# Combined Insurance Company fined €3.45m for hard sell tactics



## NorfBank (21 Apr 2011)

*Regulator's probe prompts Combined to suspend its Irish sales  *
                                                       By Laura  Noonan 
Indo
              Thursday April 21 2011



They have been suspended from selling insurance by the Financial Regulator.

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## ajapale (21 Apr 2011)

Ive split this from an existing thread  "Combined Insurance Company"? Pushy "hard sell" sales tactics? which is now closed.


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## Brendan Burgess (21 Apr 2011)

Wow! That is some action by the Central Bank. A complete ban on new sales. 

It's interesting that posters on Askaboutmoney have been complaining about them since November 2006!

Brendan


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## Brendan Burgess (19 Dec 2011)

The company has been fined €3.365 million after the [broken link removed]discovered 28 breaches of regulatory guidelines



> *The Central Bank of Ireland also issued a general comment from Director of Enforcement, Peter Oakes: *
> "This is the largest fine issued by the Central Bank and reflects the  seriousness with which we view fundamental regulatory failures  including inadequate systems and controls which cause large scale  non-compliance with our regulatory requirements. This enforcement action  relates to consumer protection failures and the penalty imposed  demonstrates that we will not tolerate breaches of this nature.
> The types of failures arising in this matter not only cause detriment  to a firm’s customers but also erode the special trust customers place  in regulated firms, leading to significant reputational and regulatory  cost, in the form of penalties and the expense of remedial action for  firms.
> 
> ...


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