FSO: Suspension of tracker related complaints whilst being examined under the Central Bank redress

D

Dan Murray

Guest
Two questions please!

1. Is it true that the FSO is suspending tracker related complaints whilst these complaints are being dealt with under the redress scheme (just looking for confirmation); and

2. If a complaint is progressing with the FSO (say to mediation or determination stage) because the lending bank says that it does fall within the redress scheme - what would happen if it was deemed subsequently that the relevant complaint should have fallen within the redress scheme?

[Background: The numbers of impacted customers keeps on expanding as new cohorts are included for redress.]

I'd appreciate any thoughts related to this like should a complainant (consumer) get a ruling from say the Central Bank that redress categorically does not apply before continuing with the FSO process. Otherwise put, if the FSO process completes, is the "redress" route exhausted?
 
1. The FSO has suspended tracker related complaints until the complainant has a definitive answer from their bank. They can then reactivate their complaint if:
(a) they received redress and elect to go straight to FSO as they don't want to go through the appeals panel.
(b) they received redress, go to appeals, and then decide to go to FSO.
(c) they receive a definitive negative impacted letter from the bank - this is then treated as a final response which can be used to reactivate the complaint.

2. The FSO can direct the bank to review the customer account for redress as part of their instructions or as part of mediation. No consumer will receive a directive from the Central Bank that their account is not deemed impacted. The letter will come from the lender. You can use the FSO to appeal this decision, which could possibly then lead to the bank being directed to review the account and apply redress and compensation etc.
 
Back
Top