THE FINANCIAL REGULATOR, Matthew Elderfield, has announced new consumer protection proposals for mortgage holders in arrears.

Elderfield said the Central Bank is determined to “keep consumer protection a top priority”.

The new proposals should “strengthen the statutory Consumer Protection Code”, according to a statement released by the regulator’s office, and include imposing new time limits for addressing overcharging errors.

The regulator said that the bank is engaging with all mortgage lenders to remove arrears and penalty interest charges. He told RTÉ News that banks would be blocked from forcing tracker mortgage holders to switch to different mortgage plans.

He also called for reform for bankruptcy laws and procedures for people whose debt is “simply unsustainable”.

A report published by the Financial Regulator’s office last month said that the five main lenders in Ireland have been complying with the Code of Conduct on Mortgage Arrears to help homeowners get out of their mortgage arrears.

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