Written Answers - Financial Services Regulation

Thursday, 19 July 2012

Dáil Éireann Debate
Vol. 773 No. 3

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  64.  Deputy Michael McGrath  Information on Michael McGrath  Zoom on Michael McGrath   asked the Minister for Finance  Information on Michael Noonan  Zoom on Michael Noonan   the position regarding the Central Bank of Ireland investigations into possible mis-selling of payment protection insurance by regulated entities; if he will confirm the scale of the problem; and when the investigation is due to be completed. [36072/12]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan  Zoom on Michael Noonan  I have been advised by the Central Bank that, arising from their latest inspection into the sale of Payment Protection Insurance, the [1004]Bank has identified a number of concerns. The inspection was carried out in order to determine compliance with the provisions of the 2006 Consumer Protection Code, now revised since 1 January 2012. As a result of the inspection, the Central Bank is requiring the seven firms inspected to conduct a comprehensive review of all of their PPI sales from August 2007 to date. The firms are requested to respond to the Central Bank by 17 August 2012. Copy of the Press Release dated 2 July 2012 and a copy of the letter issued to the firms concerned are available on the Central Bank’s website: www.centralbank.ie. As I have indicated in a replies to recent Parliamentary Questions on this subject, the Financial Services Ombudsman has advised me that, since 1 January 2007, his Office has received the following number of complaints from consumers in relation to mortgage protection insurance policies:

Year Total number of complaints received
2007 91
2008 80
2009 129
2010 182
2011 200
2012 (to date) 88

As the Deputy is aware, the Ombudsman is independent in the carrying out of investigations of complaints from consumers and in his determinations thereon. It would not be appropriate for me to comment on any findings which he has or will issue in regard to this matter.

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