Banks accused of operating illegally

The Professional Insurance Brokers Association has accused Irish banks of operating illegally and using sensitive customer information to pressure consumers into buying products.

According to PIBA, banks are defying consumer protection laws by monitoring account transactions and using the information to pressure consumers in to switching independently sourced products over to banks’ own products.

PIBA chief executive Diarmuid Kelly said: “These are illegal practices. The banks are flagrantly violating consumer protection laws and pressurising consumers who feel they have little choice because their credit facilities could be curtailed or withdrawn ”