Banks urged to stop ‘targeting’ clients by monitoring accounts

THE Central Bank has been urged to stop banks from “aggressively targeting” consumers by monitoring customer accounts and account transactions.

The Professional Insurance Brokers Association (PIBA) said that it is time for fair play to be at the “heart of regulation” adding that it would be “perverse” if the laws of the land were to allow the banks to continue to market consumers on the basis of the private account information they hold.

PIBA’s chief executive, Diarmuid Kelly, said: “Unless it is comprehensively and unequivocally addressed we will continue to see the perpetuation of a two-tier financial system where one law applies to the banks and another to everyone else.