The FSO has released a statement
PRESS RELEASE
Subject: Supreme Court Appeals: Irish Life& Permanent plc t/a permanent tsb –v- Financial Services Ombudsman & Thomas & Healy
Thursday 5th February 2015
The Financial Services Ombudsman (FSO ) welcomes the withdrawal of these two linked appeals by Irish Life & Permanent plc t/a permanent tsb (IL&P) before the Supreme Court this morning. Both appeals were listed for hearing on the 16th February and concerned two of four linked High Court appeals brought by IL&P against a Judgment of the High Court on 3rd August 2012.
The High Court Judgment affirmed the Findings of the Ombudsman in both of these cases. The FSO had upheld the complaints from 2009/2010 where those particular customers of IL&P had switched out of tracker mortgages to a fixed rate and subsequently variable rates. When the customers sought to switch back to a tracker mortgage rate they were informed that they could not do so.
Following the withdrawal of the two Supreme Court appeals, the High Court Judgment remains in place. In particular, the Judgment broadly endorsed the approach of the FSO in these types of cases. The FSO will continue to adjudicate complaints on the basis of these standards and in the context of each individual complaint.
It is acknowledged that the process involved in arriving at the position today, has been a long and difficult one, particularly for the Complainants concerned as well as the many other mortgage holders who have submitted similar type complaints to the Financial Services Ombudsman’s Bureau (FSOB) against IL&P.
The FSOB looks forward to satisfactory closure for all such ongoing complaints as soon as reasonably possible. Each complaint will be dealt with on its individual merits and the FSOB remains committed to now progressing complaints of this nature in accordance with the High Court Judgment, where required.
The FSOB has written today to all affected Complainants to appraise them of the situation.