Elderfield talks tough on bank fines

BANKS and insurance companies will have to pay tens of millions of euro in compensation to customers when up to 20 investigations into overcharging are completed by the Financial Regulator in the coming months.

And Financial Regulator Matthew Elderfield is looking for a substantial increase on the €5 million maximum fine that can be imposed on financial institutions found to be overcharging or guilty of slack practices.

Mr Elderfield told the Irish Examiner that each financial institution being investigated for overcharging has been given a deadline by which time repayments must be made.