If lenders could not rely on their contractual rights or make their own commercial decisions within a consumer protection framework, it is likely to impact on the provision of and the cost of providing credit in the market.
Rather, in regulating lenders’ conduct of business, the Central Bank seeks to ensure that lenders comply with relevant conduct of business rules, including, through providing consumers with all relevant information, putting in place a process for the management of customers’ financial difficulties and not exerting undue pressure or influences on customers.