Axa Insurance fined for not ensuring staff were qualified to give advice

Axa Insurance has been fined almost €700,000 by the Central Bank for breaching minimum competency standards and the Consumer Protection Code.

The Central Bank said AXA failed to ensure that staff who give advice on retail financial products were properly qualified.

They said this provides an unacceptable level of risk to customers.

Axa Insurance was fined €675,000 for breaches that happened between 2008 and 2014.