Ombudsman believes decision could help 7,000 customers

 

Ombudsman believes decision could help 7,000 customers

Included among a list of 180 legally binding decisions by the Financial Services and Pensions Ombudsman (FSPO) on the 7th August include a decision to award compensation of €22,000 due to one particular customer due to “particularly difficult circumstances suffered” as a result of substantial overcharging which arose because of the denial by the bank in question of a tracker mortgage interest rate.

In a statement accompanying the publication of the decisions. The Ombudsman Ger Deering said that it was his understanding that approximately 7,000 customers of a range of banking institutions would be able to benefit from some of the rulings and complaints about tracker mortgages.

Of the 180 decisions issued between January and May of this year 72 were either fully, substantially or partially upheld whereas 127 were not upheld.

In one case a credit card was issued in a customer’s name without the customer’s knowledge or consent. The bank in question refused to correct the customer’s credit profile and the FSPO awarding compensation amounting to €10,000.

For any further information in relation to matters regarding tracker mortgages please don’t hesitate to contact Brendan Dillon on 01-2960666