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.