Received this from the Central Bank when I asked why we were not benefiting from the Principles re: Tracker Review ....
While the Central Bank does not have a statutory role in investigating individual consumer complaints, we use any information that we receive directly from consumers to guide the scope of our broader supervisory work. I note from your email that you are included in the prevailing rate cohort and have received correspondence from AIB with regards to the balance adjustment on your account, arising from AIB applying a Financial Services and Pensions Ombudsman (“FSPO”) decision to the wider customer group.
AIB has publically committed to applying the award from the recent FSPO decision to other customers in the same cohort, which is in line with the expectations sets out by the Central Bank to lenders that if any individual outcomes arose from the FSPO or court processes that had the potential to impact customers more widely, that lenders then had to address this broader impact. However the application of the FSPO decision to the wider group of customers is outside of the Tracker Mortgage Examination (“TME”) Framework set out by the Central Bank and as such the principles of the Framework do not have to be applied by the lender. Customers can make a complaint to AIB and the FSPO to raise their own individual personal circumstances and this is an option you may wish to consider, to ensure that your personal circumstances are considered.
Any further information relating to the impact of the FSPO decision on your mortgage should be sought from AIB directly.
While the Central Bank does not have a statutory role in investigating individual consumer complaints, we use any information that we receive directly from consumers to guide the scope of our broader supervisory work. I note from your email that you are included in the prevailing rate cohort and have received correspondence from AIB with regards to the balance adjustment on your account, arising from AIB applying a Financial Services and Pensions Ombudsman (“FSPO”) decision to the wider customer group.
AIB has publically committed to applying the award from the recent FSPO decision to other customers in the same cohort, which is in line with the expectations sets out by the Central Bank to lenders that if any individual outcomes arose from the FSPO or court processes that had the potential to impact customers more widely, that lenders then had to address this broader impact. However the application of the FSPO decision to the wider group of customers is outside of the Tracker Mortgage Examination (“TME”) Framework set out by the Central Bank and as such the principles of the Framework do not have to be applied by the lender. Customers can make a complaint to AIB and the FSPO to raise their own individual personal circumstances and this is an option you may wish to consider, to ensure that your personal circumstances are considered.
Any further information relating to the impact of the FSPO decision on your mortgage should be sought from AIB directly.
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