Ombudsman to adjudicate on prevailing rate cases "shortly"

Hi ZX

I do not know.

It was ptsb's appeal to the Supreme Court which prompted the Central Bank to wake up and take action. So if AIB loses, they would be very unwise to appeal to the High Court. But banks often act unwisely.

Brendan
 
I would not be sitting back quietly if I were in any group.

I would make contact with others to see if anyone has submitted a well argued case to the Ombudsman or High Court.

Brendan
 
What is the likely date for the ombudsman's decision - will he wait until after the election so as not to make it a political election issue? my Appeal decision was from August 15th so can't wait until after election to make appeal top Ombudsman
Are there any suggestions as to what the Ombudsman will decide - any educated guesses based on the delay ?
 
The 2019 decisions will be published this month so my guess would be next week. It was Jan 24th last year. From his comments in November the prevailing rate cohort will not be in this group.

At best they will be in q1 and if they are it will likely be mid to end if this year (at best) when they are published. He mentioned updates may be 6 monthly and not quarterly so I’d take that as they won’t be quarterly.

There is no rational link with an election
 
Why did you conclude the aib cohort will not be in the next announcement? My understanding from his comments was they would be included.
 
He said in the coming weeks. I have been told coming weeks or coming months by the ombudsman a few times and it’s their way of not committing to a short timeline.
 
I have received an updated letter from the Ombudsman stating that our case has now been assigned a manager..we submitted our complaint in April/May last year so I'm not expecting this to be decided anytime soon....
 
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Milkof said:
I have received an updated letter from the Ombudsman stating that our case has now been assigned a manager..we submitted our complaint in April/May last year so I'm not expecting this to be decided anytime soon....
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Milkof .. do you mind me asking what cohort are you with ? Cheers
 
We're the Prevailing rate. They said they're carrying out the investigation and will put their findings to AIB, said they've no idea how long the process will take.
 
Crikey. That seems completely at odds with what the ombudsman said to the oireachtas before Christmas when he said he expected to have the results out by January.
I really don’t understand how it takes so long to come to a single decision re the prevailing rate. Surely it’s just one decision - but would get rid of 4,0000 customers in one fell swoop. It’s very frustrating waiting forever - particularly when give public assurances it would be resolved very quickly.
 
15 - 20 decisions for just Jan? Or 20 including the 13 flagged in November 2019?

20 new ones in Jan would be great and would mean we would be on target for all to be completed in circa 4 years.

If it was the run rate of 13 in 11 months as mentioned in November it would be really far into the future.
 
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www.oireachtas.ie

Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach debate - Tuesday, 19 Nov 2019

Tracker Mortgages and Differential Pricing in Insurance: Discussion Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach debate - Tuesday, 19 Nov 2019
www.oireachtas.ie

This is the link to what the FSPO said back in November.

I’m a little confused as to why their carrying out a investigation, I thought that was for the Central Bank & the FSPO was to adjudicate on each individual case before him.
 
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Mayoress said:
www.oireachtas.ie

Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach debate - Tuesday, 19 Nov 2019

Tracker Mortgages and Differential Pricing in Insurance: Discussion Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach debate - Tuesday, 19 Nov 2019
www.oireachtas.ie

This is the link to what the FSPO said back in November.

I’m a little confused as to why their carrying out a investigation, I thought that was for the Central Bank & the FSPO was to adjudicate on each individual case before him.
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I also believe prior to November the ombudsman said he would make a call on the prevailing rate and it would apply to all people in that cohort (rather than having to adjudicate in each case individually)
 
Mayoress said:
I’m a little confused as to why their carrying out a investigation, I thought that was for the Central Bank & the FSPO was to adjudicate on each individual case before him.
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misinterpreted this at first, original response edited. agree this is confusing as I thought the central bank decided on the different cohorts and the FSPO was to decide on the individual cases as the central bank does not get involved in individual cases.
 
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TrackerThieves said:
misinterpreted this at first, original response edited. agree this is confusing as I thought the central bank decided on the different cohorts and the FSPO was to decide on the individual cases as the central bank does not get involved in individual cases.
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FSPO have power to investigate systemic issues related to individual cases as far as I know.
 
B26354 said:
FSPO have power to investigate systemic issues related to individual cases as far as I know.
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Not sure what you mean by that.

If the FSPO sees a number of cases with the same issue, they refer that issue to the Central Bank.

But the FSPO cannot turn around and say "We find against you in the case of B26354 and please apply this to all other customers affected by the same issue."

Lightbulb moment: Maybe we should call on the candidates to change the legislation to give the Ombudsman this power?

Brendan
 
Hi;
May I ask whether "the prevailing rate cases" are one and the same as the "PTSB Discounted Tracker" cohort?

To recap; PTSB issued mortgages with a 12 month discount margin with "the then current PTSB tracker rate" to apply thereafter. PTSB proceeded to issue confusing and inaccurate rate options letters, rather than applying a reasonable "undiscounted" rate automatically from year 2 (as was suggested by the Letter of Offer).

I am keen to hear if Ombudsman made adjudication on this or is expected to?

Thanks folks.
 
@ Brendan, do you think that we will have news today, given that the ombudsman Ger Deering said at the Oireachtas meeting in Nov, that his decisions would be published no later that Jan 2020?
 
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