The latest Central Bank inspection has raised some concerns in relation to the sale of payment protection insurance.
The Central Bank said it wants seven firms to conduct a comprehensive review of all their PPI sales from August 2007 to date.
It also said it was considering possible enforcement actions as a result of the inspection due to its concerns about the level of compliance with the requirements of the 2006 code.
A payment protection insurance policy is an insurance policy designed to cover repayments on a loan or other form of credit for a specified amount of time if the policyholder suffers from an accident, illness or redundancy. In some cases, life cover is included.
Many lenders offer this type of policy when consumers apply for credit in the form of a mortgage, personal loan, motor loan, a credit card or a store card. About 340,000 policies were sold between August 2007 and November 2011.
The Central Bank has carried out a review of sales files for PPI policies sold to Irish consumers. This has found that consumers were often not aware of the exclusions attached to their policies, or in some cases, it appeared they may not have been ever able to claim due to their employment status or residency status.
The bank's main concerns arising from the inspection include companies not gathering sufficient information to enable them to determine whether the product sold was suitable for the consumer and the timing of the provision of key information to consumers by firms. Firms also treated sales as ''execution only'' without complying with the relevant requirements of the Central Bank code.
The Central Bank also noted poor record keeping and incomplete files while it also found that some companies failed to bring key information on policies explicitly to the attention of individual consumers.