KBC KBC - infamous flyer timeline
- Thread starter Cooper101
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SaySomething
Registered User
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Is this via the FSPO website or have you heard from an account holder please?
Hi All
I wanted to give you all an update on this as we have now had two decisions that have upheld the Bank's position on its Flyer. Despite what was stated in the Flyer "Fantastic News....... All IIB Homeloan fixed rates will now roll onto Tracker rate upon expiry" the office of the FSPO has sided with what I referred to as the retrospective alteration of KBC/IIB's original intentions. Given that this is the same bank that was remarked on, by the Central Bank Of Ireland in its report
“The Central Bank’s investigation into KBC has revealed a stark example of the very real harm caused to people when financial service providers fail to treat their customers fairly. By placing their own financial interests ahead of their customers’ best interests, KBC failed to adequately consider their obligations under the Consumer Protection Codes, which were put in place in order to protect customers in their dealings with financial service providers."
It is a remarkable state of affairs to think that there is not even the remotest possibility that this this behaviour did not carry over to this matter and i don't for one minute accept that it did not. The decision from the FSPO also shows a remarkable lack of understanding of the mortgage market, that existed at the time the 'Flyer' was issued.
Not much more I can say except to say that I am extremely disappointed for the customers in question and while I will continue to try and alter the views of the office of the FSPO in my other ongoing cases I see it as a waste of time to be blunt.
It is not, after all, the first time I have been told I am wrong on matters Tracker:mad: Padraic
I wanted to give you all an update on this as we have now had two decisions that have upheld the Bank's position on its Flyer. Despite what was stated in the Flyer "Fantastic News....... All IIB Homeloan fixed rates will now roll onto Tracker rate upon expiry" the office of the FSPO has sided with what I referred to as the retrospective alteration of KBC/IIB's original intentions. Given that this is the same bank that was remarked on, by the Central Bank Of Ireland in its report
“The Central Bank’s investigation into KBC has revealed a stark example of the very real harm caused to people when financial service providers fail to treat their customers fairly. By placing their own financial interests ahead of their customers’ best interests, KBC failed to adequately consider their obligations under the Consumer Protection Codes, which were put in place in order to protect customers in their dealings with financial service providers."
It is a remarkable state of affairs to think that there is not even the remotest possibility that this this behaviour did not carry over to this matter and i don't for one minute accept that it did not. The decision from the FSPO also shows a remarkable lack of understanding of the mortgage market, that existed at the time the 'Flyer' was issued.
Not much more I can say except to say that I am extremely disappointed for the customers in question and while I will continue to try and alter the views of the office of the FSPO in my other ongoing cases I see it as a waste of time to be blunt.
It is not, after all, the first time I have been told I am wrong on matters Tracker:mad: Padraic
There appears to be a complete lack of clarity as to what's happening in relation to this matter from the very beginning, it appears that the Ombudsman just does no seem to understand what happens in relation to mortgages. I believe that we as a group have not been listened to (even on this forum) and the whole communication process on updates from the very start of the process has been shocking. It appears to me that the whole process around selection on whether one person has a case or not is a bit of 'hit and miss'. I always had this uneasy feeling that once these guys (KBC) decided to up and leave that our 'goose' was 'cooked' and fanciful 'soundbites' on national media from various commentators were a waste of time.
Just to be clear in relation to my post on Friday, my gripe is with the numerous individuals talking about this issue in the media, ie. Poliiticians (I could name at least 4), Media people, Central Bank Representatives who should be representing and protecting the people . These are the people I was referring to and apologies if others were offended, certainly not aimed at these people trying their level best to get results for people. As I mentioned previously, this whole saga has so many similarities with the Post Office scandal in the UK. The manner in which it has been handled by the Central Bank is shocking.
Brendan Burgess
Founder
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The Ombudsman and the High Court are the venues for deciding how contracts should be interpreted and whether the law or codes have been broken. Apparently, the Ombudsman has decided twice on this issue. I have not seen how the case was argued so I won't comment on the merits or otherwise of his decision.
The Central Bank doesn't have and shouldn't have any role in deciding how contracts are interpreted.
They really pushed the boundaries of their powers in pushing banks to do the right thing. In most cases they succeeded. But if the bank dug their heels in and refused to agree with the Central Bank interpretation, there was nothing further the Central Bank could do.
The Central Bank doesn't have and shouldn't have any role in deciding how contracts are interpreted.
They really pushed the boundaries of their powers in pushing banks to do the right thing. In most cases they succeeded. But if the bank dug their heels in and refused to agree with the Central Bank interpretation, there was nothing further the Central Bank could do.
Brendan Burgess
Founder
- Messages
- 54,415
Remind me again...
How many customers of KBC lost their job as a result of this flyer?
How many customers of KBC have a criminal conviction as a result of this flyer?
How many customers of KBC went to jail as a result of this flyer?
And I must have missed it, but could you send me the link to the High Court case where the KBC customers won their case?
Brendan
Just to state that we have all got a 'different axe to grind', some have had marital difficulties, serious health issues, children not getting same opportunities as others and maybe this issue with KBC has been a contributory factor and constant in it all, that's where I'm coming from....
Brendan Burgess
Founder
- Messages
- 54,415
But the key point is that the Ombudsman has not upheld complaints on the issue.
So that puts you in the same category as the 400,000 or so other Irish non-tracker mortgage holders who paid the highest mortgage rates in the eurozone for most of the last decade. An issue that I have been consistently campaigning on.
Brendan
Maybe most of the others dont have serious health issues , lucky for them
Brendan Burgess
Founder
- Messages
- 54,415
People who were not customers of KBC have serious health issues as well.
Many thanks Padraic for the update. I, like so many was gutted to hear the outcome so far.
Is there any way of gauging, the length of time it will take for the FSPO to reach a decision on the remaining cases?
I was maintaining a tiny glimmer of hope
As a group, do you think that there is anything that we can do?
Thank you in advance..
KBC Bank Ireland has been fined €18.3 million by the Central Bank for its role in the State's tracker mortgage scandal, which saw the lender devise a strategy to move borrowers off cheap loans and "persistently" resist as regulators pushed it to admit its failings. The customers who are effected can take little solace from this, the penalty should have gone towards the customers and cohorts that they devised a strategy to deny trackers to as the bank clearly resisted to admit its failings, it is the customer who lost the tracker in the end of the day