Mis-sold PPI could cost banks €500m

The Government is being urged to bring in new laws to ensure banks who mis-sold payment protection insurance (PPI) are forced to compensate thousands of customers, after warnings the sums owed by financial institutions could amount to €500m.

A company which manages claims has made the estimate based on British comparisons, and the thousands of people in Ireland who have been denied redress because their policies were taken out before 2008.

Stanton Fisher — which is British-based, with offices in Dublin — is also calling for a public inquiry or judicial review into the issue, which, it says, is potentially “the biggest financial scandal in Irish history”.