Banks forced to pay back €25m to customers

Banks have been forced to pay €25m back to customers wrongly sold payment protection plans and have been warned they face further heavy fines.

A review by the Central Bank into the payment protection insurance (PPI) schemes found widespread abuse across the industry with 43,000 policies deemed to be mis-sold.

The investigation began in 2011 and so roughly half of the 350,000 PPI policies sold since 2007 have been examined.