V
voriax
Guest
Hi Brendan,
I contacted my local TD, taken a case to the Ombudsman, etc...
In the last letter from the Ombudsman (21 Dec.) PTSB "has been asked to furnish its response within a period of 20 working days" to my complaint. Up to now I did not get any response yet.
Is there no legal means to deal with PTSB?
I am a lawyer, but maybe in "Financial Regulator's - Consumer Protection Code August 2006" is some provision which would apply to the case? When PTSB increased its variable rate 6 times in 2 years (by 3% combined) and there were 2 increases (only by 0.5 %) of ECB interest rates in the same period.
When, at the same time, PTSB variable rate at 6.15 % was at least 2.5 % higher then its tracker rates and variable rates of its competitors, is it not in breach of Chapter 1.1 of the Code? (integrity of the market)
CHAPTER 1
GENERAL PRINCIPLES
A regulated entity must ensure that in all its dealings with customers and within the context of its authorisation it:
1 acts honestly, fairly and professionally in the best interests of its customers and the integrity of the market;
2 acts with due skill, care and diligence in the best interests of its customers;
3 does not recklessly, negligently or deliberately mislead a customer as to the real or perceived advantages or
disadvantages of any product or service;
4 has and employs effectively the resources and procedures, systems and control checks that are necessary for
compliance with this Code;
5 seeks from its customers information relevant to the product or service requested;
6 makes full disclosure of all relevant material information, including all charges, in a way that seeks to inform the
customer;
7 seeks to avoid conflicts of interest;
8 corrects errors and handles complaints speedily, efficiently and fairly;
9 does not exert undue pressure or undue influence on a customer;
10 ensures that any outsourced activity complies with the requirements of this Code;
11 without prejudice to the pursuit of its legitimate commercial aims, does not, through its policies, procedures, or
working practices, prevent access to basic financial services; and
12 complies with the letter and spirit of this Code.
I contacted my local TD, taken a case to the Ombudsman, etc...
In the last letter from the Ombudsman (21 Dec.) PTSB "has been asked to furnish its response within a period of 20 working days" to my complaint. Up to now I did not get any response yet.
Is there no legal means to deal with PTSB?
I am a lawyer, but maybe in "Financial Regulator's - Consumer Protection Code August 2006" is some provision which would apply to the case? When PTSB increased its variable rate 6 times in 2 years (by 3% combined) and there were 2 increases (only by 0.5 %) of ECB interest rates in the same period.
When, at the same time, PTSB variable rate at 6.15 % was at least 2.5 % higher then its tracker rates and variable rates of its competitors, is it not in breach of Chapter 1.1 of the Code? (integrity of the market)
CHAPTER 1
GENERAL PRINCIPLES
A regulated entity must ensure that in all its dealings with customers and within the context of its authorisation it:
1 acts honestly, fairly and professionally in the best interests of its customers and the integrity of the market;
2 acts with due skill, care and diligence in the best interests of its customers;
3 does not recklessly, negligently or deliberately mislead a customer as to the real or perceived advantages or
disadvantages of any product or service;
4 has and employs effectively the resources and procedures, systems and control checks that are necessary for
compliance with this Code;
5 seeks from its customers information relevant to the product or service requested;
6 makes full disclosure of all relevant material information, including all charges, in a way that seeks to inform the
customer;
7 seeks to avoid conflicts of interest;
8 corrects errors and handles complaints speedily, efficiently and fairly;
9 does not exert undue pressure or undue influence on a customer;
10 ensures that any outsourced activity complies with the requirements of this Code;
11 without prejudice to the pursuit of its legitimate commercial aims, does not, through its policies, procedures, or
working practices, prevent access to basic financial services; and
12 complies with the letter and spirit of this Code.