Central Bank tells lenders to investigate payment protection insurance
The Central Bank has named six of the seven lenders who have been ordered to investigate whether their customers were wrongly sold payment protection insurance.
Management at Bank of Ireland, AIB, EBS, Ulster Bank, Permanent TSB and GE Money are to begin contacting customers about the issue in the coming weeks.
Payment protection insurance is used to make repayments on a loan or a debt if someone cannot pay because they have lost their job, they are sick or they die.
More than 300,000 policies were sold over the last five years.
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