L-R: Brian Duffy (Grant Thornton), Kevin Coleman (Grant Thornton), Wesley Murphy (Central Bank of Ireland), Tara McDermott (FSPO), Ludwig Bull (Founder & CEO of CourtCorrect) Cathie Farrell MInstD (Grant Thornton), Brian Hayes (CEO of Banking and Payments Federation Ireland)
The Consumer Protection Conference brought together industry leaders, regulators, and innovators to discuss the challenges and opportunities in protecting vulnerable consumers, navigating regulatory changes, and addressing rising complaint volumes. For CourtCorrect, this was not only an opportunity to demonstrate the capabilities of our AI-powered platform, but also a chance to engage in meaningful dialogue about shaping the future of consumer protection in Ireland.
Ludwig Bull, CEO and Founder, was invited to offer a live demonstration of our platform and participate in a panel discussion exploring consumer protection challenges in the digital era. Fellow participants included Wesley Murphy, Head of Consumer Protection at the Central Bank of Ireland (CBI) and Tara McDermott, Director of Customer Operations and Information Management for The Financial Services and Pensions Ombudsman (FSPO).
Below, we share some of the key learnings and insights from the event:
Emerging Trends in Consumer Protection
1. Consumer-Centric Practices: From Compliance to Culture
A key theme of the conference was the growing need for businesses to embrace a consumer-first culture. Wesley Murphy emphasised that this shift goes beyond meeting regulatory requirements - it’s about actively prioritising customer outcomes. Regulators like the CBI are no longer satisfied with businesses adhering to the letter of the law; they expect firms to align their processes, training, and service delivery with the spirit of consumer protection. For regulated entities in the Financial Services Sector, this means rethinking internal structures to make customer welfare a core strategic goal.
2. The Role of Data and Digital Transformation
Another key takeaway was the transformative potential of technology in complaints handling. Discussions centred on the role of AI and data in addressing systemic issues, enabling personalised support, and improving overall efficiency. This was an ideal opportunity for us to demonstrate how businesses can leverage AI to align their decisions with regulatory precedent while ensuring transparency and fairness. AI-powered analysis and predictive tools will also allow firms to predict and prevent problems before they escalate: creating scalable solutions for increasingly complex complaints landscapes.
3. Rising Regulatory Pressure
The conference underscored the impact of the upcoming revisions to the Consumer Protection Code, set to take effect in 2025. These changes will demand faster complaint resolution, with a particular focus on supporting vulnerable consumers. Case studies presented during the conference highlighted shortfalls in areas such as mortgage arrears management and credit card lending, where delays, incomplete information, and a lack of tailored support were identified as major challenges. For businesses, these regulatory shifts represent both a challenge and an opportunity to enhance their complaints handling frameworks.
Challenges for Businesses
Rising Complaint Volumes
The financial services sector is facing unprecedented complaint volumes. In 2023, the FSPO recorded a 12% increase in complaints, with banking and insurance accounting for 85% of cases. This upward trend has continued into 2024, exacerbated by economic pressures like inflation and geopolitical instability. For businesses, this surge represents not just operational strain but also reputational risk, as unresolved complaints escalate to regulatory bodies. A major point emphasised by Grant Thornton as the event hosts was that a “box-ticking” approach and culture will not be the key to unlocking more satisfactory outcomes for consumers: spirit and intent will.
Addressing Consumer Vulnerability in a Digital Age
A significant focus of the conference was the need to better support financially vulnerable consumers. The CBI is taking steps to update the existing Consumer Protection Code with a view to bring predictability and clarity for both firms and consumers amidst challenging times. The potential of sector-wide digitisation to improve business practices is matched by the range of unprecedented new risks for consumers - particularly the elderly and financially vulnerable. As we look to the new year and beyond, it is crucial that businesses take firmer steps to guarantee no-one is left behind.
Looking Ahead
The upcoming revisions to the Consumer Protection Code represent a pivotal moment for the financial services sector in Ireland. Businesses that adapt quickly and embrace innovation will not only meet new compliance standards but be able to leverage these changes into a competitive advantage. CourtCorrect is committed to supporting Irish firms in this transition, providing cutting-edge technology and actionable insights to help them lead the way in complaints resolution and consumer protection.
Of the crucial insights highlighted during Conference, the following stood out as perhaps the most important: meeting the challenges of modern consumer protection requires collaboration at every level. Industry leaders, regulators, and innovators must work together to share insights, data, and best practices, ensuring that digital transformation benefits all consumers. As AI and open banking reshape the landscape, the sector must strike a balance - leveraging technological opportunities while addressing emerging threats like fraud, cybersecurity risks, and the complexities of digital identities and wallets. Only through coordinated, cross-sector efforts can the financial services industry foster a fair, functioning marketplace that ensures good outcomes and robust protection for all consumer cohorts. The learnings from this conference reaffirm the importance of shared responsibility in safeguarding consumer care in a rapidly evolving digital age.
We remain committed to delivering the future of consumer protection, and are grateful to Grant Thornton for hosting such an engaging event.
The CourtCorrect Team
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