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AIB fined €2m for overcharging

Bank given record fine for delays in notifying customers of errors and paying refunds.

Image: infomatique via Creative Commons

AIB HAS BEEN FINED €2m by the Central Bank for breaching the Consumer Protection Code and overchargig customers.

The PA reports that an investigation into the bank found unacceptable delays in notifying customers of errors and in paying out refunds owed to them.

The Central Bank said in a statement released today that it had reached a settlement with AIB effective from 17 December with regard to the bank’s breaches of regulatory requirements.

AIB was also penalised for failing to have adequate systems and controls in place to ensure it was complying with regulations regarding the notification of customers and payment of refunds.

The Central Bank also said AIB was found to have failed to ensure it did not charge customers fees for “any optional extra(s)offered in conjunction with a product or service where the customers changed their minds”, such as payment protection insurance in conjunction with credit cards.

The fine is the largest ever imposed on a bank in this country.

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