The Central Bank is to begin a review of the use of telematics technology in the insurance industry and assess how the ongoing suitability of long-term life-assurance products is monitored.
The plans are among the regulator's main priorities for this year set out in a new report. The report also claims that the absence of a consumer-focused culture in some organisations poses a key risk of potential harm to consumers and investors in financial services.
The Consumer Protection Outlook Report for 2021 also identifies the Covid-19 pandemic as another potential source of difficulty, along with ineffective disclosure about products and services.