Financial consumers will have the right to refer a complaint against an insurance intermediary to the Central Bank under the Bank's new regulatory regime. A new code of conduct for the sector, in effect from November 1st, puts the procedure on a statutory footing.

Insurance intermediaries will be required to acknowledge all written complaints in writing within 14 days. The complainant must then receive a regular written update on the progress of the investigation at intervals of not greater than two months. Within seven days of the completion of the investigation of the complaint, the client must be advised in writing of the outcome, with an explanation of the terms of any offer or settlement. If the complainant is not satisfied, the firm has to ensure that he or she is notified immediately of his or her right to refer the matter to the Central Bank.