I got compensation of 10% from Bank Of Ireland.
How are banks being allowed to use a % of redress amount as a basis of calculation instead of an actual interest rate calculation methodology.
Using interest rate methodology, my compensation effectively means that I lent money to BoI at 2.8% for the past 10 years (monthly compounding as in a mortgage).
I appealed the amount based on the methodology used but my appeal was rejected. How can using this methodology be deemed to be fair?
How are banks being allowed to use a % of redress amount as a basis of calculation instead of an actual interest rate calculation methodology.
Using interest rate methodology, my compensation effectively means that I lent money to BoI at 2.8% for the past 10 years (monthly compounding as in a mortgage).
I appealed the amount based on the methodology used but my appeal was rejected. How can using this methodology be deemed to be fair?