Dáil Éireann Debate, Tuesday - 24 April 2012
222 Deputy Michael McGrath asked the Minister for Finance if he will provide details of the investigation currently being undertaken by the Central Bank of Ireland into the sale of payment protection insurance by financial service providers; when he expects the investigation to be completed and if he will advise if consumers who have been mis-sold payment protection policies will be paid compensation as a result of the investigation. [20140/12]
Amharc ar fhreagraIn 2011, the Central Bank carried out an initial review of the suitability of sales of payment protection insurance to customers who took out loans to determine if the sales were in compliance with the requirements of the Consumer Protection Code. The Director for Consumer Protection in the Central Bank indicated that, arising from this initial review there were concerns in relation to providers of payment protection insurance. The Bank committed to examining these concerns in more detail and announced a "2012 Programme of Themed Reviews and Inspections" for consumer protection to be undertaken by the Bank. Copy of the Press Release is available on the Central Bank's website.
I have been informed by the Central Bank that they will provide an update on the progress of the payment protection insurance review at mid-year.
