Submission on IFSRA Codes of Conduct in relation to Providers of Financial Services

The Free Legal Advice Centres brief in this area is to seek to improve the protection of the consumer who is availing of credit facilities. Thus, our focus in relation to the powers and duties of the Authority is on the consumer credit rather than the investment product side. This is not to say that the consumer as investor is not entitled to the highest standards of protection and may not be equally as vulnerable as the borrower. However, we believe in general terms that such consumers may be in a better position to seek advice and guidance to protect their own interests.

This submission, therefore, concentrates on how the Codes, under the variety of headings set out in the Consultation Paper, might strengthen the position of the consumer as potential or actual borrower.