Brendan Burgess
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An article by Charlie Weston in yesterday's Sindo
Central Bank washes its hands over interest rates
Bank of Ireland and Permanent TSB have cut their variable rates - but only for new customers.
There is no justification for this policy other than to exploit those customers who cannot move because of negative equity or mortgage arrears. It is unfair and exploitive.
...
But, wait. Does this activity not fall foul of Central Bank rules?
The Central Bank makes much of the Consumer Protection Code, which it uses to regulate the banks and ensure they treat customers properly.
And the code is clear. Under general principles it states: "A regulated entity must ensure that in all its dealings with customers and within the context of its authorisation it acts honestly, fairly and professionally in the best interests of its customers and the integrity of the market."
Surely, the decisions of Bank of Ireland and Permanent TSB to cut variable rates for new customers only is in conflict with the above? They are not acting "fairly".
http://www.independent.ie/business/...s-its-hands-over-interest-rates-30897481.html
Central Bank washes its hands over interest rates
Bank of Ireland and Permanent TSB have cut their variable rates - but only for new customers.
There is no justification for this policy other than to exploit those customers who cannot move because of negative equity or mortgage arrears. It is unfair and exploitive.
...
But, wait. Does this activity not fall foul of Central Bank rules?
The Central Bank makes much of the Consumer Protection Code, which it uses to regulate the banks and ensure they treat customers properly.
And the code is clear. Under general principles it states: "A regulated entity must ensure that in all its dealings with customers and within the context of its authorisation it acts honestly, fairly and professionally in the best interests of its customers and the integrity of the market."
Surely, the decisions of Bank of Ireland and Permanent TSB to cut variable rates for new customers only is in conflict with the above? They are not acting "fairly".
http://www.independent.ie/business/...s-its-hands-over-interest-rates-30897481.html