On tracker mortgages
Role is to seek to redress the imbalance of power and resources Inequality of arms between consumer and bank.
WE would welcome an extension to the 6 year limit. Particularly helpful to mortgage holders.
Rectification could be more significant than compensation.
Where I find the conduct to be unfair, I won't be found wanting.
We first got complaints at the end of 2008.
The 2009 Annual Report featured a case study.
In 2009, 2010 and 2011 we upheld cases in favour of borrowers.
ptsb appealed 4 findings to the High Court.
In 2012 - two were rejected. Two were referred back to the FSO.
Shortly after I was appointed in 2015, I started a comprehensive analysis of over 500 decisions. I presented the analysis to the Central Bank in November 2015
We work in close cooperation with the Central Bank to help them.
I became aware in early 2016 that at least one bank proposed to exclude cases which had been through the FSO from the review. I wrote to all banks telling them to include them.
We are currently dealing with approximately 400 complaints but they are on hold pending the outcome of the CB review.
There are a number of potential complaint
- a person was not returned to a tracker mortgage at all
- at the correct time
- at the wrong rate
- they might not be happy with the compensation
- They might not be happy with the process
Good presentation.