More than 32 institutions have been forced by Ireland's financial regulator, the Irish Financial Ser...
More than 32 institutions have been forced by Ireland's financial regulator, the Irish Financial Services Regulatory Authority, to return more than E69m to consumers for overcharging between 1 May 2003 and the end of 2004.
As the regulator published its first Annual Report, chairman Brian Patterson said the regulator would "correct instances where the consumer is not dealt with in a proper or fair way."
Liam O'Reilly, chief executive, said most of these charging issues arose from "poor systems and controls or human error, rather than from any deliberate intention to overcharge on the part of the institutions involved.
"Where we do not get compliance, we now have administrative sanctions powers to deal with serious transgressions," O'Reilly said. "We see the sanctions as a supplement to our main model of regulation, rather than a new approach. We expect the very existence of these powers will serve as an additional incentive towards full compliance."
IFSR fined finance companies E69m for over-charging in 2004.
Poor systems and controls were the biggest culprit.
Purposeful over-charging very rare.
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