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Tue 02 Feb 2010Regulator holds review after AIB overcharges 40,000 customers
THE FINANCIAL Regulator has said it is reviewing how to strengthen enforcement against overcharging by banks after AIB admitted charging 40,000 customers incorrect fees and interest over several years due to an error discovered in November 2008.
Matthew Elderfield, who took over as head of financial regulation last month, said that the regulator was concerned that financial institutions “continue to experience control failures” that result in customers being overcharged.
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