You don't need stronger evidence of the power of the banking lobby than the fact that banks will not face financial penalties for most of their misdeeds.

The financial regulator got new administrative sanction powers on 1 August 2004. So far, it has disclosed only one action brought under these powers, a case against a hedge fund called Broadstone settled earlier this month. "I can't say, " said a spokeswoman asked if more actions are pending.

Still, we should be grateful for small mercies. The Consumer Protection Code is expected to go a long way towards protecting consumers. If you don't see the first fairly straightforward changes before the end of August, then start complaining.

From the end of August, financial institutions won't be able to pre-approve customers for loans, which should make a dent in Ireland's post piles. Notifications from lenders of changes in interest rates will also have to state clearly from when they apply, and changes must be updated on information services as soon as they come into effect.

Other practices banned from the end of August include making the sale of one product contingent on the purchase of another.

Financial institutions will have to stop the practice of including optional extras at a price without consumers' express consent.

From the end of August, customers thinking of surrendering certain life assurance policies will have to be informed before the policies mature of the existence of a secondary market where they may get a higher value. New advertising guidelines also come in on that date, while the rest of code must come into force within a "reasonable timeframe".

With educational roadshows planned for September and a consumer awareness drive for next year, the code has been broadly welcomed. The broker lobby is disappointed, though, that the code requires less onerous fact-finds and information requirements for consumers depositing money for less than a 12month term. "Unlike some people, I can understand the likes of current accounts and overdrafts not being included because consumers don't want to go through a lot of red tape, " says Pat O'Sullivan, financial services director of the Irish Brokers Association. "Deposits are different."

It's not just about competition, he insisted, arguing that hundreds of thousands of people have money on demand deposit earning virtually nothing, and should come within the code.

After it emerged earlier this year that shorterterm deposits were likely to be excluded, O'Sullivan says the regulator told him that decision had been rolled back.

"I can't understand the consumer panel letting this skate through, " he said. The regulator believes the measures are "appropriate to the products concerned", the spokeswoman said.

On the bigger picture, two years and 103 submissions later, the aim of the code is to ensure greater protection for consumers dealing with financial institutions.

Last week's figures show that Bank of Ireland is paying back 18m in payment protection insurance overcharges, 3m more than previously thought. AIB is repaying 34m for foreign exchange overcharging, while NIB is paying back 11m for improper charges.

The statutory code will go a long way towards making financial institutions rethink attitudes. But if it succeeds in eradicating a rip-off culture within Ireland's highly profitable banking institutions, then it will have worked a miracle.