A financial spread betting firm based in Dublin has been fined €40,000 by the Central Bank for inadequately implementing rules aimed at protecting consumers.

Pan Index Ltd, with an address on Amiens Street, was found to have breached European regulations whereby firms have to ask potential clients about their knowledge and experience of spread betting, and have to take into account such information when assessing if the services being sought by the potential client are appropriate.

The breaches were detected during an inspection by the Central Bank of contracts for difference (CFD) and spread betting carried out in March of this year.