On 29 February 2024, the Central Bank of Ireland (the "Central Bank") published a new Regulatory & Supervisory Outlook Report outlining the key trends and risks which the Central Bank has identified as moulding the financial sector operating landscape and its consequent regulatory and supervisory priorities for the next two years (2024/25) (the "Report"). The report was accompanied by a letter to the Minister for Finance and a subsequent cross-sectoral Dear CEO letter outlining a number of key regulatory initiatives for the year ahead (the "Letter"). The aim of the Report is to supplement the feedback provided by the Central Bank to regulated entities through its sector-specific supervisory engagement as well as its various consultative forums, conferences and publications. It also includes specific Spotlight chapters touching on areas of particular concern, such as consumer protection1, artificial intelligence ("AI") and financial crime. The scope of the Report extends to internationally active regulated entities and the interests of their consumers and investors and is not limited to those segments of the financial sector associated with the domestic economy. While the scope of the Report is far reaching, we have sought to highlight those risks and supervisory priorities identified by the Central Bank, which are of most relevance for funds and their service providers.
Central Bank Consultation Paper (CP158) on the revision of its Consumer Protection Code
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