PPI mis-selling to cost bank €1m

Bank of Ireland is to pay back close to €1m to 1,514 credit card customers who were mis-sold payment protection insurance products by the bank.

Last night, Bank of Ireland Insurance Services confirmed it is to make the refunds to customers “who self-selected PPI cover when applying for a credit card [but] were not working at the time and ineligible for cover”.

The mis-selling of PPI products is the subject of an investigation across the sector by the Central Bank’s director of consumer protection, Bernard Sheridan.