Paul McAuliffe
Question:155. Deputy Paul McAuliffe asked the Tánaiste and Minister for Finance if he is considering any initiatives to make it a simpler process for SMEs to switch banks. [68501/26]
View answerTuesday, 29 September 2026
Questions (155)
Written answers
The Central Bank of Ireland’s Consumer Protection Code applies to individual consumers and SMEs with a turnover under €5 million per annum.
The Consumer Protection Code 2025 places a strong emphasis on ensuring consumers receive clear information and are supported to make informed switching decisions.
The revised Code moves from a simple "disclosure" approach to an "informing effectively" approach, meaning information must be understandable and useful to the consumer. When dealing with customers who may benefit from switching, firms must also consider customer outcomes and provide information in a way that supports good decision-making.
In relation to personal consumers and certain small business accounts, the Central Bank of Ireland also maintains a Code of Conduct on the Switching of Payment Accounts with Payment Service Providers, which sets out how banks and payment service providers must facilitate switching current accounts and payment accounts.
There are a number of commercial comparison websites which can help consumers and small businesses when thinking about switching providers.
I note that the “The Cost of Business Advisory Forum” Final Report was recently published by the Department of Enterprise, Tourism and Employment. My Department is considering the report which includes a recommendation in relation to the process of switching banks for business customers.