Brendan Burgess
Founder
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I have spoken to Ulster Bank's press office and they will be starting to write to customers tomorrow. At this stage, all they will be saying is "We have been applying the wrong rate so from now on, we will charge you the right rate which is x%. We will be back in touch as soon as possible with details of how much we have overcharged you and how much compensation you will get".
http://digital.ulsterbank.ie/person...lster_banks_tracker_mortgage_examination.html
Tracker Mortgage Examination update
The Central Bank of Ireland (‘Central Bank’) has required all relevant lenders to conduct a comprehensive review of their mortgage portfolios (‘The Tracker Mortgage Examination’). In line with this, Ulster Bank is reviewing its contractual and regulatory obligations to our tracker mortgage customers.
While our review is ongoing, we have identified a group of tracker mortgage customers who have been affected by the use of ambiguous and confusing terminology in our mortgage documentation.
We would like to apologise to those customers who have been adversely impacted as a result of this failure. The first step we are taking to remedy this is correcting the interest rates on these accounts, in order to prevent any further harm to impacted customers. We will write directly to those impacted customers in the coming weeks, confirming their new interest rate and payment amount.
In addition, we will implement a redress and compensation programme in respect of those customers impacted by this issue, in line with the principles prescribed by the Central Bank. We will be writing to those customers to outline what impact we have found, together with our proposals to put things right, including any redress and compensation due. We will also outline details of payments that will be made available towards the cost of independent professional advice for impacted customers and provide details of the appeals process for any impacted customer not satisfied with the level of redress and compensation provided.
Ulster Bank Chief Executive, Gerry Mallon said:
“On behalf of Ulster Bank, I would like to apologise for the lack of clarity that has led to this impact. Please be assured that we are doing everything possible to resolve this and we are focused on putting this right for our customers.
"We will begin contacting our customers shortly, to advise of the rate changes that will be made for those found to be impacted. I also want to thank our customers for their continued patience in this matter.”
Separately, in line with the Tracker Mortgage Examination, we will continue to review our contractual and regulatory obligations to our remaining tracker mortgage customers.The review will take some time to complete and other customers may be identified as impacted as we progress through this work. Our activity is in line with the principles outlined by the Central Bank and is also being assured by an independent third party. We are not in a position to confirm exact timeframes or the final number of impacted customers at this stage
http://digital.ulsterbank.ie/person...lster_banks_tracker_mortgage_examination.html
Tracker Mortgage Examination update
The Central Bank of Ireland (‘Central Bank’) has required all relevant lenders to conduct a comprehensive review of their mortgage portfolios (‘The Tracker Mortgage Examination’). In line with this, Ulster Bank is reviewing its contractual and regulatory obligations to our tracker mortgage customers.
While our review is ongoing, we have identified a group of tracker mortgage customers who have been affected by the use of ambiguous and confusing terminology in our mortgage documentation.
We would like to apologise to those customers who have been adversely impacted as a result of this failure. The first step we are taking to remedy this is correcting the interest rates on these accounts, in order to prevent any further harm to impacted customers. We will write directly to those impacted customers in the coming weeks, confirming their new interest rate and payment amount.
In addition, we will implement a redress and compensation programme in respect of those customers impacted by this issue, in line with the principles prescribed by the Central Bank. We will be writing to those customers to outline what impact we have found, together with our proposals to put things right, including any redress and compensation due. We will also outline details of payments that will be made available towards the cost of independent professional advice for impacted customers and provide details of the appeals process for any impacted customer not satisfied with the level of redress and compensation provided.
Ulster Bank Chief Executive, Gerry Mallon said:
“On behalf of Ulster Bank, I would like to apologise for the lack of clarity that has led to this impact. Please be assured that we are doing everything possible to resolve this and we are focused on putting this right for our customers.
"We will begin contacting our customers shortly, to advise of the rate changes that will be made for those found to be impacted. I also want to thank our customers for their continued patience in this matter.”
Separately, in line with the Tracker Mortgage Examination, we will continue to review our contractual and regulatory obligations to our remaining tracker mortgage customers.The review will take some time to complete and other customers may be identified as impacted as we progress through this work. Our activity is in line with the principles outlined by the Central Bank and is also being assured by an independent third party. We are not in a position to confirm exact timeframes or the final number of impacted customers at this stage
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