IFSRAIrish Financial Services Regulatory Authority
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In addition, the IFSRA works with the Department of Finance to draft guidance for regulated institutions on combating and preventing terrorist financing.
The Portlaoise-based TD, who is an accountant by profession, says a possible conflict of interest may arise: "Some of the IFSRA people formerly worked for the Central Bank.
AXA first came clean to IFSRA in December, when controversy about refunds emerged.
But IFSRA said a 36-year-old male smoker could still save over /10 per month on a 20-year /200,000 life insurance policy by shopping around.
IFSRA said: "An internal audit revealed a number of customers had agreed to a particular mortgage rate.
IFSRA chief executive Liam O'Reilly said: "It was a deliberate hiding of the facts.
The IFSRA found the bank has been illegally charging too much money from customers and they will not be fined a cent.
Recent reports from the IFSRA (Irish Financial Services Regulatory Authority) High Court Inspectors clearly illustrate that there was something seriously rotten at the core of Irish banking for many years," he said.
Mary O'Dea, IFSRA consumer director, said the report showed the value of taking time to examine loan options.
The key measures analysed were solvency cover, available and excess assets and free asset ratios, according to Life Strategies' analysis of the IFSRA returns of the nine largest life insurance companies currently writing new business in Ireland.
It is a criminal offence for an investment firm to operate in Ireland unless authorised by the IFSRA.
He added AIB must co- operate with the new regulating body for Irish banks, IFSRA, in putting information into the public domain.