Central Bank hits AXA with a €675,000 fine

The firm has accepted the bank's findings

AXA, Dublin, jobs losses, Wolfe Tone Street, Derry,

In this file photo, Axa insurance company commercials are seen in Paris | Image: CHRISTOPHE ENA / AP/Press Association Images

 

The Central Bank has fined AXA Insurance €675,000 due to breaches of minimum competency standards and Ireland's Consumer Protection Code.

The regulators found that the insurer had failed to ensure that staff operating with a prescribed script function referred queries to an appropriately accredited co-worker - this was among a number of issued flagged in the Central Bank's probe.

In November 2014 the Central Bank's Consumer Protection Supervision Division carried out an on-site inspection of the company's branch office in Derry and its head office in Dublin. The investigation focused on a team involved in motor and property claims.

AXA has accepted these findings as part of a settlement agreement which it entered on July 26th.

The Central Bank’s Director of Enforcement, Derville Rowland, commented on the findings - he says that the current regulations put a "particular emphasis on areas dealing with consumers."

"The purpose of these standards is to ensure individuals acting for or on behalf of regulated entities in the provision of advice and associated activities, have a minimum acceptable level of competence to deal with consumers.

"In accordance with the standards, regulated entities must ensure that staff who provide advice to consumers on retail financial products hold a recognised qualification or have gained an appropriate level of experience through working in the industry." he continued.