The Central Bank issued an update in relation to its on-going investigation into the sales of payment protection insurance (“PPI”).
Ten firms are currently conducting a review of their PPI sales since July 2007. At the request of the Central Bank, customers that are included in the PPI sales review have been previously notified. The firms have now commenced writing to their customers who purchased PPI in July 2007 in order to inform them of the outcome of the on-going review, as it relates to their situation. Throughout 2013, the firms will continue to conduct the review and contact all other customers in relation to the outcome. The Central Bank is advising customers who receive a letter and have any questions to contact their bank or credit institution directly.
The Central Bank will monitor progress on an on-going basis with both the firms and the independent third party overseers who were appointed at the request of the Central Bank.
The Central Bank will make a comprehensive statement at the conclusion of the overall process.