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You received correspondence stating you should roll onto a tracker rate after the end of the fixed rate. In your original EBS mortgage contract/loan offer what was the term/name used for this tracker rate?

I know of at least one other EBS variable base rate customer who had received compensation and redress after EBS conceded. That customer had accompanying documentation that confirmed the rate is a tracker rate. I really don’t know what hold up is from ombudsman on this. My complaint was lodged 8...

Hopefully we can get some good news over coming months. I think EBS have run out of road with their line of argument & just maybe the FSPO will see through their strategy to avoid paying out to all customers who had this mortgage product.

What does the “closed at other stage” refer to? It would seem like a high number of complainants to concede and “close” considering it’s at no cost to continue with complaint. Correct me if I’m wrong on these numbers but of 1290 cases 189 were “closed” so 15% possibly of complaints conceded by...

E EBS’ problem now with the FSPO & Central Bank is primarily with their fixed to variable base rate product (2004-2008) & not necessarily the products you mention.

I’ve been waiting 6 years and still no decision. If it takes the FSPO this long to decide if mortgage products were trackers or not how could the contracts be clear and unambiguous in the first place?

Will do Brendan. Have been thinking about contacting the central bank for a while but was hoping the FSPO would make a call on it but seems like they are stalling and won’t make a decision.

I can confirm the outcome for the customer is redress. The FSPO is aware of the bank conceding too. Perhaps the threat of naming and shaming by the FSPO or customers on forums like here will force the banks hand.

Oh I getcha. But what if bank concedes on complaint and he doesn’t have to make an official decision. Can he refer this outcome to the central bank so it is applied to wider cohort?

I’m sure there were plenty of them too Brendan and I hope that the FSPO can act swiftly and apply outcome of unsuccessful complaints to cohorts and speed things up. I’m just surprised he is taking so long with cohorts where bank has conceded & redressed customers and those with the exact same...

FSPO don’t publish the cases where bank conceded and redressed customer. Few of them in 2020.

So no news in latest release of decisions. Waiting nearly 7 years for an FSPO decision on this is not good enough. If the variable base issue is so straightforward then you would think a decision could have been made years ago.

Still waiting. There was positive news last year and I expected the FSPO to act on foot of this but don’t think they have made a decision on it yet. Hopefully not much longer to wait.

Thanks Brenners

How does it define your rate in your loan letter? Is there a margin referenced in this loan letter or just the rate with no margin mentioned?

Concern is that banks will concede to individual customers who have the flyer in their possession and have presented it to the FSPO. Banks will then hope the FSPO will not have to make a decision that could be applied to a wider cohort. Hopefully the FSPO sees through this strategy and sees any...

My concern is that if this is happening it could be a strategic move from banks to avoid systemic problem i.e. redress for wider cohort on foot of a FSPO verdict.

Brendan what happens if a bank concedes the argument on a case and offers full redress and therefore the FSPO doesn’t have to come to a formal decision. Should this outcome be published by the FSPO?

Just to clarify: Did Haven write to you stating that you are being reimbursed because you were overcharged and should have been offered a tracker after your fixed term ended? Or did they reimburse you for legal fees? Was the litigation in relation to a tracker complaint?

PTSB might also concede on one individual case & the FSPO would then not have to make a formal decision. Not sure about the impact of such a bank concession on other customers in same cohort though.