The Central Bank of Ireland has fined FBD Insurance €490,000 for breaches of the consumer protection code over the years 2006 to 2011.

The fine comes after FBD provided the Central Bank with a report that owned up to a number of minor consumer protection failures.

FBD, which insures over 90,000 farmers, owned up to the errors and said in a statement that no customers were out of pocket as a result. Speaking to FBD chief executive Andrew Langford, he said they were obviously very disappointed these breaches occurred, but are satisfied they are legacy issues. He said the group has since increased its compliance department.