Customers who purchased card protection insurance through AIB could be entitled to compensation.

The Central Bank says it has been engaging with the bank over a voluntary redress scheme for consumers who purchased card protection insurance from Pinnacle Insurance plc (Cardif Pinnacle) through AIB.

It says this is because an element of the card protection scheme, in relation to unauthorised or fraudulent use, was not required as customers were already covered under the terms and conditions of their card.

Customers affected are to be contacted by AIB, provided with an explanation and details of how to make a claim.

The director of consumer protection with the Central Bank, Bernard Sheridan, said: "We require all firms to make full disclosure to consumers of all relevant material information when selling any financial product".

"It is important that consumers can have confidence that firms are acting in their best interests and that they are not sold any cover which they do not need. Where this has occurred it is our priority to ensure that consumers receive full redress. We encourage all affected consumers to make a claim".

If consumers do not receive a letter from AIB by September 30th but think they have been affected, they should contact the firm directly.