Except for the tracker investigation, the Central Bank has not taken any action against financial institutions for violating major consumer protection rules in the last four years.
This means that only two enforcement actions were taken between 2016 and today for violating the Consumer Protection Code.
The disclosure led to the question of whether the central bank is blinding itself
Pay attention to the bad behavior of banks, insurers, brokers and other financial institutions.
Fixed TSB and KBC Bank were fined $ 39 million for violating the code for their behavior in rejecting customer tracker mortgages.
In addition to the two tracker cases, Finance Minister Pascal Donohlo admitted in a reply to Labor’s Ged Nash that there have been no cases of code breach in the last four years.
The Central Bank’s Consumer Protection Division employs 148 people. Nash said the central bank has serious questions to answer.
“For some reason the number of fines has fallen sharply since 2016, which means either the central bank is turning a blind eye to bad behavior, or they do not know what’s happening.”
Irish Independent
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