Permanent TSB fined €21 million for tracker mortgage breaches

The Central Bank of Ireland reprimanded and fined the bank in respect of "serious failings" to 2,007 tracker mortgage customer accounts between August 2004 and October 2018.

"It reflects the gravity with which the Central Bank views PTSB's failings and the unacceptable harm PTSB caused to their tracker mortgage customers, from extended periods of significant overcharging to the loss of 12 family homes and 19 buy to let properties."The Central Bank's director of enforcement and anti-money laundering, Seana Cunningham, said taking out a mortgage is the single most significant financial commitment most people will make in their lifetimes.

"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.At a minimum, she said, customers should be provided with "clear and timely information and warnings about their mortgage", the highest levels of customer service and a commitment from their lender to put things right promptly and fairly should they go wrong.

It added that the bank made a decision to "deny certain customers their entitlements to the correct lower tracker rate between 2009 and 2010" unless the customer specifically requested it. "All of these 2,007 mortgage accounts have now been redressed and compensated by Permanent TSB at a cost of circa 54 million euro," the statement read.

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Permanent TSB fined record €21 million over tracker mortgage scandalPermanent TSB has been fined a record €21 million by the Central Bank for regulatory breaches affecting tracker mortgage customers. Are they gonna give the €21mill to the customers
Source: thejournal_ie - 🏆 32. / 50 Read more »

Permanent TSB fined €21m for tracker mortgage failuresPermanent TSB has been fined €21m by the Central Bank in respect of 'serious failings' which affected 2,007 of its tracker mortgage customer accounts. 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! Shocking. Once again no person held accountable. Until someone is held account and even sent to prison it will happen again.
Source: rtenews - 🏆 1. / 99 Read more »

Permanent TSB fined €21m for tracker mortgage breach | JOE.ieThe Central Bank said that the breach affected over 2,000 of Permanent TSB's tracker mortgage customers.
Source: JOEdotie - 🏆 31. / 51 Read more »

Permanent TSB fined record €21 million over tracker mortgage scandalPermanent TSB has been fined a record €21 million by the Central Bank for regulatory breaches affecting tracker mortgage customers. Are they gonna give the €21mill to the customers
Source: thejournal_ie - 🏆 32. / 50 Read more »

Permanent TSB fined €21m for tracker mortgage breach | JOE.ieThe Central Bank said that the breach affected over 2,000 of Permanent TSB's tracker mortgage customers.
Source: JOEdotie - 🏆 31. / 51 Read more »

Permanent TSB fined €21m for tracker mortgage failuresPermanent TSB has been fined €21m by the Central Bank in respect of 'serious failings' which affected 2,007 of its tracker mortgage customer accounts. 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! Shocking. Once again no person held accountable. Until someone is held account and even sent to prison it will happen again.
Source: rtenews - 🏆 1. / 99 Read more »