I propose taking Questions Nos. 32 and 122 together.
I received a copy of the Irish Life report from the department officer assigned to carry out the examination into allegations of churning on 4 February. I immediately published the report on 5 February. The report has also been furnished to the Oireachtas Joint Committees on Enterprise and Small Business and Finance and the Public service for their consideration.
In brief, the major conclusion of the report was that, although a problem of churning existed within the company, in the period identified, no evidence was found of encouragement at either senior management or board level of the practice.
On 1 July last, I wrote to insurance representative bodies and all life insurers operating in the State on the question of churning. I have sought assurances that where evidence of sharp practice or abuse of consumer vulnerability existed in individual companies, it will be dealt with immediately and effectively by company management. I have called on the life assurance industry to read the report in detail. I have charged all life assurance companies to review again their procedures for dealing with customer complaints and to examine any possible evidence of misselling or churning including any compensatory measures. The responses from individual companies indicate that the level of sophistication in uncovering and dealing with sales malpractice and misselling varies from company to company.