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Sure thing asphyxia/descart/advice etc
I'm sure you're right. I'm sure there'll be queues out the door of the high court. Im sure you could even squeeze in some unfair terms & conditions argument relating to variation interest rates.
As to you're "tricking conspiracy theory" the high court actually adjudicated on this and found against the 2 ombudsman decisions which claimed same.
Technically they weren't being overcharged. The Borrowers freely accepted the standard variable rate when they sought to break their fixed rate as it was cheaper than the fixed rate they were on. The high court case turned on whether or not PTSB had an obligation to inform the Borrower that they would lose their tracker option if they broke early. This ascribes a level of fiduciary care on behalf of the Bank toward the consumer with which I disagree - effectively absolves the consumer of responsibility (but everything in Ireland is someone elses fault so I don't see why this should be any different). I think this is a dangerous precedent to set but it is done & dusted now.
Hi Andy
I don't necessarily disagree with your points in relation to the quantum or calibration of the proposed compensation but I think you might be overstating the scope of the High Court judgment somewhat.
Justice Hogan held that the FSO was entitled to conclude that a retail bank should properly alert its customers - if only in the most general terms - of the potentially serious adverse consequences of a particular decision, especially where it seems clear that those customers were seeking advice and guidance from the bank's mortgage advice centre and that these are standards that a modern retail bank might reasonably be expected to uphold. It's certainly an important ruling but it falls a long way short of imposing a fiduciary standard on banks.
Peteb are you joking me!!!! "An easier life of it", less fighting, cant speak for the people who have been living in a bubble for the last few years and will get a nice letter soon but I for one have been fighting for the past four and a half years through PTSB and the FSO, have had sleepless nights and financial worries so I don't think your comments are very fair!
And what about the rest of us that had issue and werent with PTSB?? Compensation isnt the standard route. But yet we all had the same trials and tribulations. In fact PTSB customers probably had an easier life of it as it was highly publicised and therefore required less individual fighting! If you lost your home, then yes I see the point. If you moved to another provider, then yet. But still with PTSB, no.
Peteb are you joking me!!!! "An easier life of it", less fighting, cant speak for the people who have been living in a bubble for the last few years and will get a nice letter soon but I for one have been fighting for the past four and a half years through PTSB and the FSO, have had sleepless nights and financial worries so I don't think your comments are very fair!
Matan, search me on this site. I had a tracker with Ulster Bank that I had to fight tooth and nail to get back. Tell me how your fight was different to mine?
Andy
I think you may have misunderstood me.
Acting as a fiduciary has a specific legal meaning and I'm simply pointing out that Justice Hogan did not find that the bank was acting in a fiduciary capacity (he deals with this specific point in some detail in his judgment). I'm was simply reporting his actual finding without seeking to comment on same.
I agree that this ruling may well have important long-term consequences but it is not correct to say that Justice Hogan found that the bank was acting in a fiduciary capacity. Such a finding really would have profound consequences!
It probably doesn't need to be said, but I can see absolutely no basis for Asphyxia's assertion that a bank could be argued to be holding out employees with a QFA designation to be legal advisors.
You're right. I was mixing fiduciary care with duty of care.
Sarenco,
It has been well decided in law that all banks owe a duty of care to their customers, you know this. (Unless the customer signs a disclaimer form for a particular banking product.)
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