Central Bank of Ireland Investigations

Dáil Éireann Debate, Thursday - 16 January 2014

Thursday, 16 January 2014

Questions (28)

Michael McGrath

Question:

28. Deputy Michael McGrath asked the Minister for Finance if he is satisfied with the progress being made by the Central Bank of Ireland in its investigation into the misselling of payment protection insurance policies; when the investigation will be completed; the expected number of customers who will be entitled to some remediation; and if he will make a statement on the matter. [1631/14]

Written answers

Minister for Finance

On 3 October 2013 the Central Bank issued an update on its on-going investigation into the sales of Payment Protection Insurance (PPI). Eleven firms are reviewing their sales and, where appropriate, offering a refund to their customers where the PPI sale is found to be in breach of the Consumer Protection Code since July 2007.

I have been informed by the Central Bank that the review of the eleven firms is drawing to a close and that all customers covered by this review have been contacted, with the majority of those eligible for a refund, having already received their refunds.

I am satisfied that the investigation is progressing. Pending completion of the investigation, I will not comment on the expected number of customers to receive remediation.

When the investigation has been completed to its satisfaction, the Central Bank will issue a statement.