# Should Cornmarket have told us that they were owned by ptsb?



## albob (29 Nov 2010)

Hi,
   Back in 2006 when we were getting our mortgage we went through Cornmarket as my wife is a teacher. At the time PTSB had slightly higher interest rates than AIB and BOI but Cornmarket advised us that by the time our mortgage went through (paper work sorted etc)  they suspected that AIB and BOI would have raised their rates and PTSB would be the cheapest at that stage. Their advice was to stick with PSTB. At no stage did they tell us that they were owned by the same parent company. Later in the process they advised that we go with Irish Life for life insurance despite them being way more expensive than everyone else. Their advise was that Irish Life's cover was better than the rest....again no mention of the link. We did no get the life insurance with Irish Life in the end as a family member advised that we should get the cheapest possible to cover the mortgage. However we did go with PTSB and are now paying ~1.4% more than the equivalent variable rate in AIB. 
It sickens me that we followed their advice and that I was not aware of the vested interest involved. By the time we drew down the mortgage AIB were still cheaper but at that stage we had gone through all the paper work etc with PTSB and to switch over would have added delay and in the crazy market that it was at the time that as not an option.

I'd love to take a case against them for not acting in the best interest of their client or something like that. It costing me ~3,000 a year extra in interest, money I barely have. Do I have any case against them? Anything I can do? I obviously don't have any paper evidence of them *not *telling me something. Perhaps I just have to suck it up like a lot of things these days....but at least having a rant is good too (and I know there are people in a lot worse position than I am).
Thanks

[Apologies if this is an inappropriate forum....was not sure which one was the best fit. Mods, feel free to move]


----------



## boaber (29 Nov 2010)

This is a link to their Terms of Business



They hold written letters of appointment with numerous product providers, so they should have been able to get the best deal for you.

The following is from the TOB document:
*
Complaint Handling Procedure*
Cornmarket is committed to providing a high level of service and has a complaint handling procedure in place. Should you feel that you have not received a satisfactory level of service, please write in the first instance to Jane Horan, Cornmarket Group Financial Services Ltd., Christchurch Sq., Dublin 8, or email complaints@cornmarket.ie.  If you are unsatisfied with the outcome of your complaint through Cornmarket, you may also submit any complaint to the Financial Services Ombudsman Bureau, 3rd Floor, Lincoln House, Lincoln Place, Dublin 2 or the Pensions Ombudsman, 36 Upper Mount St., Dublin 2.
*
Conflict of Interest*
Your attention is drawn to the fact that some person(s) connected with us may have an interest, relationship or arrangement which is material in relation to the investment,
transaction or service we are providing.  However, our employees are required to comply with our policy of independence and disregard any such interest when making recommendations to you.


----------



## Brendan Burgess (29 Nov 2010)

Hi bob

It's a very interesting question. Many brokers who were not owned by ptsb also recommended them. 

Brokers must issue a Reasons Why letter when recommending investment products. I am not sure if mortgage brokers must do as well? Did they issue you with such a letter or explain in writing why they recommended ptsb? 

I suspect that they have disclosed the fact that they are owned by ptsb somewhere on their literature. If they didn't, you may have a complaint.


In 2006, you should have been able to get a tracker mortgage. I would ask why they did not recommend this to you. 

I suggest you make a formal but politie complaint to Cornmarket. 
I suggest you copy it to your union and ask your union why do they recommend Cornmarket? I have never understood why they do. 

If you are not happy with the response, you make make a complaint, free of charge, to the Financial Services Ombudsman.


----------



## NorfBank (30 Nov 2010)

Brendan Burgess said:


> I am not sure if mortgage brokers must do as well? Did they issue you with such a letter or explain in writing why they recommended ptsb?



The Consumer Protection Code (which required firms to explain in writing their reason for recommending a certain product) was introduced in 2006 but firms did not have to comply with the Code until July 1st 2007. 

You would expect Cornmarket as a large broker to have been giving reasons why letters / statements of suitabiliity in 2006 but they were not obliged to until 2007.

As Cornmarket are owned by Irish Life & Permanent and as such are not independent, why do the other life companies even give them an agency - seems like a strange practice to me.

[broken link removed]


----------



## albob (30 Nov 2010)

They did give a letter explaining why they recommended the PTSB. From what I recall it didn't say much in terms of why they actually recommended them in particular. It was more about why they recommended a fixed rate at the time rather than tracker (rates expected to rise etc).
In any case I threw that doc out a while back. I could ask them if they kept a copy and if so to forward a copy onto me.


----------



## Brendan Burgess (30 Nov 2010)

Hi albob

You will need a copy to formulate your complaint.


----------



## ShaneS (6 Dec 2010)

Everything that Cornmarket recommend is Irish Life & Permanent related. IL&P formally took control of Cornmarket in December 2008 and therefore, while cornmarket say they are independent advisors, its far from the truth. Teachers & Nurses AVC schemes administered by Irish Life. ASTI, INTO, TUI (teacher schemes)salary protection schemes all insured by Irish Life. INO, SIPTU Nurses, PNA, IMPACT and many many more salary protection schemes all administered by Irish Life. They had a personal lending division & all loans given by PTSB.. All the life assurance & serious illness is issued by irish Life...And the mortgage market, you can be sure that its PTSB all the way..... They might say they are independant, however, the actual facts say something very different.... Its the Unions that appoint Cornmarket that need to answer some of these questions also.....


----------



## williamjohn2 (23 Dec 2010)

_Imperialism_, as defined by The Dictionary of Human Geography,  is "the creation and maintenance of an equal economic, cultural and  territorial relationship
--------
john


----------



## williamjohn2 (23 Dec 2010)

A Study, imperial critic J.A. Hobson demonstrates his prophetic talents by noting, just as the 
-----
john


----------



## williamjohn2 (23 Dec 2010)

In his Preface to the 1902 first edition of Imperialism: A Study,  imperial critic J.A. Hobson 
---------
john


----------



## williamjohn2 (23 Dec 2010)

_imperialism_ n. The policy of extending a nation's authority by  territorial acquisition or by the establishment of economic and  political hegemony.
---------
john


----------



## williamjohn2 (23 Dec 2010)

For extensive links to the early history of European _imperialism_ in Latin America go to the casahistoria Catholic Missions in Latin America site.
------------
john


----------



## williamjohn2 (23 Dec 2010)

_Imperialism_ in India 1498-1740 · British vs. French: 1740-1761 ·
------------
john


----------



## williamjohn2 (23 Dec 2010)

The Age of _Imperialism_: An On-line History.*
----
john
*


----------



## williamjohn2 (23 Dec 2010)

3 Apr 2007 *...* China and the West; India Under the British; Africa; The Middle East; The Japanese Exception; American *
-------
john
*


----------



## williamjohn2 (23 Dec 2010)

Vladimir Ilyich Lenin. _Imperialism_, the Highest Stage of Capitalism.
------
john


----------



## williamjohn2 (23 Dec 2010)

5 France in Indochina; 6 Russia and "The Great Game"; 7 _Imperialism in China_. 7.1 Qing territorial expansion; 7.2 Process of expansion.
-------
john


----------



## williamjohn2 (23 Dec 2010)

The British declared war on _China_ in a series of conflicts called the Opium Wars.
-------
john


----------



## williamjohn2 (23 Dec 2010)

Viewed as a threat to the profits they enjoyed in their _imperialist_ *.
----------
john
*


----------



## williamjohn2 (23 Dec 2010)

_Imperialism's_ Effects on _China_ Journal article by Andrew J. Nathan; Bulletin of Concerned Asian Scholars, Vol. 4, 1972. Read _Imperialism's_ Effects on _China_ *.
-----
john
*


----------



## williamjohn2 (23 Dec 2010)

In the 1800s _China_ simultaneously experiences major internal strains and Western _imperialist_ pressure, backed by military might which _China_ cannot match.
---------
john


----------



## williamjohn2 (23 Dec 2010)

Chinese History question: What are the causes of _imperialism in China_? First we should clarify whether we are talking about Chinese imperialism.
----------
john


----------



## williamjohn2 (23 Dec 2010)

*Debt Management UK*

Find Cash Advance, Debt Consolidation and more at Askaboutmoney.
------
Debt Management UK


----------



## williamjohn2 (23 Dec 2010)

*Debt Management UK*

We make the financial news understandable, and easy to digest. There is a large range of different subjects.
---------

  
Debt Management UK


----------

