we are actively considering, in terms of whether choices are being well explained, or well understood, or are really adding value. empowering consumers to make informed choice so, what is required to ensure consumers are empowered to make informed choices in a world of increasing choice and complexity? at the central bank we would see three complementary aspects necessary to ensure consumers are well equipped to make decisions in their own best interest. to be informed you need information of course – but that is not enough : that information needs to be presented in a way that seeks to effectively inform consumers – meaning it needs to be clear and easy to understand ; consumers on the other hand need to be equipped with sufficient financial literacy to be able to use that information effectively ; and consumers themselves must also take on the responsibility to inform themselves – including reasonable time and care to read and understand information, to ensure they are making decisions in their own best interests. in terms of informing effectively, new standard for business in the revised consumer protection code should make firms'obligations clearer in this regard. these will place a duty on financial services firms to consider their overall approach to communicating consumer information, to make sure it supports consumers to make effective, timely and informed decisions. a firm's overall approach should not be about simply'providing information'to meet their regulatory disclosure obligations, but should also be about ensuring practical understanding by the consumer, so that they can take decisions that are in their best interests. in terms of financial literacy, we very much welcome and will support the government's national financial literacy strategy. along with the government, the hia, the competition and consumer protection commission and other stakeholders, we are keen to play our role in developing and implementing initiatives that seek to improve the overall level of financial literacy of irish citizens, and to provide valuable information for consumers to understand and to compare financial products. while this will take time to produce results, it is a key means of empowering consumers to make the right choices. once equipped by firms with the right information, in the right way, and once equipped with the financial literacy to understand and assess that information, then it is up to consumers themselves to sufficiently inform themselves and to make their own decisions. how the central bank is strengthening its approach consumer protection 3 / 5 bis - central bankers'speeches i spoke earlier of the increasingly complex and interconnected financial sector, the growing pace of digitalisation and the development of new, innovative business models. all of this is reshaping the risk context of the

sectors we supervise and the consumers we protect. in our strategic plan we recognised this. and we recognised that in order to keep pace with this changing world and to continue to deliver on our mandate, now and into the future, the way we regulate and supervise the financial sector must change too – to ensure consumers of financial services are protected in all respects in this changing and increasingly complex and interconnected financial sector. this is why the central bank is making changes to how we regulate and supervise – to ensure we continue to protect consumers and the public in this new and challenging environment. we have already started to make these changes. this includes the step change in our external engagement over the last two years – recognising that the rapid pace of change means that we need to be well - connected to all of our stakeholders, including authorities such as the hia, and the public. it also includes two landmark pieces of legislation, in the form of the revision of the consumer protection code and introduction of the individual accountability framework, both of which seek to ensure firms are taking greater responsibility for securing consumer interests. in terms of the consumer protection code review, this is building on the strong foundations of the code – which is a cornerstone of the central bank's consumer protection regulatory framework. 4 our review is very much about modernising the code, reflecting the provision of financial services in a changing and more digital world. our consultation on the changes to the code closed during the summer ; and we will publish a revised code and feedback statement in 2025. in addition to these we are transforming our supervisory approach – with a new supervisory model to be implemented from january next year. our new model is also building on strong foundations. it will of course remain risk based, but is evolving to deliver a more integrated approach to supervision, drawing on all elements of our mandate – consumer and investor protection, safety and soundness, financial stability and integrity of the system. this new approach will see integrated teams supervise with respect to all elements of this mandate, working in partnership with specific areas of supervisory expertise ( e. g. conduct, financial resilience, governance etc. ) it will position us better as an organisation to meet our objectives and ensure a changing, increasingly complex and interconnected financial system continues to operate in the best interests of consumers and the wider economy. 4 / 5 bis - central bankers'speeches it will ensure we are more efficient and effective in our supervisory work. it will make it easier to direct our supervisory resources