I had the morning off so sent this to UB. Hopefully they will also get the hard copy.
10th April 2017
Dear ,
thank you for your recent letter dated 31/3/2017. I note that your review is still continuing and no specific end date is given. With reference to your initial communication, I had lived under the illusion that the three months from January 2017 where required to sort out this matter. The letter also informs me that until that point is reached in the next few months I as an already identified customer must await the banks good grace to allow redress.
This runs contrary to the diretions issued from the Central Bank of Ireland.
Examination of Tracker Mortgage Related Issues
The framework for the Examination is a phased approach. Phase 1 involved the development and submission of detailed plans by relevant lenders. This phase has been completed.
Phase 2 requires lenders to conduct the review of their mortgage loan books in line with our framework. These reviews are extensive in that lenders must review the underlying loan documentation and customer files for the in-scope accounts to determine their specific contractual obligations, and also to determine if the documentation that each customer received had the potential to confuse or mislead the customer, both on a stand-alone basis and when read in conjunction with other communications – be they written or verbal – made to the individual customer.
In this respect, the Central Bank invoked its powers under Section 22 of the Central Bank (Supervision and Enforcement) Act 2013 to set specific timelines for lenders to complete Phase 2 of the Examination, the last of which will be completed by no later than end September 2017. The timelines have necessarily taken account of the size of the relevant lender’s loan book, the scale and complexity of issues in the lender, and the complexities associated with completing a thorough review, in line with the key objectives of the Examination.
By this date, the Central Bank expects all lenders to have identified all affected accounts, stopped further harm, and have commenced engagement with most impacted customers. The Central Bank is rigorously monitoring the completion of this work.
Phase 3 of the Examination relates to the calculation of redress and compensation for customers identified as having been affected by tracker mortgage related issues.
Phase 4 relates to the implementation of a redress programme in respect of these customers.
Phases 3 and 4 may run concurrently with Phase 2 and, as such, the Central Bank expects lenders to commence Phases 3 and 4 as affected customers are identified.
I draw your attention to the above sentence beginning Phases 3&4 and the expectation of the Central Bank that lenders are expected to commence redress, compensation and implementation as affected customers are identified. It is now over 4 months since my account was identified and the holding letter I have received makes it clear that Ulster Bank have no intention of following the Central Bank of Ireland directive as delivered to Oireachtas. I also bear in mind that pre 2013 the Central Bank cannot enforce redress but I understand that there is an expectation that lenders will comply.
At least I should have an idea in this time frame of the amount involved, compensation levels, what the correct outstanding balance of my mortgage is at this time and if I can choose to keep the payment for independent financial advice if I choose not to seek an appeal.
I look forward to having the above information and a financial package as a result of the Central Bank of Ireland directive without delay. Ulster Bank may shelter under the phrase “may run concurrently” but that is not what the Central Bank details as it expects lenders to run a programme of redress and compensation concurrently. I do not see how I am linked to Ulster Bank mistakes on other mortgages as our legally binding agreement is between myself, my spouse and Ulster Bank. These have no bearing on my mortgage account and I see no need for colliegieality on this issue.