Public statement relating to Settlement Agreement between the Central Bank of Ireland and Keystone Insurance Limited

• Date: 28 January 2021

1

ENFORCEMENT ACTION

CENTRAL BANK OF IRELAND

and

KEYSTONE INSURANCE LIMITED

Keystone Insurance Limited reprimanded and fined €41,385 by the Central Bank of Ireland

for breaches of the Consumer Protection Code 2012 (the “Code”) resulting in overcharging

customers and providing unclear communication on fees to customers

On 26 January 2021, the Central Bank of Ireland (the “Central Bank”) reprimanded and fined

Keystone Insurance Limited (“Keystone” or “the Firm”) €41,385 pursuant to its Administrative

Sanctions Procedure (“ASP”) in respect of six breaches of the Code from April 2012 to

December 2017. Keystone has admitted to all six breaches.

The Central Bank’s investigation found that Keystone failed to comply with the Code in respect

of having adequate systems and controls to allow it to correctly apply fees in accordance with

its Terms of Business, and communicate clearly on fees to its customers in order for them to

make informed financial decisions. Over a five year period, 62 customers were identified by the

Central Bank investigation as having been overcharged, and 190 customers received unclear

communications.

The breaches in this matter were not self-reported by Keystone, and would have continued if it

had not been for the Central Bank’s identification of the breaches as part of an inspection in June

2017.