High court upholds appeal by Danske Customer over Ombudsman's judgement

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mcaul

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From today's indo
http://www.independent.ie/business/...s-to-take-on-lenders-over-rates-30634246.html

Very interesting for people who lost trackers as bank have unfairly penalised this group. Not only have trackers been lost, but you are paying about 1% above the rates offered to new mortgage holders.

Gives a very interesting extra argument on the tracker issue - and could mean banks are in breach of the 2006 code of conduct whereby "the Most Suitable products" must be offered when offering a new rate.

Bank in 2006 & 2007 some banks offered capped tracker - why was this not offered? Clearly a breach of the regulations as it was by the most suitable product and would not have led to mortgage holder being charge penal rates of interest.

Looks like the High court looks at it from a lay man's point of view and the ombudsman look at it from a purely legalistic point of view - quite opposite to what it should be as the ombudsman was set up to be a "consumer champion"
 
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