Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

The Central Bank has taken a year to confirm what I had submitted to it in the dossier. I am not knocking the bank for doing this. It will take a further year to finish phases two and three, which will include final recommendations. Then the Government will consider it. The point I am making in terms of Britain is that the insurance companies operating here are operating in Britain as well. There is no need for us to reinvent the wheel. These companies are ripping off their customers. Dual pricing is happening - we know that. It is banned in 20 states across the USA. The FCA final report included what the interim report said, which was that the FCA wants to ban it as well. The problem is that it will take the Minister three or four years to do this. In the meantime, people are being ripped off by the insurance industry. They are telling the European Insurance and Occupational Pensions Authority that technology has developed so far that they can look at a customer's social media posts, including posts of their children playing, and draw information to figure out how much they can stick that customer in terms of the insurance premium quote. That is how much this is moving on. As we sit here, consumers are getting ripped off. We need to move now rather than reinvent the wheel. We should look to what is happening in Britain.

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