Thursday, 28 November 2019
Department of Finance
Central Bank of Ireland Investigations
84. To ask the Minister for Finance if the Central Bank has undertaken an industry wide review or investigation of potential overcharging on mortgage accounts with related insurance policies; if lenders have informed the Central Bank of cases of overcharging similar to that found in a bank (details supplied); the number of impacted customers in the bank and other lenders that have been reported to the Central Bank; and if he will make a statement on the matter. [49671/19]
85. To ask the Minister for Finance if the attention of the Central Bank has been drawn to the number of customers of a bank (details supplied) who have been overcharged in mortgage accounts with related insurance policies; if the attention of the Central Bank has been further drawn to the amount by which the customers were overcharged; if the figures will be published; and if he will make a statement on the matter. [49672/19]
I propose to take Questions Nos. 84 and 85 together.
As the Deputy is aware I have no role in the commercial activities in any bank operating in the Irish market. Officials from my department contacted the Central Bank of Ireland with your queries and received the following response:
"The Central Bank of Ireland does not comment on individual firms regulated by the Central Bank. However, the Central Bank is examining the practice and is engaging with industry on this matter.
"Where errors are identified, under the Consumer Protection Code, 2012 (the Code) firms must address and rectify issues which affect customers, with the over-arching objective of protecting consumers’ interests, including ensuring that they are not left out of pocket. The Code requires that errors are resolved and customers notified and refunded promptly, systems failures are corrected and controls implemented to prevent a recurrence of the error. If customers have any queries about their mortgage or related insurance, they should contact their lender directly."