permanent tsb Bank confirms that it is participating in an industry wide review of all sales of Payment Protection Insurance (PPI) since August 1st 2007. The purpose of the review is to ensure that all sales of the product were suitable for the customers’ circumstances and that all key information was provided to customers.
The bank will take out advertisements in the national press and write to relevant customers before 16th November to inform them of the full details of its plans. Customers are not required to do anything at this stage. It is expected that the review will be completed by mid-2013. The review is being overseen at permanent tsb by an independent firm. It will be monitored across the industry by the Central Bank.
Speaking today a spokesman said that the bank will conduct the review in an open and prompt way and is committed to an objective exercise;
We welcome this industry wide review because it will draw a line under this issue once and for all. If any mistakes were made, we need to identify them and if customers were disadvantaged we need to acknowledge that and correct their positions. The bank is committed to an objective and fair exercise and if any errors are identified in respect of individual customers we will rectify the situation fairly and speedily.