Dara Murphy (Cork North Central, Fine Gael)
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129. To ask the Minister for Finance if the Financial Regulator was instructed to only investigate irregularities in payment protection schemes prior to 2007; and if he will make a statement on the matter. [26587/14]

Michael Noonan (Limerick City, Fine Gael)
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I have been informed by the Central Bank that it conducted a review of the sale, from 1 July 2007 only, of Payment Protection Insurance by firms. It did not include sales prior to 1 July 2007. The Central Bank's Consumer Protection Code came into effect on 1 July 2007. This put the Code's requirements in relation to Knowing the Consumer and Suitability onto a statutory basis and thus enforceable by the Central Bank from that date. Therefore 1 July 2007 was set as the commencement date for the Review.