Nearly €70 million has been returned to consumers following improper charging by 32 financial institutions in the State, according to the first annual report published by the Irish Financial Services Regulatory Authority (IFSRA) today.
In the report covering the period from May 1st 2003 to the end of 2004, the regulator said most of the improper charges stemmed from poor systems and controls rather than deliberate attempts to overcharge.
IFSRA chief executive Liam O'Reilly said the body had devoted considerable resources to examining charging issues throughout the industry.
IFSRA chief executive Liam O'Reilly
"Most of these charging issues have arisen out of poor systems and controls or human error, rather than from any deliberate intention to overcharge on the part of the institutions involved. While issues will arise from time to time, we are confident that systems and controls in financial institutions are generally robust," he said.
"Our new Fitness and Probity requirements will be practical, firm and fair and the boards and senior management of financial services firms will know what is required of them," Mr O'Reilly said.
"Looking after people's money carries a very special kind of trust," said the chairman Mr Brian Patterson, "and we make no apology for insisting on the highest of standards in financial services firms."
He said in situations where the Financial Regulator did not get compliance, it has administrative sanctions and powers "to deal with serious transgressions".