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FBD fined €490k for consumer code failure

INSURER FBD has been hit with almost half a €500,000 in fines by the Central Bank for breaches of consumer protection legislation. The farm and motor insurer has been fined €490,000 by the regulator for failing to uphold parts of the Consumer Protection Code 2006, which was replaced by new legislation in 2012. This included a failure to alert some customers that they were being recorded during phone calls and a failure to provide all terms of contracts in writing.

It also failed to advise some customers that they could be levied with an administration charge for providing incorrect information, and did not ensure that contractors hired for outsourced work also implemented the code. The Central Bank highlighted this last breach as particularly unacceptable.

FBD identified the breaches itself and notified the Central Bank. FBD said the issues are historical in nature and were all remedied by the time the investigation was finished, adding that there was no loss to customers.