Hi,
Has anyone any experience appealing the use of interbank rates in TVM calculations for tracker compensation?
These rates are used in interbank compensation claims as a matter of course but I believe are wholly unsuitable or inappropriate in calculating the TVM in these cases. The use of them ineffect rewards the banks for their failure to appropriately apply trackers to these accounts.
The rate used at a minimum should be the mortgage rate applied to the account for the duration but probably some premium on that rate as a penalty. I'd welcome any thoughts on this point before I proceed with a submission to the panel or FSPO?
Has anyone any experience appealing the use of interbank rates in TVM calculations for tracker compensation?
These rates are used in interbank compensation claims as a matter of course but I believe are wholly unsuitable or inappropriate in calculating the TVM in these cases. The use of them ineffect rewards the banks for their failure to appropriately apply trackers to these accounts.
The rate used at a minimum should be the mortgage rate applied to the account for the duration but probably some premium on that rate as a penalty. I'd welcome any thoughts on this point before I proceed with a submission to the panel or FSPO?