I would expect that the Ombudsman will be publishing his decisions in the coming weeks. However, I am not expect that there will be any significant tracker related decisions. The whole process is very long and Thomas gives a good exampleNot one poster has said on this forum that the Ombudsman has made either a preliminary or a final decision.for or against.
When the bank responds to the Ombudsman, consider very carefully if you need to respond. Typically what happens is the following.Mine was Feb 2017 and still not finalised!!
I found that astonishing. Ulster Bank is behind all the other lenders in their dealings. The Appeals Panel was late to be set up.there is now conformation of a small number of Tracker Related Appeals to the Ombudsman. 10 Ulster Bank customers that appealed the level of compensation to the independent appeals panel only to be be rejected followed on with an Appeal to the Ombudsman. Of these ten, the Ombudsman sided with the customer on five occasions. A whopping 50% of Ombudsman appeals were upheld. I’ve long expected this was going to be the case with the appeals panel decisions and it’s great to hear decisions are now coming through. All these decisions will be published in July.
This is similar to my previous experience with the Ombudsman. It's also similar to my experience with the Appeals process (still ongoing). It appears that the FSPO is powerless to compel the Bank to respond in a timely manner. I believe that the Ombudsman should be simply progressing to the next stage when the Bank take far too long and giving the benefit to the complainant. That would serve to soften the Banks' cough.It took the lender almost three months to respond to the questions from the Ombudsman. The borrower responded within a week. And it took a further three months for the bank to issue its second response. So 100 working days from the bank where it should have been 40.
Things may have changed since I went to the FSPO in 2012 but at that time it took 26 months from start to finish with the bank nearly always late back on their submissions. Before agreeing to mediation I asked a case worker in the office of a time frame if the bank didn't agree to go to mediation (and they didn't) and they estimated 5 months at the time but the reality was very different, with one period in particular where there was no update for six months.I just checked the timeline on another case I have been told about. It's much worse than I thought.
It took the lender almost three months to respond to the questions from the Ombudsman. The borrower responded within a week. And it took a further three months for the bank to issue its second response. So 100 working days from the bank where it should have been 40.
That's true Brendan but it has still taken up huge chunks of time and while I have sympathy on volume for the FSPO and can understand the delays and restrictions a bit more there - the banks are making plenty of money again - time for them to hire the staff to deal with it in an appropriate time frameOne of the problems faced by the banks is the sheer volume of complaints and appeals.
While you have a full time job nota bene, this is the only case you are progressing. You know it inside out. When UB responds to you, you can respond to them within a few days.
The Ombudsman faces the same issue. They must be swamped with tracker cases and all the other cases as well.
So I think we will just have to live with the fact that the Ombudsman process will take a year or so after mediation.
The only way to speed it up is for the Ombudsman to say after the first exchange: "I have read the complaint and the response from the bank. I now understand the issue. While you may make further submissions, it will only slow down the process. So don't make a further submission unless you really think it's necessary."
And I have seen a lot of complaints put together very badly. It would be hard for the Ombudsman to figure out what the borrower is arguing.
Hi nbthe banks are making plenty of money again - time for them to hire the staff to deal with it in an appropriate time frame