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Consumers will have the legal right to speak to a person instead of an AI chatbot when purchasing financial products or services under new regulations due to be signed into Irish law today.
The changes, which implement the European Union’s Directive 2023/2673 on financial services contracts concluded at a distance, will allow customers to request human intervention rather than relying solely on automated online systems when dealing with banks and other financial institutions.
The new rules come as AI-powered chatbots become increasingly common in customer service across the financial sector.
The legislation also introduces stronger consumer protections by requiring clearer information before customers sign up to financial products or services, while providing safeguards against marketing practices designed to pressure or influence purchasing decisions.
Consumers will also find it easier to withdraw from eligible online financial contracts through a clear and accessible cancellation function.
Tánaiste and Minister for Finance Simon Harris said the changes are intended to ensure consumer protections keep pace with the rapid digitalisation of financial services.
“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.