John Halligan (Waterford, Independent)
Link to this: Individually | In context | Oireachtas source

280. To ask the Minister for Finance further to previous parliamentary questions on the issue of the mis-selling of payment protection insurance policies, if he will confirm the current status of the investigation being held by the Central Bank of Ireland; the progress that has been made in the ongoing negotiations with small entities, including credit unions, which sold this insurance; the amount of the total refund to date; the number of policies refunded to date; when is it estimated that the refund process will cease; if he is satisfied that the process of refunding the mis-sold policies is being adequately run; and if he will make a statement on the matter. [36082/15]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

As I said in response to Question No. 209 on 10 March this year, the Central Bank issued a Summary Report of its Payment Protection Review ("the PPI Review") in March 2014. The PPI Review included the sales by 11 credit institutions since July 2007. This resulted in a total refund of €69.5 million (including €6.1 million in interest). Around 83,490 policies have been refunded. I understand from the Central Bank that the projects in the 11 institutions are completed.

As part of the overall PPI review, all consumers were written to by firms participating in the review giving them the opportunity to complain to the Financial Services Ombudsman if they were unhappy with the findings of the individual review of their PPI policy. I am informed by the Central Bank that it is continuing to engage with smaller entities that sold PPI including Credit Unions. It is expected that this review will conclude later this year. The objective of the review was to identify if there were instances where the Consumer Protection Code was not complied with in respect of the sale of PPI by credit institutions and where appropriate to remediate consumers. This Code, of course, continues to protect consumers of financial products sold by regulated financial institutions.