Letters to BOI tracker mortgage holders

Hi,
This is in relation to Charlie Weston's piece in the independent last week highlighting where BOI recently were sending letters with fixed rates to everyone including their tracker mortgage holders in an underhand way to try and sway people off their tracker. The letters gave no implications about the giving up of the tracker mortgages. The Central bank and others are looking into it and say that it goes against the code of conduct.

http://t.co/eQuWT2w6tI

I understand the code came into effect in recent years, but this is exactly what happened to us in 2009 with KBC and we ended up fixing, and thereby losing our tracker which we were totally ignorant about as nothing in the letter highlighted what would happen. We went to the FSO and he sided with the bank. Just because this happended before the code of conduct cam in, I assume this means we haven't a chance in hell of ever getting back to tracker?

raglan,

The code of conduct is not a mandatory (must do).
At its best, it is a wish list on what finance type providers should do.
FSO have a proven history of siding with the Banks ,since FSO appear to take a largely contractural/legalistic view ie what you signed ,on any case where it appears there is a trend that will cost the banks in a general way.
The Code does say that Banks should act in a clear unambiguous way etc , the important word here is SHOULD , not must.
I think your chances are very poor but maybe other posters have hope for you.

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