Lack of notice on exchange changes

The Director of Consumer Affairs, Ms Carmel Foley, recently carried out a survey of foreign exchange charges imposed by the financial institutions.

"One of the requirements placed on the institutions last January was that they make information leaflets available which, using specific examples, would demonstrate to customers that trading in Euroland currencies was cheaper from 1 January this year than beforehand." The survey, on behalf of the Director, said "this introduction has not been properly followed".

The director said she was concerned that many staff were unaware of foreign exchange changes related to the euro. She criticised the lack of explanatory literature and asked that changes be put in place where needed.