Jeremy Masding
Ger Mitchell HR,. mOrtgage and consumer product director
Stephen Groarke
Brid Timony
Greg O'Leary
Three programmes
- 2015 ptsb-specific programme
- The Product Review Group we launched
- The CBI Industry Wide programme
1,979 in total - all have been offered.
1,374 under the 2015 programme -70%
605 accounts under the industry wide programme and product review group
The majority have accepted the payments.
All are now on the correct tracker rate
The final letter were sent in Dec 2017
Some have not accepted the payment, but accepting it now, has no impact on their right to appeal or challenge the amount offered.
Most of ours were due to customers breaking out of fixed rates early and we didn't tell the customers the consequences.
We have found no evidence that this information was deliberately withheld.
Other categories
201 by the Product Review Group
342,000 mortgages over a 12 year period were reviewed
24 months
200 people
404 idendifed by the Industry-wide review
The appropriate rate is an issue
The margin above the ECB rate
We are returning to people, that what was theirs
The money they lost
The option they had
But the margin they could return to depends on the contract or the fixed rate agreement.
Some had a price promise
But others had no price promise
Similar to what is happening today. People with a three year fixed move to a variable rate which they won't know for three years.
This was applied to customers who did not fix. .75% to 3.35% above the rate. Depending on the date.
Customer A who stayed on the fixed rate without breaking got the same rate as Customer B. This is consistent.
Overall attitude of banks to tracker mortgages
I have seen no evidence that the bank was acting against the interest of customers with trackers
we did not prevent existing customers
47% of our balance sheet was in trackers when trackers were stopped, and this grew to 53% by the end of that year.
Half our customers have tracker rates.
In 2014, we developed a product for movers to help them move and keep their tracker.
30,000 long term treatments have been given to customers without affecting their trackers.