The Central Bank directed lenders to give sufficient notice when they change the interest rate they charge, to explain in layman’s terms the rationale for such changes, and to facilitate their customers who are in a position to switch to a different mortgage or to a different lender.
When lenders do not honour these consumer protection obligations, when they fail to point out to their customers the options open to them, or worse, when they mislead or bring their customers to pay more interest than they should, the Central Bank acts forcefully.