Ombudsman to adjudicate on prevailing rate cases "shortly"

Brendan Burgess

Founder
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41,542
I don't know, but I doubt it.

Given that no one on Askaboutmoney has reported getting a decision, I doubt that he has issued many decisions.

It seems that it's taking him much longer to finalise the cases than the had thought when he was in front of the Oireachtas Committee.



Brendan
 

Brendan Burgess

Founder
Messages
41,542
May I ask whether "the prevailing rate cases" are one and the same as the "PTSB Discounted Tracker" cohort?
Two lenders had prevailing rate issues but they are all different.

1) AIB said that at the end of the fixed rate, the customer will be offered the then prevailing tracker rate. But when the fixed rate ended, AIB did not offer them a tracker rate as "they had withdrawn them." They have admitted that they should have done and have given €1,000 compensation to 6,000 customers. Some of these cases have been through the Appeals Process and are now at the Adjudication stage with the Ombudsman.

There might be a decision on these AIB cases at any time.

2) PTSB had roughly the same wording in the contract, but they did offer everyone who came off a fixed rate the prevailing rate, which was higher than the SVR. To the best of my knowledge these customers have been deemed by ptsb to be not impacted. They were offered a tracker and they declined it.

2A) Some of the ptsb customers broke out of the fixed rate early and ptsb did not offer them the prevailing tracker rate. They have now accepted that they should have done, and have given these customers compensation based on the then current tracker rates. Padraic Kissane has been representing these but I have no idea what stage they are at. There was talk three years ago of going to the High Court, but I don't think that has happened. I don't know if a complaint has been made to the Ombudsman.

3) ptsb have the discounted tracker cases as you describe. I understand that at least one of these has been submitted to the Ombudsman but I don't know what stage it is at.

Brendan
 
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