CENTRAL BANK PUBLISHES SUMMARY REPORT OF PAYMENT PROTECTION
REVIEW
On 7 March 2014, the Central Bank published a Summary Report in
respect of a review of payment protection insurance (PPI) together
with a Q&A for Consumers on PPI and information on the review
undertaken. Inspections by the Central Bank in 2011 raised concerns
that 11 credit institutions had not complied with the Consumer
Protection Code (the CPC) during the PPI sales process. The purpose
of the review was to identify where the CPC had not been complied
with in respect of the sale of PPI (or where the credit institution
could not demonstrate such compliance).
An independent third party was engaged to oversee each of the
reviews in the 11 credit institutions. The results of the review
indicated that 22% of the PPI sales reviewed were not proved to be
in compliance with the CPC. This resulted in €67.4 million
(including interest of €4.9 million) being identified for
refund to approximately 77,000
