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Financial Services and the Elderly

As the representative body for the banking sector, the Irish Banking Federation (IBF) has a shared interest in ensuring that appropriate safeguards are in place at all times for the products and services provided to customers.

Since 2007, the statutory Consumer Protection Code provides comprehensive safeguards in terms of product suitability; and IBF was involved in the consultation process that developed this Code and in its implementation.

While we note the Financial Services Ombudsman’s advice that the issue of mis-selling to the elderly is not systemic, we continue to be actively engaged with the relevant parties on this matter to help ensure that customer interests are safeguarded.

Note to Journalists: Irish Banking Federation (IBF) is the leading representative body for the banking and financial services sector in Ireland, representing over 70 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.

Further Information: Felix O’Regan, Head of PR and Public Affairs, IBF, tel. 6715311, 087 6481644

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