FSPO formal mediation - bank

Has anyone experience of the formal 'face to face' mediation via fspo

Bank problems and ongoing

Matter was about to be adjudicated and bank offered to engage in mediation for an 'amicable' settlement

Staff from bank and external mediator will attend

Anything useful here?


For some reason the Askaboutmoney site search didn't return anything useful to me and I had to use a Google site specific search instead.

Can you be specific about what is actually happening here. Is it the following?

1) You went through the FSPO mediation which did not reach a settlement
2) The FSPO conducted an investigation and asked the bank questions.
3) The bank answered those questions and the FSPO sent you the answers
4) This went back and forward a few times until you both said you had nothing further to say.

5) Now the investigation is finished and the FSPO will, in its own good time, issue a preliminary decision.

6) The bank has contacted the FSPO and said that they would like to engage directly with you, via an independent mediator, and not the FSPO, to see can they reach a settlement.

Brendan

Thanks Brendan

Lots of alternatives there -

Was a complaint to FSPO
Progressed to formal investigation
Bank asked ombudsman to revert to mediation - in advance of formal adjudication being concluded. / as they feel amicable agreement could be reached.
Complainant agrees.

Now mediation face to face being arranged.

I have never heard of that before.

The FSPO is going to conduct the mediation? Are you sure?

I would be very slow to agree as it could set the whole process back a few years.

The bank thinks that they are going to lose.
They do not want themselves named and shamed.
If it has implications for others, they probably don't want the Ombudsman to uphold the complaint and then send it to the Central Bank.

Brendan

How long were you in formal adjudication stage? Did the FSPO write to the lender to inform them that a preliminary determination was imminent and suggest they may like to make additional offer or enter mediation?

Brendan Burgess said:

I have never heard of that before.

The FSPO is going to conduct the mediation? Are you sure?

I would be very slow to agree as it could set the whole process back a few years.

The bank thinks that they are going to lose.
They do not want themselves named and shamed.
If it has implications for others, they probably don't want the Ombudsman to uphold the complaint and then send it to the Central Bank.

Brendan

Click to expand...

FSPO have a mediation process

thedaddyman said:

FSPO have a mediation process

What to expect during Dispute Resolution | Our Services | Financial Services and Pensions Ombudsman of Ireland

Click to expand...

Yes, I have fully participated in their mediation process.

But what is odd here is that
1) They had mediation which did not resolve the issue.
2) They have completed the investigation and are waiting for the decision
3) The bank wants to try mediation again - this is new to me.