Dáil Éireann Debate, Thursday - 3 April 2014
69. Deputy Michael McGrath asked the Minister for Finance if the Central Bank of Ireland plans to progress the investigation into the mis-selling of payment protection insurance policies; the number of policies that have been reviewed at this point in time; how far back the review covers; and if he will make a statement on the matter. [15946/14]
View answerOn 7 March 2014, the Central Bank of Ireland issued a report on the review into the sales of Payment Protection Insurance (PPI) by eleven credit institutions. Inspections by the Central Bank in 2011 raised concerns that credit institutions had not complied with the Consumer Protection Code (the Code) during the PPI sales process and therefore the eleven credit institutions were instructed to review their sales of PPI for compliance with the Code. The review focused on the sale of PPI from 1 July 2007, the date when the Code came into full effect. €67.4 million (including interest of €4.9 million) is being refunded to approximately 77,000 policyholders who were sold PPI since 1 July 2007. This represents 22% of the 354,000 PPI sales included in this review. Refunds are paid in cases where credit institutions did not comply with the Code when selling PPI or could not demonstrate compliance with the Code. The summary report, along with a Q&A document are available on the Central Bank website at the following link: http://www.centralbank.ie/press-area/press-releases/Pages/CentralBankreportsonthePaymentProtectionInsurancereview.aspx.
