The Irish Financial Services Regulatory Authority (IFSRA) is to extend consumer-protection standards to insurance companies, mortgage intermediaries and moneylenders within the next month.
New codes of practice announced by the watchdog will mean that customers dealing with insurance companies will be entitled to the same level of protection as those dealing with brokers and intermediaries.
The standards include a new requirement for motor insurers to give a reason to the consumer for refusing cover. A consumer refused cover by at least three insurers will be entitled to have the matter referred to the Declined Cases Committee.
Before the end of the year, IFSRA plans to issue a consumer charter which will explain to consumers protections available to them and the levels of service they can expect from their financial service providers.
The new standards have been issued in advance of a wide-ranging review of existing rules and regulations for allfinancial services firms.
Mr Liam O'Reilly, chief eecutive of IFSRAsaid: "We strongly believe that consumers are entitled to the same level of protection, no matter what type of firm they are dealing with."