Saturday 21 April 2018

AIB fined €2m for overcharging customers

The Central Bank said today it has fined AIB €2m for overcharging its customers.

In a statement the Central Bank said it found three breaches of the Consumer Protection Code over a number of years at the lender.

First of these was an 'unacceptable delay in notifying customers of overcharging and in restituting those customers.'

The Central Bank also said AIB failed to have in place adequate systems and controls to deal with the issue of overcharging.

It added that AIB failed to ensure it did not charge a fee for payment protection insurance in conjunction with credit cards even after customers had changed their mind about receiving the products.

In the statement the Central Bank added: "The majority of these overcharging instances are historic in nature. Most affected customers have been refunded with appropriate interest.

"The firm has undertaken to repay, with appropriate interest, all those outstanding amounts that have not already been repaid."

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