Which statement about the Central Bank's Consumer Protection Code is true?

• A. It does not apply to certified persons
• B. It applies to banks
• C. It applies to mortgage intermediaries
• D. It applies to certified persons

Answer: (A)

The Central Bank's Consumer Protection Code sets conduct standards for licensed financial services and the staff who deal with consumers. It is designed to ensure fair treatment, clear disclosure, and proper handling of complaints by entities like banks and mortgage intermediaries.

What makes the statement true is that certified persons are individuals designated under the fitness and probity regime to perform certain controlled functions. Their personal fitness and probity are governed by that separate regime, not by the Consumer Protection Code itself. The licensee remains responsible for how its staff treat customers and for overall consumer outcomes, but the code does not apply directly to the certified person as an individual. This distinction is why the statement about certified persons being outside the Code’s direct application is the true one.