“Help consumers to make informed decisions on their financial affairs in a safe and fair market.” (Dishonest claim made by Financial Regulator).
Irish financial institutions continue to rob and defraud consumers with impunity. The latest theft, by insurance brokers, involves a whole raft of scams including failing to fully disclose fees and charges, overcharging and selling consumers optional extras which they have not asked for. All these activities are banned under the Consumer Protection Code (Irish Independent).
The so called Financial Regulator has reacted as it always does; no charges, no fines and total secrecy on the names of the thieving companies. Consumers are not even to be told how many companies are thieving.
In other words; the criminal financial institutions are afforded full protection by the regulator while the consumer is kept in the dark and forced to take his chances in an extremely unfair and unsafe market. The only recourse consumers have is to treat all insurance brokers as suspect.
Copy to:
Financial Regulator
Professional Insurance Brokers Association