Written answers

Tuesday, 24 September 2013

Department of Finance

Payment Protection Insurance

Photo of Arthur SpringArthur Spring (Kerry North-West Limerick, Labour)
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189. To ask the Minister for Finance the options available to persons who wish to seek refunds of payment protection insurance which they believe they were mis-sold prior to 2007; if the financial organisation which sold the PPI is obliged to inform them of their possible entitlement to a refund; and if he will make a statement on the matter. [39440/13]

Photo of Michael NoonanMichael Noonan (Minister, Department of Finance; Limerick City, Fine Gael)
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I have been advised by the Central Bank that it has requested 10 firms to carry out a review of their sales of Payment Protection Insurance (PPI) since 1 July 2007, the date the Consumer Protection Code came into effect. At the request of the Bank, these firms have informed all their customers included in the PPI sales review of their intention to provide updates to them as the review progresses throughout 2013. Firms began to issue the findings of the review, and refunds were applicable, to consumers in May 2013 and this will continue for the remainder of 2013.

The firms currently involved in this review are Allied Irish Banks, EBS, Bank of Ireland, Ulster Bank, GE Money, Permanent tsb, Bank of Scotland, Danske Bank, KBC Bank Ireland and RaboDirect Bank Ireland. The Central Bank has informed me that as part of this review the 10 firms are not obliged to review sales prior to 1 July 2007 and therefore consumers who believe they were mis-sold a PPI prior to July 2007 should contact the firms directly.

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