The Central Bank should immediately publish the scorecard of the 11 firms involved in the mis-selling of payment protection insurance policies (PPI), according to Fianna Fáil Finance Spokesperson. Deputy McGrath has also called for a change to the rule which prevents consumers lodging a complaint with the Financial Services Ombudsman (FSO) concerning a product sold more than six years ago.
Deputy McGrath was speaking following the publication by the Central Bank of its report into the mis-selling of PPI policies since July 2007 and which has resulted in over €67m being refunded to around 77,000 customers.
Deputy McGrath commented, “I welcome the publication of today’s report by the Central Bank into the breaches of the Consumer Protection Code arising from the mis-selling of thousands of PPI’s to unsuspecting customers. I firmly believe the Central Bank owes a duty to all consumers to provide a breakdown of the performance of the 11 firms who have been involved in this scandal. This information would be vital for consumers making important decisions as to who to buy financial products from in the future.
“It is an indictment of the institutions concerned that refunds were granted in the case of over 20% of the policies sold by the institutions in the period under review. The publication by the FSO of the complaints record of individual financial institutions as part of his recent figures was a welcome development and this example should be followed by the Central Bank.
“It is safe to assume that thousands of other customers were mis-sold PPI policies prior to July 2007. These consumers are currently not allowed to lodge a complaint with the FSO because of the six year rule. This rule urgently needs to be reviewed and replaced with a provision whereby a consumer has a certain period to lodge a complaint from the time they became aware of a problem with the product they were sold. Fianna Fáil has published a Bill to address this issue and hopefully the Bill can be debated in the Dáil as soon as possible.”