The Central Bank has fined a Sligo-based company €10,000 and reprimanded it for breaching guidelines on the sale of insurance products to consumers.
The bank said McSharry & Foley Ltd applied fees to some customers which were above those advised in its terms of business document. These came to more than €32,500 over a five-year period to October 2009.
The bank said the firm also applied charges to rebates due to customers without their written agreement.
McSharry & Foley also failed to have the necessary systems and procedures in place to make sure it complied with regulations, according to the Central Bank.
The bank said the firm acted promptly to rectify the issues, and refunded all affected customers.
