Permanent TSB has been fined €21m by the Central Bank in respect of "serious failings" which affected 2,007 of its tracker mortgage customer accounts.The Central Bank said the lender's failure to put its customers first resulted in "distressing and in some instances devastating consequences" for some of its tracker mortgage customers.
It said the size of the fine reflects the "gravity" with which it views Permanent TSB's failings and the "unacceptable harm" the bank caused some of its tracker mortgage customers. These included the failure to warn customers about the consequences of decisions they might make relating to their mortgage, operational and system failings and incorrect legal interpretation of contractual terms and conditions.
"Our investigation found that PTSB failed to put their customers first, with distressing and, in some instances, devastating consequences. PTSB failed in their obligations to do the right thing by their customers," she said. PTSB also did not warn certain customers that they would lose their tracker mortgage entitlements as a consequence of their request to break early from a fixed or discounted interest rate.
It also said that PTSB denied certain customers their enduring contractual right to a tracker mortgage as a result of the lender's incorrect interpretation of the extent of certain customers' contractual entitlements.
Shocking. Once again no person held accountable. Until someone is held account and even sent to prison it will happen again.
A fine is all it is....... what about some of the people/families left without a loved one who could not see a way out?
much deserved!
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