Public statement relating to Settlement Agreement between the Financial Regulator and Pat Treacy Insurance Brokers Limited

• Date: 05 November 2009

PO BOX 9138 T +353 1 224 4000

College Green F +353 1 224 6022

Dublin 2

Settlement Agreement

between the

Financial Regulator and Pat Treacy Insurance Brokers Limited

The Financial Regulator has entered into a Settlement Agreement with effect from 5

November 2009 with Pat Treacy Insurance Brokers Limited (‘the firm’) of 261 Crumlin

Road, Dublin 12, a regulated financial service provider, in relation to breaches of regulatory

requirements.

The Financial Regulator has reasonable cause to suspect that breaches of regulatory

requirements occurred in relation to the failure by the firm to comply with certain provisions

of the Consumer Protection Code (the Code) and the Handbook for Authorised Advisors (the

Handbook). These related in particular to the sale of general insurance products to customers,

including the sale of motor insurance and household insurance.

The Financial Regulator has reprimanded the firm and fined it €15,000.

These breaches were discovered during the course of the Financial Regulator’s themed

inspections into ‘Charges and Premium Rebates in the Insurance Intermediary Sector’ and

relate, inter alia, to a failure by the firm to act in the best interests of its clients. The firm

failed to comply with requirements for the period from 1 January 2006 until 31 March 2009.

The breaches relate inter alia to:

 the firm overcharging fees in excess of those set out in the firm’s terms of business;