The National Consumer Agency (NCA) has today been put on a statutory footing, Minister for Enterprise, Trade and Employment Micheál Martin said today.
"The Consumer Protection Act is the most significant new piece of consumer protection legislation in almost three decades," Mr Martin said.
Mr Martin said consumers will now enjoy "much greater protection against unfair, misleading or aggressive commercial practices".
In addition, the Act outlaws over 30 different practices including pyramid selling, prize draw scams, unwanted cold calling, and making false claims about products or services. It also carries on-the-spot fines for those who break the law.
"The establishment of the National Consumer Agency on a statutory basis marks a red letter day for Irish consumers. The agency has been given a very strong and significantly expanded remit to enable it to begin shifting the balance of power more towards consumers through forceful advocacy, targeted research, consumer information, education and awareness and enforcement," said Mr Martin.
Mr Martin announced the NCA two years ago in response to a recommendation of the Consumer Strategy Group report.
The board of the NCA, including chairwoman Ann Fitzgerald, was in place on an interim basis up to today.