Michael McGrath
Question:118. Deputy Michael McGrath asked the Minister for Finance the position regarding the mis-selling of payment protection insurance; and if he will make a statement on the matter. [5362/15]
View answerThursday, 5 February 2015
Questions (118)
Written answers
In March 2014, following the conclusion of its investigations, the Central Bank reported on its review into the sales of Payment Protection Insurance ("the PPI Review"). The PPI Review included the sales by 11 credit institutions since July 2007 and resulted in a refund figure of €67.4 million (including €4.9 million in interest) to consumers. 353,806 policies were within the scope of the PPI Review.
Credit institutions included in the PPI Review were required to demonstrate that their PPI sales were in compliance with the Consumer Protection Code. This included requirements to assess and evidence suitability and eligibility and to check that claims were not declined for reasons which the seller should have identified during the sales process.
The Central Bank has informed me that it is continuing to engage with smaller entities that sold PPI including Credit Unions.
A copy of the press release, report and a customer Q and A is available on the Central Bank's website.