€67m PPI figure ‘a drop in the ocean’

A leading claims firm has called for a public inquiry into the full extent of payment protection insurance (PPI) mis-selling in Ireland, forecasting that the true amount owed to consumers is around €500m; nearly eight times more than a recent determination.

Earlier this year, a Central Bank-initiated independent review of PPI selling ruled that nearly 80,000 consumers should receive a combined €67m in refunds after being unnecessarily sold the insurance product.

However, the head of leading UK claim-back specialist Stanton Fisher said, yesterday, that the PPI issue could go down as the “biggest financial scandal in Irish history”.