RTÉ says AIB has declared that it has 'mixed up' forty thousand business and personal accounts when levying charges on the account holders. They say €4 million is involved in the blunder.
They did not say whether that was four million mistakenly calculated in their favour or in the customers
It had been at least a year since the last AIB charges 'mixup' so this was probably overdue.
Why vote them more of our sovereignty when they've made a bags of the sovereignty we gave them already?
"There isn’t a country of the 17 euro countries at present who could carry this in a referendum, there isn’t a single country bar Ireland." - Minister for Finance
That's why we need 3 types of auditors for banks
1) The current regulatory accounting auditors
+
2) Business auditors: business consultants / economists who see if shareholders are getting value for money
3) Operations auditors: management/IT consultants who review the operations aspect of the business to see if it is good quality
2&3 should report to the independent directors+regulators... that way they'd have quality information
cYp
"Yawn , am I alive yet ?"
Sure whats another 4m at this stage.
Expect a firmly worded do't do that again statement from the Data Commissioner in the coming days.
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If it transpires that this mistake is in the customer's favour then this will be a first. A feature of the mistakes made by financial institutions is that they invariably favour the institutions. This bias should be interpreted to mean the errors are not random or the processes within the institutions are so biased in their favour that any errors result in increased costs to the customer. Either cause should have been rooted out by effective regulation but of course those two words clash!Originally Posted by He3
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They did not say whether that was four million mistakenly calculated in their favour or in the customers
....
Yes indeed, very cynical to slip this out in the wake of Lee announcement. From what I heard the Financial Regulator has known since November 2008. This is one of dozens of overcharging incidents in the last 10 years.
Quimby can't be trusted-Vote Sideshow Bob for Mayor
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say no to bank charges
The media DIDN'T pick this up. It was 'slipped' in on the news at the end of another news item. Disgraceful.
The hurt of one is the hurt of all, the honour of one is the honour of all.
Native American Indian Traditional Code of Ethics
First off it is the Financial Regulator who makes these kind of announcements:AIB slips out news of its latest 'mixup' over €4m. charges on 40000 accounts.
RTÉ says AIB has declared that it has 'mixed up' forty thousand business and personal accounts when levying charges on the account holders. They say €4 million is involved in the blunder.
They did not say whether that was four million mistakenly calculated in their favour or in the customers
It had been at least a year since the last AIB charges 'mixup' so this was probably overdue.
Statement ? AIB Charging Error
Statement 8 February 2010
Secondly as you can surely see from the above this press release has been planned a whileFollowing notification of this error, the Financial Regulator requested independent third party confirmation with regard to the undertaking of this project and feasible timelines for providing refunds. This work is being undertaken by KPMG. In light of this analysis, AIB have been directed by the Financial Regulator to
Better to focus on fixing the problem which the FR addresses here:
General Charging Issues Statement - Matthew Elderfield
And I posted on:General Charging Issues Statement - Matthew Elderfield
Statement 8 February 2010
The Head of Financial Regulation, Matthew Elderfield, announced today that the Financial Regulator is conducting a review of its approach to how overcharging is dealt with
cYp
"Yawn , am I alive yet ?"
Correct, in a few sentences tacked onto a piece about NAMA/IMF.
The Regulator is tearing into them demanding fast action or else -
http://www.financialregulator.ie/pre...gingError.aspxAIB have been directed by the Financial Regulator to communicate with all potentially impacted customers by 31 December 2010 and to complete the process and refund all accounts affected by 31 March 2011. The Financial Regulator continues to engage with AIB on this matter. AIB has carried out system changes to prevent this issue re-occurring.
Why vote them more of our sovereignty when they've made a bags of the sovereignty we gave them already?
"There isn’t a country of the 17 euro countries at present who could carry this in a referendum, there isn’t a single country bar Ireland." - Minister for Finance
Yeh, I was wonderin' when they'd get snared ripping off their customers again.RTÉ says AIB has declared that it has 'mixed up' forty thousand business and personal accounts when levying charges on the account holders. They say €4 million is involved in the blunder.
They did not say whether that was four million mistakenly calculated in their favour or in the customers
It had been at least a year since the last AIB charges 'mixup' so this was probably overdue.
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