Tipperary-based insurance broker Michael Fogarty has been fined €20,000 by the Financial Regulator for breaching consumer protection regulations.

In a statement yesterday, the regulator said it had “reasonable cause to suspect” that Mr Fogarty, who trades as Tom Fogarty Insurance Brokers in Tipperary town, failed to comply with certain provisions of the consumer protection code.

The firm was found to have failed to have acted in the best interests of its clients.

Specifically, the regulator found that certain consumers had been charged broker fees that exceeded the maximum amount specified in the firm’s terms of business document.

The firm also failed to refund the difference between initial insurance quotes and the actual cost of insurance arranged.

“The firm has confirmed it has made full and prompt refunds with appropriate interest to all affected clients once the above issues were identified.”