The Central Bank of Ireland welcomes the statement from the Banking and Payments Federation Ireland (BPFI) following Tuesday’s CEO roundtable meeting, at which the retail banks set out the programme of work being undertaken by the sector to manage the migration of personal and business bank accounts. The work outlined focuses on the four areas we have identified for further work at our initial meeting on 17 May:
- Better planning
- Customer focused arrangements
- Proactive communications
- System wide engagement
Director General, Financial Conduct, Derville Rowland said:
“The Central Bank has made clear its view that the large scale migration of customer bank accounts must happen in line with customer needs and expectations. This requires a strong customer-focused approach, where individual customer experience and service levels are of a standard that customers rightfully expect and are entitled to.
“This is a real opportunity for the retail banking sector to deliver on the public commitments made in recent years in relation to cultural change and improving confidence in the banking sector. The key to its success will be a strong customer-focused approach, with appropriate leadership and oversight by boards and senior management, coupled with effective planning at an individual institution and sector-wide level. The commitments made by the sector reflected in today’s statement by the BPFI are welcome in this respect.
“We will continue to engage proactively with the sector as these plans are implemented and we are prepared to intervene further if the exercise does not proceed in line with our expectations.”
Further information:
Media Relations: media@centralbank.ie / 01 224 6299
Úna Quinn: una.quinn@centralbank.ie / 086 067 4008
Source: CBI Ireland
