Sarenco asked: Where did I get that idea?
Quote:
The Central Bank added: "We remain concerned that there may be other tracker-related issues which could be impacting on consumers across the system." It said it was engaging closely with a number of lenders to ensure they acted in the best interests of customers who had trackers at some point.
quote from today's article:
It said it was engaging closely with a number of lenders to ensure they acted in the best interests of customers who had trackers at some point.
Maybe, just maybe, there will be justice.
Whatever gave you that impression!
Banks are not required to act in the best interests of their borrowers. Just like any other company, banks are required to act in the best interests of their shareholders.
Do you expect Tesco to act in your best interests? No? Well, why do you think banks are any different.
They are businesses - not charities - and have a legal obligation to maximise the value of their shareholders' capital investment.
I am familiar with the Code.
I was responding to an incorrect statement to the effect that a borrower has a case if a lender does not act in their best interests. A breach of the Code does not, of itself, give rise to a cause of action against a regulated entity.
I wouldn't agree that the Courts have "turned a blind eye" to the Central Banks various codes. On the contrary, the Supreme Court has clarified (but not ignored) the very limited role of the Courts in administering the Central Bank's codes.
I have never seen a loan agreement that is drafted in the manner suggested.
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