on how regulators, industry and consumers need to come together to try and rebuild and maintain consumer confidence in the financial services industry.

The Registrar of Credit Unions gave a presentation on the sector in Ireland outlining the context and challenges including the establishment of a Commission on Credit Unions. Following this a discussion took place on the Health Insurance sector, around the proliferation of products and the impact of increased premiums on consumers.

Members were informed of new powers available to the Central Bank to establish a customer redress scheme for problems which are widespread or regular in the financial services sector, these include the Central Bank having the power to direct a regulated financial service provider to make appropriate redress to customers.

Financial Services Consultative Panels

The Central Bank Reform Act 2010 replaced the Financial Services Consultative Consumer Panel and the Financial Services Consultative Industry Panel with the new advisory arrangements set out above.