Irish Nationwide fined €50,000 for breaching regulations

Irish Nationwide has been fined €50,000 for breaching regulations in relation to an email sent last week.

The Financial Regulator found the Building Society failed to act professionally and have regard to the integrity of the market.

Late last week it emerged the son of Irish Nationwide’s Chief Executive had sent an email touting for business in Britain on the back of the government's move to guarantee all deposits in six Irish financial institutions, including Irish Nationwide.

The Financial Regulator said it had reasonable cause to suspect the Building Society committed a breach of a regulatory requirement, and launched an investigation.

Irish Nationwide has also been reprimanded by the Regulator, and the matter is now considered closed.

More in this Section

Berlin to take 20% stake in €9bn bailout of Lufthansa as airline struggles amid Covid-19 travel falloutBerlin to take 20% stake in €9bn bailout of Lufthansa as airline struggles amid Covid-19 travel fallout

Ictu head Patricia King warns Paschal Donohoe against cutting €350 pandemic paymentIctu head Patricia King warns Paschal Donohoe against cutting €350 pandemic payment

Engineers want the Government to increase spending to stimulate the economyEngineers want the Government to increase spending to stimulate the economy

Office supply wholesaler Spicers Ireland is rescued from liquidationOffice supply wholesaler Spicers Ireland is rescued from liquidation


Lifestyle

Simple storage solutions for the DIY rookie.8 simple steps to putting up a shelf

Yes, many of us have succumbed to the ‘Covid stone’ and may be trying to lose it but we all need a treat from time to time. Our recipes here incorporate tasty fruits like blueberries, apricots and almonds while Derval’s lime, chocolate and oat biscuits are a delicious and yet healthy sweet treat option.Food and Fun: Take some time out for treats

“Do you know what penguins smell like?” Landscape painter Nicholas Romeril asks, and then laughs at his own question.Nicholas Romeril: Antarctic ice-olation was the perfect training for lockdown

“I am Iron Man.” Although not the most iconic of lines in cinema history, Tony Stark’s final words were repeated across the internet with glee by Marvel fans after the Infinity Saga came to a close. Like one of Dr Strange’s portals, the Marvel cinematic universe had come full circle.GameTech: Iron Man looks a solid bet with VR version

More From The Irish Examiner