Quinn Insurance escapes bank fine

The Central Bank has decided against fining Quinn Insurance Limited, not because the firm is innocent but because it is entirely reliant on funding from the insurance compensation fund.

In a statement, the Central Bank said it was not in the public interest to fine Quinn Insurance. “The Central Bank considers that the contraventions committed by the firm merit the maximum monetary penalty that can be levied by the Central Bank on a regulated financial services provider, namely €5m.

“However, the firm is under administration and is entirely reliant on funding from the Insurance Compensation Fund. In these wholly exceptional circumstances, the Central Bank has decided that it is in the public interest to waive the monetary penalty in its entirety.”