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ARTICLE · 05 DECEMBER 2014

Payment Protection Insurance Remains In Spotlight

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In 2012 the Central Bank of Ireland directed that a widespread review of PPI sales be undertaken, which resulted in refunds of €67.4 million (including interest of €4.9 million) being made to approximately 77,000 policyholders.

IrelandInsurance
Sharon Daly
Sharon Daly
Darren Maher
Darren Maher
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In 2012 the Central Bank of Ireland directed that a widespread review of PPI sales be undertaken, which resulted in refunds of €67.4 million (including interest of €4.9 million) being made to approximately 77,000 policyholders. Notwithstanding this, a huge volume of disgruntled policyholders have maintained that they were mis-sold PPI and have either submitted a complaint to the Financial Services Ombudsman (FSO) or issued legal proceedings. To date, both the FSO and the Irish courts have largely found in favour of credit institutions and ruled that PPI was not mis-sold to policyholders. However, this has not discouraged claimants and challenges to PPI sales persist.

Central Bank PPI Review

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