Sinn Féin spokesperson on Finance Pearse Doherty TD has welcomed the publication today of the Central Bank’s first phase of their review of differential pricing in the insurance sector; which arose from the submission of a complaint by Teachta Doherty to the Central Bank in October 2019.
He said today’s review confirms that the insurance industry is using dual pricing to rip-off customers.
Teachta Doherty said:
“The Central Bank’s investigation into dual pricing – carried out in response to a complaint I submitted to them in October of last year – was not expected to produce its findings until next year. I very much welcome the early publication today of the first phase of their review of differential pricing in the insurance sector.
“What the Central Bank have uncovered during the initial phase of their investigation is absolutely damning and is of such concern that they have communicated to the CEOs of all insurance firms instructing them to implement immediate requirements on foot of their findings.
“This confirms what I submitted to the Central Bank in October last year – that the insurance industry is using dual pricing to rip-off their customers.
“The Central Bank have confirmed that the insurance industry uses pricing methods that punish loyal customers and harm vulnerable and low-income groups.
“Today’s findings expose the insurance industry. They have been caught red-handed, having come before the Oireachtas Finance Committee last year claiming that there was nothing to see.
“There is only one way to regulate this practice and that is to ban it, as has been done in several States in the US. That is what I intend to pursue through legislation. It is time to end the insurance rip-off.”