AIB Who has complaints at the Ombudsman stage on the simple vs. compound interest issue?

We declined mediation on 8th December and our file was then sent on for formal investigation and adjudication. So today’s response received in a little under 2 months.

We’re not part of the 300 cohort so I’m a little surprised by the response we got.
 
mjdixon said:
We are at Stage 4 in this process. Recieved a response from the fspo investigation officer this morning that as we had not appealed to the independent appeals panel appointed by our provider, prior to bringing our complaint to the fspo, our complaint has been placed on hold until the outcome of the Independent Appeals Panel is provided.
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So following a complaint to AIB for not providing details of the Independent Appeals Panel in their final response, they have now responded confirming that as my complaint solely relates to their calculation of the interest refund payment received following the FSPO Mortgage Review there is no appeals process under the FSPO Mortgage Review. AIB have stated that I am not required to appeal the decision on my complaint to the Independent Appeals Panel prior to my complaint progressing with the FSPO as my complaint relates to actions the provider have taken under the FSPO Mortgage Review.

Response provided to FSPO who have confirmed my complaint in now in the queue for investigation.
 
mjdixon said:
So following a complaint to AIB for not providing details of the Independent Appeals Panel in their final response, they have now responded confirming that as my complaint solely relates to their calculation of the interest refund payment received following the FSPO Mortgage Review there is no appeals process under the FSPO Mortgage Review. AIB have stated that I am not required to appeal the decision on my complaint to the Independent Appeals Panel prior to my complaint progressing with the FSPO as my complaint relates to actions the provider have taken under the FSPO Mortgage Review.

Response provided to FSPO who have confirmed my complaint in now in the queue for investigation.
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They really like making themselves look foolish don’t they.
 
just wondering if you have had a final adjudication at this point ?
blue_steel said:
Yes this has happened. AIB responded to the Ombudsman's list of questions and we had the opportunity to respond to their responses! We have had our fill of it at this stage so we declined to add anything further and it has gone to adjudication.
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Just wondering @blue_steel if you have had an adjudication decision yet ?
 
I contacted the FSPO yesterday asking for an update on our case which went for adjudication on the 9th of April 2021. They are advising it may take up to 18 months for each case to be resolved depending on complexity. I'm pretty sure they said 6 months last year so they are obviously very backed up. Our case included compound interest and tracker issues.
 
Hello, are people still making a complaint to ombudsman regarding compound Vs simple interest issue? I sent a template that I had received on the thread but I got an email that I need to complete a complaints from to proceed? Is that everyone else did? It's approx 8 pages.. thanks
 
Over 3 years now since we went to adjudication. I haven't heard from the FSPO in 2 years. I assume this issue is dead in the water at this stage or they are so backed up we will be old and grey before AIB is forced to pay compound interest.
 
We’ve received a preliminary decision from the Ombudsman, rejecting the complaint.

It’s an 18 page document detailing the complainant’s case, Provider’s case & preliminary decision. The last paragraph and conclusion I have detailed below.

The Provider has offered total redress and compensation to the Complainants of €. In light of all of the foregoing and having regard to the specific circumstances and evidence that apply to this complaint, I consider the evidence does not support the
Complainants’ complaint that the redress and compensation offered and paid by the Provider was not adequate. For the reasons set out in this Preliminary Decision, I do not propose to uphold the
complaint.

Conclusion
My Preliminary Decision is that this complaint rejected, pursuant to Section 60(1) of the
Financial Services and Pensions Ombudsman Act 2017.
 
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