When will the FSO determine that the Tracker examination is complete?

todo

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@Banking17

The question that could be posed is how does the Unfair Terms in Contract (UTC) and the Code of Conduct both get ignored in this debate thus far. In particular UTC had it been implemented correctly should have been sufficient. As Code of Conduct effectively listed key parts of UTC you would imagine CBI had the powers. /
This has been a key point for me also, how can a contract be fair when one side has complete control of the rate charged.
I can't understand how they've been ignored.....
 

WizardDr

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Its not so much the rate charged as the central issues of fairness, plain intelligible language and makes full disclosure of all relevant information.

What ever that means it is only partially understood in this jurisdiction and certainly unheard of by PTSB.
 

Duggie

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The former Ombudsman (the Canadian guy) said as much in a radio interview in 2012. PTSB must be in cohorts with Danske Bank on their interpretation! As an aside, does anyone know which External Independent Party each bank used? For instance, AIB and BOI have obviously back tracked significantly on their historic entrenched positions. Did their EIP think differently to them? Did they get to see the output of the EIPs review or was that just the CBI? Were different banks allowed to use the same EIP? I assume they all went straight to the Big 4 accounting firms!? 4 into 14 banks doesn’t work.

Whilst at the end of my tether, I do have some sympathy for the CBI dealing with the banks.......
 

WizardDr

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You can assume the fees paid to the firms involved in 'assurance' phase is substantial. You can also assume that the experience of the personnel involved is similar to 20 somethings in the Garden centre 'advising' the old pair.. you get the drift.
 

Duggie

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Just got an email from Padraic Kissane’s office - apparently Lane is going to confirm that the tracker review is finished tomorrow
 

mccoypat94

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Got that email also. The tone sounds like the banks have taken a position now that we will see you in court if you think you can take us on.. I'm not hopeful.. he's taking a court case against ptsb on the margin issue.. does that mean bypassing the fso?
 

WizardDr

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Bear in mind Mr Kissane was winning cases long before CBI investigation proper started. Mr Kissane would have been contributing substantial detail to CBI and 38,000 later that is testimony to his work that helped CBI. The CBI were dealing with 'cohorts' and never individual cases. One could simply say back to Mr Kissane as it were. Several major changes to FSPO and Mr Deering in the most positive ways is his own man. I have mentioned some cases that have utterly changed FSPO powers particularly on being able to demand production of documents. There is of course still a weakness with FSPO which is that YOU have to structure your argument and case. This is really difficult as consumer law is buried in unmarked graves and few really know it well. So in one sense this merely moves matters that remain unresolved still with a potential resolution as if we were in 'normal times'. Talks of campaign dying are somewhat premature as most of the campaign was shouldered by very few. Protests do not deliver restorations.
 

demoivre

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Just got an email from Padraic Kissane’s office - apparently Lane is going to confirm that the tracker review is finished tomorrow
What Lane did say as part of his opening statement yesterday:

"The redress and compensation phases of the Examination are now significantly advanced: 93 percent of affected customer accounts already identified and verified had received offers of redress and compensation by August 31st. Four of the five main lenders are close to completing their redress and compensation phases, and we are exerting significant pressure on the remaining lender to finish its process. Our bank-by-bank supervisory review of conduct of the Examination is also significantly advanced, but will not conclude until lenders complete remaining work. We will continue to challenge them where necessary in order to confirm that all groups of affected customers have been identified and included for redress and compensation."

So not only are the banks' reviews not complete, The Central Bank's review of the conduct of the banks during their reviews can't be completed until the lenders remaining work is done !
 

Duggie

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So why won’t they, at this late stage, name and shame the banks not conforming?
 
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