The Central Bank has ordered seven lenders to investigate whether their customers were mis-sold payment protection insurance.
6 of them have been named as Bank of Ireland, AIB, EBS, Ulster Bank, Permanent TSB (PTSB) and GE Money.
Each of the institutions is to begin contacting customers about the issue in the coming weeks.
Payment protection insurance is used to make repayments on a loan or a debt if someone cannot pay because they have lost their job, they become sick or they die.
More than 340,000 policies were sold in this country over the last 5 years.
According to the National Consumer Agency (NCI) the cover is optional.
It adds that consumers needed to weigh up the benefits against the cost of the cover and that lenders should quote for it separate to a loan.
Bernard Sheridan is Director of Consumer Protection at the Central Bank.
He has also issued this warning for consumers about companies offering to handle their claim for them as they will charge the customer for their service.
He spoke with Breakfast Business here on Newstalk.
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