Insurance firm fined €20,000 for breaches of code

The Financial Regulator has fined an insurance company €20,000 for breaching the Consumer Protection Code.

The regulator says Tom Fogarty Insurance Brokers, from Tipperary town, overcharged on brokers' fees and failed to refund other amounts to clients.

The overcharging mostly related to motor and home insurance.

The regulator said the breaches highlight a failure on the part of the firm to have adequate systems and controls in place.