Sinn Féin spokesperson on Finance Pearse Doherty TD has welcomed commitments made by the Central Bank that it will be pressing ahead with the July deadline to ban price discrimination in the insurance market.
The regulator is planning to end tricks such as price-walking, whereby loyal customers are progressively charged higher premiums at renewal dates.
This comes nearly three years after Teachta Doherty submitted a complaint to the Central Bank in October 2019 calling for the practice to be banned.
Speaking today, the Donegal TD said: “I welcome comments made on Monday by the Director of Financial Regulation at the Central Bank that there will be no delay in banning price gouging, which will take effect from July.
“In 2019 I submitted a complaint to the Central Bank outlining the harm that was being inflicted on customers, with insurance companies targeting loyal and vulnerable customers and hiking their prices at renewal.
“In 2021 I introduced legislation that would ban the practice and reduce prices for consumers.
“I welcome comments made by the Central Bank that, despite calls by the insurance industry to delay the ban, it will take effect from July.
“For many years I have campaigned to end this price-gouging practice and put money back into the pockets of customers.
“I look forward to the publication of the regulations in March that will govern the ban.”