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Irish regulator fines New Ireland Assurance over consumer code breaches

The CentralBank of Ireland fined New Ireland Assurance Co. Plc €650,000 for two breachesof the Consumer Protection Code that occurred between July 1, 2012, and Nov.30, 2014.

The central bank said July 18 that the unit failed to provideits customers with complete information about their investment products and wasunable to put in place adequate systems and controls to ensure the provision ofsuch information.

As a result of the breaches, the firm's customers weredeprived of important information that would have enabled them to analyze theperformance of their long-term investment products on at least an annual basisand to make informed decisions regarding the products, the central bank added.

New Ireland Assurance accepted the breaches as part of asettlement agreement with the central bank.