I have been informed by the Central Bank that their review of payment protection insurance policies covers the selling of these products under the suitability requirements of the Consumer Protection Code, which was introduced in July 2007. Policies from that date only are included as part of the review.
In the case of payment protection insurance policies sold prior to July 2007, customers should contact their financial institutions directly and make a formal complaint which will then be dealt under the complaints handling requirements of the Consumer Protection Code. Section 10.9 of the Code sets timelines by which complaints must be dealt with by such institutions. Institutions have to acknowledge complaints, in writing, within 5 days and must provide updates to the complainant at least every 20 days. Within 5 days of completion of an investigation, the financial institution must inform the complainant of the outcome of the investigation.
I have been informed that the Central Bank has not requested financial institutions to review payment protection insurance policies taken out prior to the implementation of the Consumer Protection Code. Therefore, other than the complaints handling requirements, there is no set timeframe.
