Irish central bank considering action against PPI mis-sellers
The central bank of Ireland is lulling over enforcement against six of the country’s key lenders accused of mis-selling Payment Protection Insurance (PPI) policies.
It’s announced that Bank of Ireland, Allied Irish Banks, Educational Building Society (EBS), GE Money, Permanent TSB and Royal Bank of Scotland’s Ulster Bank have been ordered to present a detailed review of their PPI sales since August 2007.
As well as conducting an internal investigation into their selling of insurance policies, the six will also communicate with customers “to outline the approach they will be taking and the expected timelines for completion of their reviews,” said the central bank.
Brecorder.com reports that around 340,000 PPI policies will have been sold in Ireland since 2007. The Dublin-based central bank was been forced into investigating the sales after hundreds of thousands of customers around the UK came forward to reclaim PPI.
According to rte.ie, most of the policies in Ireland were sold to people unqualified to receive them and, despite what their policy will have promised, would not have been able to cover their outstanding debts in the event of a change in their employment status.
A seventh, yet-to-be named lender will also be required to contact customers over the coming weeks, through the use of independent third parties only.
Customers have been instructed to wait for confirmation from their seller before mounting a claim.