# ICS - FSO says I was entitled to tracker, but gave me only  €2k as I had switched to AIB



## gabbo (25 Jul 2013)

Hi,

I've waited until the end of the discourse with the Financial Ombudsman before posting here, but I'd like to say thanks to all the people who give their advice on this forum, helped me an awful lot.

I got a mortgage from ICS in 2004, tracker - ECB+1. Big mortgage.

In late 2005 I fixed for 3 years and in November of 2008 I was given a letter showing me my options, default being variable (but no mention of tracker).

In November 2009 I switched mortgage to AIB, purely motivated by their better variable rates (and at the time it was free to switch, they gave you 2k conveyancing). 

Sometime in 2012, through reading this forum, it dawned on me that I should have been offered a tracker by ICS when exiting a fixed in November 2008. 

I went through the process - contacted FO who said contact ICS - their final reply was along the lines of - you moved mortgage, nothing to do with us.

The FO took up the case and in May 2013 I got the ICS response. The basic points they reiterated was - 

1. We were under no obligation to offer you a tracker in 2008.
2. Why are you only complaining about it in July 2012 (why didn't your solicitor say something in 2009)
3. There is no evidence that the lack of a tracker forced you to move.

(Also, ICS offered to refund me the difference between tracker and variable from November 2008 to November 2009 by way of settlement. Also, I think I did complain, but I don't have a record and ICS in their submission said they were unable to retrieve all communications with me).

Through a submission to the FO in late May 2013, on 
- point 1, I reiterated that I didn't agree 
- point 2 - I only educated myself in 2012 - because there was a lack of information in 2009 on tracker holder rights. I didn't ask my solicitor to complain because, for the same reason, I didn't know I had something to complain about.
- point 3 -  I sent on an e-mail to them that I sent to my wife in early 2009 (when we first contacted AIB) saying "the reason we should move to AIB is because of the lower rates". I then historically showed that if we were offered the ecb+1 tracker rate like we should have, it would have been c. 0.5% lower than the AIB variable rate at the time - so why would we move?


I got the decision last night when I came home. In summary - yes, ICS should have offered me a tracker. I moved institution, so that ends ICS's liability and the settlement offered by ICS is fair and should go ahead. I should not be offered a tracker as requested.

The letter also states that I should not be reimbursed for the years from 2009 - 2013 - something I never requested (I only ever asked one thing - to be offered a tracker ecb+1 by ICS now, as it should have been done in 2008).

Also, letter stated...Oral hearings not required, to appeal - go to high court.

There was no mention of cause and effect, there was no reference to the e-mail clearly showing that ICS's decision not to offer me tracker in 2008 enacted my actions to move mortgage.

Obviously we're gutted. This was a ray of light for a mortgage that we're uptodate with, but struggling more and more each month as AIB raise interest rates.

That's my tale of woe, to all of you who read this - don't be disheartened - take your fight to them because there are a wide range of injustices that have taken place over the last ten years....

Thanks again for all the advice.


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## Brendan Burgess (25 Jul 2013)

gabbo

This does not sound right at all. 
.
Thedaras got his tracker back

PTSB told me I wasn't entitled to a tracker, so switched to another lender. Ombudsman upholds my complaint


The Ombudsman judges every case on its merits but these two cases seem to be the same. 

Brendan


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## gabbo (25 Jul 2013)

I agree and the fact that a) the ombudsman said I should have been offered a tracker and b) the evidence I've shown around motivation to move mortgage - both of these have been discounted in the final decision.

But I'm at the end of the road here, a high court challenge is beyond our means.


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## gabbo (25 Jul 2013)

In ICS's response in early May 2013, they said (I don't have the exact wording to hand) - we'll refund the difference from 2008 - 2009, but anything more than that and we will contest the decision and they reference a similar case where they were not forced to offer the tracker. 

So I think the FSO knew a fight was on its hands and backed down, to be honest.


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## Brendan Burgess (5 May 2016)

I spoke to gabbo . ICS offered him €2,000 interest refund and the FSO agreed that was reasonable. It was a €400k mortgage. 

Brendan


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## rodger (5 May 2016)

Does this qualify as one for the central bank review?

Fairness would suggest that if the bank admits he should be on the tracker then he should be allowed to return to the bank on the tracker rate

That seems obvious. Had the option of returning to ICS/BOI been suggested?


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