Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

What annoys me is that the Government is signalling today that it will wait until the end of the review. That sounds logical. I instigated the review because of what I had done with my engagement with and complaint to the Central Bank and the Competition and Consumer Protection Commission. Anyway, the first phase of the review has basically vindicated everything I have said. It has found the practice operates on a wide scale across the market. Many of these operators operate from Britain. The United Kingdom Financial Conduct Authority, FCA, has already concluded its final report. The FCA is going to ban the practice that punishes people for what is called dual pricing or the loyalty premium. If a customer is with an insurance company for five years or more, then the customer will be charged 30% extra on average in terms of the renewal practice. This problem is real right now. It is reckoned operators have been overcharging 6 million people in Britain. People here are being overcharged hundreds of millions of euro. The firms are using big information, including social media sites. They can take information from posts, photographs and videos. I appeal to the Minister to show urgency and to move to give us a firm commitment that this will be banned within the year.

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