Insurance provider fined €15,000

Dublin-based financial services provider Pat Treacy has been fined €15,000 by the Financial Regulator.

The fines were due to breaches of regulatory requirements relating to provisions of the Consumer Protection Code and the Handbook for Authorised Advisors. These regulations cover the sale of general insurance to customers.

The firm, which is based in Crumlin, was also found to have overcharged customers fees which were in excess tot hose set out in its terms of business.

The Financial Regulator said that while it did not believe the actions of the firm were deliberate, the breaches highlighted a failure within the company's systems of control.

Pat Treacy has since undertaken steps to rectify the problems identified and appointed an independent third party auditor.

The Regulator said the matter is now closed.