Springboard (owned by ptsb) fined €4.5m for taking people off trackers

[Brendan Burgess]

http://www.centralbank.ie/press-area/press-releases/Pages/SpringboardMortgages.aspx

220 customers

permanent tsb sold Springboard two years ago, but they will pay the fine.

"The Central Bank’s investigation found that the Firm failed to apply the correct interest rates to 222 customer mortgage accounts over a seven year period between August 2008 and July 2015. In doing so, the investigation concluded that the Firm failed to:

• Act with due skill, care and diligence and in the best interest of its customers;
• Effectively employ adequate and/or appropriate resources and procedures; and
• Have adequate systems and controls in place.

...
PENALTY DECISION FACTORS

In deciding the appropriate penalty to impose, the Central Bank considered the following matters:

• The impact on affected customers (higher mortgage repayments, entering into mortgage arrears and being subjected to legal proceedings for arrears on their mortgage accounts);
• The number of customer mortgage accounts impacted by the breaches;
• The duration of the breaches (approximately 7 years);
• The action taken by the Firm in self-identifying the failures and the action taken to remedy the breaches once identified;
• The co-operation of the Firm during the investigation;
• The previous compliance record of the Firm."

This could describe the tracker behaviour of any or all of the lenders. Why was Springboard singled out?

 

[Brendan Burgess]

It's amazing that not one of the 220 customers who were overcharged even questioned the rate they were on, much less made a formal complaint to the FSO.

Brendan

 

[trojan]

It's amazing that not one of the 220 customers who were overcharged even questioned the rate they were on, much less made a formal complaint to the FSO.

Brendan

Nowithstanding all the adverse publicity many people still feel banks do not make "mistakes".

 

[Brendan Burgess]

If all the lenders made mistakes, why is Springboard being singled out for a fine?



Brendan

 

[Gerry Canning]

Brendan ,

Our failed (friends) Central Bank, like most bluffers, like cosy headlines .
I know I sound a bit like a broken record but there is 2 BIllion+ on Payment Protection Insurance ,that they effectively ignored ?

Your comment {amazing not one made formal complaint} is instructive of Central Banks deviousness V consumers.
In my thinking Mr Central Bank took a nice soft low value issue ,that had NOT been raised over a HUGE value issue .

They are @ best, ongoing costly con artists.!!

Rant over.