Your adviser was entirely incorrect that Ulster Bank don't pay compensation, I have received almost €6,000 from them in the past few years as compensation for their total incompetence.
Their complaints people and their mortgage arrears support unit are the most useless people I have ever has the displeasure of dealing with - letters seem to go into a black hole, when we were in MARP each time they agreed something with us they screwed up something else. We eventually got out of MARP and back to a reasonable place financially but they continued to mess up.
I actually found them quite forthcoming with compensation on the larger screw-ups.
My brother has an ex-First Active mortgage with them and when they had their "IT trouble" 3 years ago he rang them to see when his mortgage would be taken and they sent him €150 for his trouble (of having his payment taken late!). Another time they sent him a letter addressed to some randomer (his address on envelope) and when he returned it they sent him another €150.
I think your adviser is off his rocker tbh, or maybe he doesn't want to deal with the idiots any more either.
My blood pressure has gone up even thinking about the hell they put us through!
The advisor I had would not entertain my demand for compensation. He said that (a) UB don't pay compensation and that any request for same would be flatly refused, (b) my request for compensation would delay the reimbursement of the interest/capital at least another year, (c) I should be happy to get the tracker back as the Ombudsman's decisions in UB cases were inconsistent, and (d) the alternative arrangement was worth keeping.
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