Guest blog post regarding PPI claims investigations in Ireland.
The Central Bank of Ireland has issued an update on its on-going investigation into the sale of PPI policies.
This reveals that, at the request of the Central Bank, six banks – the Bank of Ireland, Allied Irish Banks, EBS, GE Money, Ulster Bank and Permanent TSB – have begun a review of their PPI sales since August 2007.
The Central Bank has also revealed that during September it extended its investigation to look at PPI sales by other banks and credit institutions. Enforcement actions are also being considered.
“At this point we are naming the firms which, at our request, have begun their reviews and who will 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,” said the Central Bank in a statement. “We will update consumers as developments arise in relation to other firms. We cannot comment further on other firms at this time.”
According to Director of Consumer Protection, Bernard Sheridan, the Central Bank is requiring the firms to take an orderly, co-ordinated and consistent approach to their reviews and will continue to monitor them closely.
“Consumers of the firms undertaking the reviews do not need to do anything at this point; they will be contacted directly by their PPI seller in relation to the review process and next steps,” he said.
