Ulster Be very careful about your Ulster Bank/First Active redress

Brendan Burgess

I am reviewing the redress package for an Ulster Bank customer and I am really shocked that the Central Bank allowed them to do it this way.

They give the customer two options




(Padraic Kissane has told me that his Ulster Bank redress packages also have a page where the borrower can opt to return to the Standard Variable Rate but my friend was not offered this choice.)

I have two big problems with this.

First of all, there should be no need at all to return these forms.

This person was wrongfully taken off his tracker. Ulster Bank should not need his permission to correct their mistake. The suggestion that he should "return this form within 6 months in order to avoid a scenario whereby you may lose your entitlement to the Tracker" is just plain wrong. He is entitled to this tracker whether or not he fills in this form.

None of the other banks requires this as far as I know.

But the second point is much more serious
There is no scenario in which someone on a tracker of 1.15% should fix at Ulster Bank's current rates.

However, some people might hear some pundit forecasting an ECB rate rise and seeing the rate of 2.3% for two years , might well opt for that.

If Ulster Bank offers tracker customers on 1.1% a rate of 1.5% fixed for twenty years, then it would be worth considering.

I am really shocked that the Central Bank allowed this.



Frequent Poster
I've already raised this with the bank and the Financie Committee who have referred it to the Central Bank to the best of my knowledge. I've refused to sign the form, it's now obviously more than 6 months since I received redress, and Ulster Bank are noting the fact that I refused to sign it on some of my correspondence.

I've told them that I consider our original contract to be the document that is to be relied upon and I will not sign a document that may change the T&C.


Frequent Poster
I have also raised this with UB, and the ombudsman. I can’t believe that the central bank allowed this.

My gripe more than anything is that you are also signing up to new t&c inserted in the form......remind you of anything.... how this all started by them trying to insert a tracker removal clause when people fixed their rate


Registered User
I signed this form and sent it back, thought after all this they UB would hardly be not truthful again...hope it does not effect any future decisions...


Frequent Poster
Your tracker is supposed to be your default rate - should revert to that rate automatically, without any action taken by the customer to indicate such as per my judgement from the FSPO

Have also been stonewalled by Ulster on this point with regard to changed conditions from the original contract regarding same and bank have refused to engage branding me difficult...!

I might also add they’ve twice put me in a position of obligation with a mortgage advisor and expected me to sign the contract, sight unseen, which they won’t provide in advance for advice - and just told me I could appeal the clauses with BDO needless to say, fool me once...
Last edited:


New Member
We got our redress 3 weeks ago and nothing like this was included in the pack. Does it come separately?