Brendan Burgess
Founder
- Messages
- 52,184
This is a very important line from the [broken link removed]t on the withdrawal of their Supreme Court appeal against the Ombudsman's decision on trackers.
The CB does not take many enforcement actions. There have been many disputes between the banks and their customers and the CB has taken no enforcement action. There have been systematic cases referred by the Ombudsman to the CB and the CB usually takes no action at all on them.
But in this case, the CB has told ptsb to review all cases affected by the decision. But it has gone further and taken enforcement action under the [broken link removed]. This suggests that there was some deliberate, conscious, serious misbehaviour by ptsb.
The fact that ptsb even mentions it in their press statement, suggests that they expect an adverse decision from this investigation. Presumably if they felt that the CB would not make any finding, they would not make any reference to it.
What is a prescribed contravention? It could be a breach of:
Brendan
The spokesman also confirmed that this matter is subject to an ongoing enforcement investigation by the Central Bank and that the bank is engaging on this matter.
The CB does not take many enforcement actions. There have been many disputes between the banks and their customers and the CB has taken no enforcement action. There have been systematic cases referred by the Ombudsman to the CB and the CB usually takes no action at all on them.
But in this case, the CB has told ptsb to review all cases affected by the decision. But it has gone further and taken enforcement action under the [broken link removed]. This suggests that there was some deliberate, conscious, serious misbehaviour by ptsb.
The fact that ptsb even mentions it in their press statement, suggests that they expect an adverse decision from this investigation. Presumably if they felt that the CB would not make any finding, they would not make any reference to it.
What is a prescribed contravention? It could be a breach of:
- a provision in legislation
- a code, or a direction, given pursuant to legislation
- a condition or requirement imposed on a regulated financial service provider
- any obligation imposed on a regulated financial service provider by the Central Bank
- a direction to pay the Central Bank a monetary penalty (not exceeding the greater of €10,000,000 or 10% of turnover where the financial service provider is a body corporate or an unincorporated body and not exceeding €1,000,000 where the financial service provider is a natural person and for persons concerned in the management of a financial service provider).
- disqualification of a person from being concerned in the management of a regulated financial service provider
- revocation or suspension of an authorisation
Brendan
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