Consumer Protection Act 2007

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Amendment of Central Bank Act 1942.

94.— (1) In this section “Act of 1942” means the Central Bank Act 1942 , as amended by, amongst other enactments, the Central Bank and Financial Services Authority of Ireland Act 2003 and the Central Bank and Financial Services Authority of Ireland Act 2004 .

(2) Section 2(1) of the Act of 1942 is amended by inserting, before the definition of “ Appeals Tribunal”, the following:

“ ‘Agency’ means the National Consumer Agency established by the Consumer Protection Act 2007;”.

(3) Section 5A of the Act of 1942 is amended by inserting the following subsections after subsection (3):

“(3A) The functions of the Agency specified in subsection (3B) are, in so far as they relate to a financial service provided by a regulated financial service provider, also functions of the Bank and subsections (3C) to (3F) have effect for the purposes of this subsection.

(3B) The functions of the Agency referred to in subsection (3A) are the following functions of it under the Consumer Protection Act 2007, namely, functions under—

(a) section 8 (1), (4), (5) and (6) of that Act in relation to—

(i) sections 41 to 56 (other than section 50 ) of that Act, and

(ii) the European Communities (Unfair Terms in Consumer Contracts) Regulations 1995 and 2000 ( S.I. No. 27 of 1995 and S.I. No. 307 of 2000 ),

and

(b) sections 30 , 71 , 72 , 73 , 75 , 81 , 82 , 84 , 86 , 88 and 90 of that Act.

(3C) Subsection (3A) operates to vest in the Bank, concurrently with the vesting in the Agency of those functions by the Consumer Protection Act 2007, the functions specified in subsection (3B).

(3D) Accordingly—

(a) the functions so specified are, subject to any relevant co-operation agreement entered into under section 21 of the Consumer Protection Act 2007, capable of being performed by either the Agency or the Bank, and

(b) subject to subsection (3F), references to the Agency in the provisions of that Act specified in subsection (3B) are to be read as including references to the Bank and those provisions otherwise apply.

(3E) Subject to subsection (3F), sections 80 , 85 and 87 of the Consumer Protection Act 2007 apply to the Bank as they apply to the Agency and, accordingly, references to the Agency in those sections are to be read as including references to the Bank.

(3F) Where any section of the Consumer Protection Act 2007 specified in subsection (3B) or (3E) provides for anything to be done in relation to the Agency (whether the giving of notice to it, the submitting of a thing to it or the doing of any other thing) then, if a co-operation agreement entered into under section 21 of that Act so specifies, it is sufficient compliance with the section concerned if the thing is done in relation to the Agency or the Bank as is specified in that agreement.”.

(4) Section 33S(2) of the Act of 1942 is amended by substituting the following paragraph for paragraph (f):

“(f) the Consumer Protection Act 2007;

(g) the European Communities (Unfair Terms in Consumer Contracts) Regulations 1995 and 2000 ( S.I. No. 27 of 1995 and S.I. No. 307 of 2000 );

(h) such other enactments and statutory instruments as are specified in the regulations.”.

(5) Section 33AK(3) of the Act of 1942 is amended, in paragraph (a), by inserting the following subparagraph after subparagraph (iv):

“(iva) the National Consumer Agency, or”.

(6) Schedule 2 to the Act of 1942 is amended—

(a) in Part 1, by inserting the following item after the item relating to the Investment Funds, Companies and Miscellaneous Provisions Act 2006 :

“

”,

and

(b) in Part 2—

(i) by inserting the following item after the item relating to the European Communities (Life Assurance) Framework Regulations 1994 ( S.I. No. 360 of 1994 ):

“

”,

and

(ii) by inserting the following item after the item relating to the European Communities (Supplementary Supervision of Insurance Undertakings in an Insurance Group) Regulations 1999 ( S.I. No. 399 of 1999 ):

“

.”.