Written answers
Tuesday, 12 February 2013
Department of Finance
Banking Sector Investigations
Michael McGrath (Cork South Central, Fianna Fail)
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To ask the Minister for Finance if he will provide details of the current investigation being undertaken by the Central Bank of Ireland into possible mis-selling of payment protection insurance policies by financial institutions; if he will state if there is any estimate of the amount of compensation required for customers; and if he will make a statement on the matter. [7117/13]
Michael Noonan (Limerick City, Fine Gael)
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I have been advised by the Central Bank that the investigations into the incorrect selling of payment protection insurance to consumers are still on-going. The Central Bank has requested several firms to conduct comprehensive reviews of their payment protection insurance sales – this investigation to be overseen by a third party. The listed firms have commenced their reviews of payment protection insurance sales since July 2007. The Central Bank has extended its investigations to examine sales by other banks and credit institutions. Arising from the reviews each firm must determine what action is required, including contacting consumers and making refunds, where necessary. I have been further advised by the Central Bank that it is closely monitoring the progress of these reviews. The Central Bank has indicated to me that, at this stage, it is not possible, to estimate the time frame for completion of the reviews, how many consumers are likely to be affected or the total amount of re-imbursements.
The Central Bank is updating consumers on the progress of the on-going investigations.
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