Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

Does Ms Rowland have a view on the interim findings and the remedies on which we propose to focus, including a ban on dual pricing? What is her view on the potential remedies we propose not to focus on? What remedies should we be considering? Are there any other potential changes or innovations? While the FCA is carrying out consultation, it is doing so in the final stages of a large piece of work. It has done its analysis and come up with a suite of options and it is looking for feedback. I do not wish to waste time but I make that point because it would be unfair to suggest it is at the same stage as the Central Bank of Ireland. I welcome that the Central Bank is carrying out an investigation into the matter. I know from my meeting with the Competition and Consumer Protection Commission that it is looking at including this issue in its work programme for 2020. I encourage engagement and co-operation between the agencies.

I was a little concerned by some of the contributions on dual pricing and price discrimination or price optimisation or whatever one wishes to call it. Some would call it fleecing the customer. It was suggested that it is just about attracting new entrants. An insurance company that offers a 10% or 20% reduction for new entrants is following normal business practice and trying to entice new customers. The practice in the mortgage market is different. If Senator Conway-Walsh and I seek mortgages from Permanent TSB or AIB at the same time, we will be offered the same rate regardless of our personality or behaviour. Insurance companies do not just look at one's likelihood of renewal, which is the loyalty premium; they use big data analytics of a type and scale we have never seen before and about which customers do not have a clue. They are using artificial intelligence to manipulate those data, including images and videos on applicants' social media, to decide whether they will be hit with a bigger insurance premium. Is that not the case? Is that not what these sophisticated algorithms are doing?