Ulster Ulster Bank Redress Update

Status
Not open for further replies.
Notabene, i moved banks too i will be very interested in the outcome of your letter. I'm still getting the 60 day letters off ulster bank so no update yet
 
patience noun [ U ] (QUALITY) the ability to wait, or to continue doing something despite difficulties, or to suffer without complaining or becoming annoyed:
run out. — phrasal verb with run us /rʌn/ verb present participle running, past tenseran /ræn/ , past participle run. › to use something completely so that nothing is left:
 
@smithers will update when I hear - did you receive the above letter yesterday or just a 60 day letter recently?

Also if you have not been returned to interest rate since notification of being impacted there is no harm in letting CB and finance committee know that UB are in continuing breech of Phase 2 guidelines - have done this myself
 
I'm an ex FA customer just got a 60 day letter recently, nothing else unfortunately, have been getting them about a year and a half now.
 
I'm a BoI customer. FSO ruled in our favour and found "the Bank did act wrongfully, and in breach of duty when it failed to offer the complainants.. the original tracker rate". The FSO did not however order the Bank to reinstate our Tracker. Post the FSO ruling BoI completely disengaged from us and withdrew services (top up offer that was approved pre the ruling never re-issued etc). We were forced to move Banks to get access to top up credit. BoI informed us we were part of the review but we haven't received any update whatsoever since.
 
I have rang UB and got thru to their Tracker team, made a complaint about the vagueness of the March update letter.
I was called back by a more senior member of the team. The 2 interesting points from conversation were as follows.

1. UB does not yet know how to calculate the refund (their calculator is still being built)
2. UB does not think it is fair to start the redress phase until all identified customers are contacted.

This would appear to be in contradiction to what the Central Bank have issued -see below.

"While the Central Bank expects that Phase 2 will be completed by end September 2017, payment of redress and compensation by the lenders and the Central Bank’s assurance work will continue beyond this point for some lenders. The Central Bank expects lenders to commence Phases 3 and 4 as impacted customers are identified. It is important to note that Phases 3 and 4 (calculation of redress and compensation and implementation of the redress programme) can run concurrently with Phase 2."

I followed this up with a phone call to the Central Bank who defended UB by saying.
1. There's a lot for the banks to get through so you need to give them time.
2. They don't have to start the redress phase until all customers are identified.

Clear to see the Central Bank are happy to sit back and let the banks dictate the speed at which they conduct the review and will be left alone until September.

Doesn`t look like we will receive refunds anytime soon!
 
Am really struggling with this concept of doing everything in bulk. How is it sensible to write to everyone together, redress everyone together? At least as staff find a case, establish it as qualified under review, why not amend rate, write to customer and advice next step?

UB don't have the calculator tool? Clearly other lenders do, can't they buy/copy it? Couldn't CB get involved. Same goes with the letters and the excuse for the delay being ' pending CB approval ' before they issue. There is a clearly accepted letter already issued by another lender. Cant the template be shared?

Surely, with a little bit of joined up thinking and the will, this process could be so much more streamlined.

Seems banks are only happy to collude ALLEGEDLY is when they are up to something that benefits them.
 
It's hard to see how they would be able to deal with the volume of all individual candidates at once. Their redress board hasn't taken up their roles yet - meanwhile customers are continuing to be at the loss of the money and tied to the bank until it is sorted out which at this point seems interminable
 
Collegiality would seem to me to be a poor reason for with holding payments and redress. Is the UB telling us until every account is sorted and every cent recorded you naughty people who exposed our misdeeds are going to sit on the naughty step. As far as I understand it they have no independent auditor appointed, no refund calculator, no level of compensation set, no way of telling us how many more accounts need to be identified, no visible time frame and the CB is toothless.
 
This 'Ulster Bank don't have a calculator tool' is rubbish. They admitted to me on a phone call in January that my calculations were roughly correct. This says that they do know what they need to do to make redress but are choosing not to. They told me at that time that our redress was being put on hold until all customers were identified and estimated it would take approximately 6 months from January 2017. I had hoped that the publication of the Central Bank guidelines, and specifically the Phase 2/3 conditions, was a positive development.

Unfortunately I have no faith in the ability of Ulster Bank to complete the investigations by September 2017. I believe that the Central Bank will allow the banks extend this deadline to December between now and then. What's 1 more extension when it's been extended plenty of times already?

We will all be extremely lucky to receive redress letters in 2017. The most recent letter we received doesn't even tell us when they will write to us again - as I'm sure you've all noted.

Having read through the Central Bank guidelines etc I fail to see how they can hold them to the deadlines they have set anyway.
 
Well said! and agreed 100%. I'm just wondering what was the time scale from original letter to letter of redress and payment from AIB? Personally I cant see any of us getting a penny from UB until at least Christmas
 
From what I recall AIB customers were dealt with in approximately 6 months space of time. Some customers didn't even realise they were impacted until they got the redress letters in the post.
 
Can't help but wonder, are UB holding out until there is a court case? Are they playing the long game hoping that a court case fail based on some technicalities that will give them leverage or am I just too cynical?
 
MsBinky said:
Can't help but wonder, are UB holding out until there is a court case? Are they playing the long game hoping that a court case fail based on some technicalities that will give them leverage or am I just too cynical?
Click to expand...
Or they go bust through their RBS parent .....
 
Status
Not open for further replies.
Menu
Log in
Register