You asked us to combine your original mortgage accounts. At that point, these mortgage accounts closed and a new mortgage account opened. Unfortunately, we did not apply the PPI cover associated with your original mortgage accounts to your new mortgage account.

PPI is an optional insurance product which can help you make your mortgage repayments in the event of a successful claim if you suffer an accident, illness or involuntary unemployment. The policy covers your mortgage payments up to a maximum of €2,000, for a maximum of 12 months. It also provides lump sum cover for specified critical illness of up to €24,000. The level and conditions of cover are set out in the terms and conditions.

 

This product is underwritten by AXA France IARD S.A., trading as AXA Partners – Credit & Lifestyle Protection.

We discovered this mistake in January 2021. Since then we have identified all affected accounts.

We are writing to each customer who has an account affected by this mistake.

 

If you believe you could have made a claim on your new mortgage account after it opened, please contact us so we can review this for you.

 

If your mortgage account is currently open, we are giving you the option to restore your PPI cover now if you meet the eligibility criteria referenced in your letter. Although PPI is no longer sold in the Republic of Ireland, we are providing this option now to rectify our mistake.

We have updated the internal process which resulted in this mistake.

Yes, the CBI has been informed in line with our regulatory reporting obligations. 

If your account is open, you have the opportunity to restore your PPI cover now. Please check that you meet the eligibility criteria set out in the letter we sent to you.

 

Please contact us within 60 days from the date of your letter to confirm whether or not you would like to restore your PPI cover now. You can call us on 0818 300 157 between 9am and 5pm, Monday to Friday and we will take you through the next steps, where relevant.

Your monthly PPI benefit is the amount paid towards your monthly mortgage repayment in the event of a successful claim. This amount depends on the type and level of PPI cover you choose.

 

For example, with 50% PPI cover you would be entitled to 50% of your monthly mortgage repayment in the event of a successful claim. With 100% cover, you would be entitled to 100% of your monthly mortgage repayment in the event of a successful claim.

 

If you would like further information or would like to restore your PPI cover, please ring us on 0818 300 157 between 9am and 5pm, Monday to Friday and we will take you through the next steps.

If you believe you could have made a claim on your new mortgage account after it opened, please contact us so we can review this for you.

 

If you have an open account and do not want to restore your PPI cover, please ring us on 0818 300 157 between 9am and 5pm, Monday to Friday to let us know your decision. 

Yes, as PPI is an optional insurance product. You can cancel it at any time by writing to AXA Partners, AIB Protection Plan, AXA Partners SAS, PO Box 602, Shannon, Co. Clare.

 

A cancellation instruction must be signed by all policyholders.

 

PPI is no longer sold in the Republic of Ireland so you may not be able to get this cover again if you decide to cancel.

If you are concerned about no longer having PPI, you may benefit from a review of your protection needs with either an independent financial advisor, or one of our AIB Financial Advisors to help you make any decisions.

 

If you would like to talk to an AIB Financial Advisor, please contact us or visit www.aib.ie/our-products/investments/plan-for-financialneedsandgoals.

 

You may not be able to take out another PPI policy as Mortgage PPI is no longer sold in the Republic of Ireland. You can however, take out other protection policies, such as income protection or critical illness cover which may cover your financial outgoings if you were unable to work.

When your mortgage term finishes, you must notify the insurer, AXA Partners, in order to cancel your policy and stop your premium payments. You can do this by writing to AXA Partners, AIB Protection Plan, AXA Partners SAS, PO Box 602, Shannon, Co. Clare.

 

If you do not cancel your policy with AXA partners your policy will remain in place, however you will not be able to claim once your mortgage account has closed. 

If you have a question or want to complain please ring us on 0818 300 157 or you can write to us at:
 

AIB Insurance Services,
Block H,
Central Park,
Leopardstown,
Dublin 18,
D18 CK74.

 

You can also complain to the Financial Services & Pensions Ombudsman (FSPO). The FSPO seeks to resolve complaints through mediation, or through investigation and adjudication. Information about the services of the FSPO is available from www.fspo.ie.