Important Ombudsman decision on "obstructive approach"

demoivre

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Its going to be very interesting to see how tracker appeals are dealt with by Deering. As we know they are on hold pending the final report by the Central Bank in to the tracker review. Will the banks' vague wording in some mortgage contracts come back to haunt them? Mr Deering criticised the actions of some financial services providers, who he said do not act in the interests of their customers and are unwilling to engage with them to resolve disputes. Section 2.2 of the Consumer Protection code requires banks to act in the best interests of their customers.

KBC told some borrowers they would roll to the " prevailing variable rate " after the fixed rate period. If trackers were available, and they were cheaper than standard variable rates , how was it in the best interests of the borrower to put them on a standard variable rate ? Interesting times ahead.
 
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