The Financial Regulator has agreed an €18,000 settlement with a Carlow-based financial services provider over failure to comply with provisions of the Consumer Protection Code.
McHugh O'Leary Insurance Brokers Ltd trading as McHugh O'Leary Insurances in Dublin Street, Co Carlow, was issued with the fine for overcharging customers after broker fees and administration charges in respect of rebates were applied that were more than the maximum fees advised in the firm's terms of business document.
The regulator said it did not believe the actions of the firm were deliberate.
"The Financial Regulator confirms that the firm undertook immediate steps from the date of the Financial Regulator's inspection to rectify the issues that were identified on foot of the inspection and underwent a full review by an independent audit of all fees charged by the firm," the regulator said in a statement.
The regulator said the firm has refunded customers and taken steps to implement new procedures to prevent the same thing happening again.
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