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Regulator fines FBD Insurance E490k

Thursday, May 15 12:19:41

The Central Bank today said it has fined general insurer, FBD, E490,000 for breaches of the Consumer Protection Code.

The financial sector watchdog said that FBD breached various requirements of the 2006 Code and said that it failed to ensure that it had resources and procedures, systems and controls necessary to ensure compliance by it, and other entities to whom it outsourced regulated activities, with the 2006 Code.

In a statement today, FBD said that it identified the breaches of the 2006 Code and reported these to the Central Bank.

“While we are obviously very disappointed that these breaches occurred, we are satisfied that they are legacy issues. We are pleased that the Central Bank has confirmed that the appropriate remedial action was promptly taken by FBD. Most importantly we are confident that no customer was financially disadvantaged. FBD will continue to work ever harder to maintain our high standards and improve our customer experience,” the company said.

From 2008 to 2011 FBD failed to ensure that regulated activities it outsourced to other entities and from 2007 to 2008 it failed to demonstrate that it provided effective staff training in relation to the Code.

It added that FBD failed to demonstrate that it disclosed to customers relevant material information, including an administration charge (which applied in limited circumstances where customers had provided inaccurate information) and the intention of the Firm to record telephone calls. FBD also failed, from 2006 to 2011, to provide certain consumers with a terms of business document prior to entering into policies with new consumers. During 2011, it failed to have adequate complaints handling procedures in place in its various offices and failed to adhere to the complaints handling rules set out at Chapter 2, provisions 46(a) to (e) of the 2006 Code.