Payment Protection Insurance Investigation – the Latest

Back in July 2012 the Central Bank  announced that 7 firms in Ireland were being told to review all their PPI sales since 2007. It did not name the firms at the time.

Today the Central Bank of Ireland has named 6 of the 7 involved in the review of possible mis-selling :
They are   Bank of Ireland, Allied Irish Bank, EBS, GE Money, Ulster Bank and Permanent TSB .
These 6 have  begun their reviews and should be  communicating with their customers over the coming weeks to outline the approach they will be taking and the expected timelines for completion of their reviews. It isn’t clear why the 7th company hasn’t been named yet.

The Central Bank says it has extended its investigation to look at PPI sales by other banks and credit institutions as well as the 7 already investigated. Enforcement actions are also being considered.

The  PPI reviews are supposed to be overseen by  independent third parties and the  Central Bank say they will be be closely monitoring the reviews throughout the process.

Of course – the misselling of PPI probably goes back further than 2007 – so we would advise anyone who thinks they may have been wrongly sold PPI to think about making a claim for a refund.  See our article about Claiming a PPI Refund.

The problem is that In Ireland there is was a 6 year limit on making claims  –  only this June the Supreme Court ruled  that victims of any mis-selling only have six years from the date they were sold products to make a claim. If someone was sold PPI and didn’t discover they had even purchased it  until 7 years had passed – surely it can’t be right to stop them claiming a refund ?
The law could be changed of course – if our politicians want to do the right thing. Update: Aug 2017 – Law Finally Changed

 

In the UK the banks and credit card companies have been swamped with claims for PPI refunds. The UK Financial Ombudsman dealt with 100,000 PPI complaints in 2011 – upholding about 75% in favour of the customers. The UK ombudsman is currently receiving about 5,000 PPI complaints a week and over £3 Billion pounds has been paid out in PPI refunds and compensation in the UK since the start of 2011. In the UK – if a customer was paying the insurance in the previous 6 years they cam make a claim – no matter how long ago they started paying it. This seems a much better way of dealing with it.

Latest on PPI Claims here

 

728x90

2 thoughts on “Payment Protection Insurance Investigation – the Latest

  1. I am self employed and should not have paid ppi. I took out a loan with Bank of Ireland, Finance in 2002 for a Truck for five years. I paid ppi on that loan of over €7,000 my repayments per month were €2,642.00. When I finished the loan I asked if I was entitled to any of the insurance back and I was told no. I also had other loans with Bank of Ireland but I am not sure if I had ppi. I also had credit cards. I also have a car loan with G.E. money and a mortguage and credit card with Ulster Bank.

    • Frederick – being self employed might not have excluded you from claiming on the policy – BUT if self employed people were not covered – then you should not have been sold the pPI.

Comments are closed.