AIB AIB Appeals Panel Reject. No Fees even if FSPO overturn!

A

A1iron

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Can you believe this! Should FSPO decide to reject the Independent Appeals Panel and override / change their decision.
It seems that any reasonable fees the victim of the wrongdoing has expended on professional advice dealing with matter are not allowable.
Quote from AIB Acceptance / Rejection Form that the Bank want signed when you reject their Panel's Rejection

“if you reject the Tracker Panel’s decision, no costs shall be recoverable by you from the Bank regardless of whether or not the appeal was fully or partially successful”
This is mugging the customer every way. Tell me the Central Bank did not agree to these rules or potential outcome for the victims?

Question is why would the Appeals Panel pay out when they can kick the can down the road off to the FSPO for a few more years and assist the Bank is avoidance of paying all reasonable fees the customer has had to rack up seeking justice? and this is after the Banks have already admitted wrongdoings in overcharging customers.
Unbelievable justice. The Bank have it all tied up "Heads they win, Tails they win"
 
I don't understand You mean if the appeals panel give you no money, and you go to the ombudsman who rules in your favour then the bank are not obliged to pay out ?
The panel are independent - also they have paid put in 55% of cases so far I believe.
 
A1iron said:
why would the Appeals Panel pay out when they can kick the can down the road off to the FSPO for a few more years and assist the Bank
Click to expand...

Because you clearly have no idea what the role of the Appeals Panel is.

They are independent.
They have no interest in kicking the can down the road.
The bank wants these cases settled as quickly as possible.

You have a choice - you can go to the High Court or the Financial Ombudsman.

If you go to the High Court and win, you can recover your costs. If you go to the High Court and lose, the High Court could award AIB's costs against you. That seems fair enough to me.

Alternatively, you can go to the Ombudsman and both sides pay their own costs, irrespective of the outcome. That seems far more preferable.

In exceptional cases, I think that the Financial Ombudsman does make an award of some of the costs against the financial institution.

If you don't like the AIB's form, there really is no need to sign it to indicate your rejection. Go straight to the Ombudsman with your complaint.

Brendan
 
We can discuss the independence of the bank appointed panels on another occasion, the point is about fees expended. It appears if you sign the rejection letter then if you subsequently win at FSO, no fees are paid and these can be substantial
 
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