IFSRA condemns AIB failings after over-charging probe

The Irish Financial Services Regulatory Authority has condemned failings at the AIB in relation to the over-charging scandal that emerged earlier this year.

IFSRA said the AIB failed to live up to its duties in a number of respects, particularly by not notifying the regulator about certain charges it levied on customers.

A joint investigation by the AIB and IFSRA has found that the bank owes €34.2m in refunds because of the over-charging, which mainly affected around three million foreign exchange customers.

IFSRA chief executive Liam O’Reilly said today: “While we are continuing our investigations into these and other matters, it is very important that the issues relating to customers are being dealt with as a priority.

"We welcome the various initiatives announced by AIB today in relation to how it is addressing the issues that have been raised. We also wish to recognise the 25,000 staff of AIB who are hard-working people of integrity.

"The way forward is to complete this investigation so that we can fully rebuild confidence in AIB and throughout the banking sector.”