New legal right to speak to a human for finance consumers

New rules to be signed into law today will give consumers the legal right to speak to a person instead of an AI chatbot when buying financial products or services either online or over the phone.

The changes mean someone can request human intervention, rather than relying solely on automated online systems.

It comes as banks and other financial institutions are increasingly incorporating automated AI chatbots into their customer-service offerings.

The strengthened protections for consumers will also ensure they receive clearer information before signing up for financial products or services, and that they are better protected from marketing practices designed to influence or pressure purchasing decisions.

Meanwhile, the new rules will make it easier to withdraw from eligible online financial contracts through a clear and accessible cancellation function.

Keeping pace with digitalisation

Tánaiste and Minister for Finance Simon Harris said "while the existing financial consumer-protection framework is robust, the rules I am signing into law today will ensure that the framework continues to keep pace with the increasingly digitalised financial services landscape and maintains the high level of protections for consumers.

"More and more people are choosing to buy financial products and services online, and consumers should have the same confidence and protections in the digital marketplace as they do in person," he added.

The rules are been signed into Irish law under the European Union's Directive 2023/2673 regarding financial services contracts concluded at a distance.