Did you see this in the Irish Examiner
The Central Bank has been conducting an investigation into the mis-selling of PPI to "the self-employed, those close to retirement, and those on contract — the bulk of whom were ineligible to be insured under such policies" and have found that the problem was widespread here in Ireland, as in the UK
The Central Bank’s report on its investigations to date state: "We have completed our initial review of seven lenders and are now commencing further more detailed assessments as the initial review raised a number of concerns.
"We intend to complete this assessment in the first half of 2012 to determine if regulatory action is necessary and will follow up with each firm directly. A summary of the main findings will also be published."
The Irish Examiner understands that the second phase of the investigation has uncovered a very serious problem for the banks, and that the Central Bank expects that millions of euro in compensation and refunded premiums will have to be paid to thousands consumers who were wrongly sold the products.
The Central Bank’s "themed inspection" is still under way but is already causing concern among officials that the problem was "very, very serious".
British banks have set aside over £5.5bn (€6.6bn) to compensate British customers who were wrongly sold payment protection insurance. In Britain, it was found that the vast majority of PPI policies were mis-sold.
Legal firm McHale Muldoon has disclosed it has successfully settled a number of cases with Irish financial institutions on behalf of clients who were mis-sold payment protection insurances in Ireland over the past decade.
The settlements were for between €2,500 and €3,000. The company said the same mis-selling tactics that were used in Britain were also used in Ireland.
Read more: http://www.irishexaminer.com/ireland...#ixzz1qRvGL1G4
If the mis-selling can consist of selling to "the self-employed, those close to retirement, and those on contract" (because they were "ineligible"
to be insured), then wow, this will be very big money: think of all those self-employed in the building trades that had PPI on their mortgages, and couldn't collect a penny on the PPI when they became unemployed in the last several years. (Including my husband
Has anyone made a claim, or does anyone have more information on this?