Financial institutions could face e50m fines

Financial institutions could face fines of up to €50 million if they overcharge customers or breach consumer codes, under draft proposals from the Dáil finance committee.

21st May, 2005

Financial institutions could face fines of up to €50 million if they overcharge customers or breach consumer codes, under draft proposals from the Dáil finance committee.

This figure is ten times the maximum €5 million fine that can currently be imposed by the Irish Financial Services Regulatory Authority (IFSRA).

The Dáil finance committee is examining charges and interest rates imposed by banks and financial institutions. It will publish its final report within a...

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