Calls for increased fines for bank misdemeanours
15/06/2005 - 15:11:13A report from the All-Party Committee on Finance is calling for a ten-fold increase in fines on banks which mislead their customers.
The report by TDs and Senators looked at customer charges in banks.
It calls on financial institutions to publicly display all their interest rates on loans and says that the financial regulator should name and shame lenders who charge excessive rates.
It says fines for banks who misbehave should increase from €5m to €50m and says legislation to protect whistleblowers should be introduced as quickly as possible.
The report also says that people in low income groups should have equal access to credit to prevent them from opting for moneylenders.
