AIB AIB paying 7.5% compensation on Buy to Lets

Bronte

Frequent Poster
Messages
13,368
What about BOI, AIB??
The problem with fining the banks is that the customers will be the ones paying it. Total waste of time to fine them. It just means deposit rates don't go up and banks increase charges or have higher interest rates on car loans or mortgages.
 
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Freshstart

Guest
Agree with Seamus M. It's not about how wronged they were and having to prove it. People have been put through enough without being dragged through an appeals process or worse. And come on now we have seen what a joke the appeals process with PTSB has turned out to be. We can see the number crunching angle Brendan is looking at this from but I'm afraid it is impossible for him to understand any of this on an emotional level and it's cost in terms of families situations.
 
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mister32

Guest
Completely disagree with Brontë

The banks need to be fined so they don't do it again

There are some principles when judges hand out sentences

I don't remember exactly but
  • Deterrent
  • Compensation
Etc
 

Onceagain

Frequent Poster
Messages
139
No need at all to foresee it.

PTSB fined €4.5m for overcharging at subprime unit

I suspect that Ulster Bank will also be fined as an enforcement action has begun against them.

Brendan

But Brendan with all due respect, 2096 BOI customer's were already put back on trackers, way before this redress, I don't recall the Central Bank issuing fines to BOI over this. So it does make one feel that they can do what they like without penality. If it was working class person like myself, I would be locked up. White collar crime, alive and kicking.
 

Onceagain

Frequent Poster
Messages
139
You asked a simple question and I answered it. One bank has been fined. And there are two investigations ongoing that we know of.

Brendan
Yea and I asked about AIB & BOI and in your opinion do you see fines coming? I am not having a go at you, you must understand people's frustration surely?
 

Brendan Burgess

Founder
Messages
37,853
Agree with Seamus M. It's not about how wronged they were and having to prove it. People have been put through enough without being dragged through an appeals process or worse. And come on now we have seen what a joke the appeals process with PTSB has turned out to be. We can see the number crunching angle Brendan is looking at this from but I'm afraid it is impossible for him to understand any of this on an emotional level and it's cost in terms of families situations.
I will say it a 4th time. The 15% is the minimum level of compensation.

I agree that one of the two ptsb appeals processes was a joke. But that did not stop any of those people who felt that the Appeals Panel decision was wrong, from complaining to the FSO.

The vast majority of ptsb customers did not challenge the 10% compensation.

I would imagine that it will be the same for AIB.

Brendan
 

Brendan Burgess

Founder
Messages
37,853
Yea and I asked about AIB & BOI and in your opinion do you see fines coming? I am not having a go at you, you must understand people's frustration surely?
Hi Onceagain.

I just don't know.

If the lender and the borrower disagreed over the interpretation of a contract, there would be no need for a fine.

However, if there is evidence that a bank deliberately tried to trick people off trackers, the people involved should be fined and should not be allowed to work in financial services.

Brendan
 
F

Freshstart

Guest
And as I have previously stated Brendan the fact people didn't use the appeals process is because they went in far greater numbers to solicitors etc. Not for a single second because they were happy with 10%.
 

Onceagain

Frequent Poster
Messages
139
Hi Onceagain.

I just don't know.

If the lender and the borrower disagreed over the interpretation of a contract, there would be no need for a fine.

However, if there is evidence that a bank deliberately tried to trick people off trackers, the people involved should be fined and should not be allowed to work in financial services.

Brendan
Thank you.
 

seamus m

Registered User
Messages
17
Hi Onceagain.

I just don't know.

If the lender and the borrower disagreed over the interpretation of a contract, there would be no need for a fine.

However, if there is evidence that a bank deliberately tried to trick people off trackers, the people involved should be fined and should not be allowed to work in financial services.

Brendan
I wonder will we hear of these fines and job losses no mention of them in Ptsb scandel .Why isnt anyone trying to tie together how most financial institutions came up with plan to turn over Joe soap.Did one ring the other or maybe they all received variable rate virus.
in.

I just don't know.

If the lender and the borrower disagreed over the interpretation of a contract, there would be no need for a fine.

However, if there is evidence that a bank deliberately tried to trick people off trackers, the people involved should be fined and should not be allowed to work in financial services.

Brendan[/QUOTE]
I wonder will we hear of these fines and job losses no metion
 

Sarenco

Frequent Poster
Messages
5,499
no mention of them in Ptsb scandel
Eh, Brendan already gave you a link to the details of the fine imposed on PTSB. The senior PTSB management that were in place at the relevant time are long gone - the current CEO was only appointed in 2012.
 

Brendan Burgess

Founder
Messages
37,853
people didn't use the appeals process is because they went in far greater numbers to solicitors etc.
And as I have previously stated, more fool them.

The Appeals Process was a free bite at the cherry. There is no reason at all why people should not have used it.

I think that ptsb published the numbers for court cases. It wasn't very large.

Brendan
 
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mister32

Guest
Brendan you said if they disagree over the wording that's somehow acceptable.

What's not acceptable is if the banks deliberately tricked people of their tracker you said.

But isn't Aib's incorrect interpretation of the wording and rejecting the tracker a form of deliberate cheating?
 

Brendan Burgess

Founder
Messages
37,853
But isn't Aib's incorrect interpretation of the wording and rejecting the tracker a form of deliberate cheating?
Not at all. In fact the Ombudsman has tended to uphold their interpretation. I disagree with their interpretation, and the Ombudsman's decision, but it's not cheating.

Brendan
 
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Freshstart

Guest
Well more fool you Brendan for believing a single word issued by PTSB. Hardly reputable for telling the truth now are they?
 

Brendan Burgess

Founder
Messages
37,853
Well more fool you Brendan for believing a single word issued by PTSB.
Not only am I a fool, I am confused.

Do you not understand that ptsb has already been fined?
They are still under investigation and may be fined further.
The fact that there is an investigation into ptsb, but as far as we know, no investigation into AIB, suggests that the Central Bank sees something more serious in ptsb than in AIB.

Brendan
 

seamus m

Registered User
Messages
17
The fine is only a slap on the wrist the central bank , government and banks just want this to go away .
How did all the banks come up with same scheme to steal from people.
Why wasn't management up in arms as complaints came through.
Who set company policy to say this is how it is .
It all stinks and so far any redress won't stop the banks from laughing
 
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mister32

Guest
I mean in the case of the 2600 customers returned to tracker

Clearly now everyone agrees the customer was right and Aib was wrong
 
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Freshstart

Guest
I never raised an issue about banks being fined so not sure why that was directed at me Brendan.
 
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