For the second time in 2008, Hibernian Direct Insurance has been added to the ValueIreland.com Overcharging List of Shame.
As reported in Saturdays Irish Times, this week the Hibernian Direct has had to repay 370 of their customers a total of €16.608, as well as a €45,000 fine to the Financial Regulator. This was because the Financial Regulator determined that Hibernian had broken the consumer protection code.
According to the Irish Time article:
The breaches related to the sale of optional extra cover in relation to motor policies sold by Hibernian. The regulator found that Hibernian did not provide all the information required by the code when selling these extras.
In another case of providential timing, this is the first time in 4 years that the Financial Regulator have fined a financial services company (at least that they’ve told us about) who was found to have unfairly taken (read: stolen) money from their customers.
It was only last Tuesday that the Irish Examiner highlighted the fact that these companies normally get away free and easy for such actions.