90 appeal PTSB's compensation offers
Published 13/03/2016 | 02:30
Some 90 current or former mortgage customers of Permanent TSB have sought a review of compensation offers linked to a bank error that led to some people losing their homes.
Approximately 90 of the 1,372 customers offered compensation as part of PTSB's Mortgage Redress Programme have asked for their offer to be reviewed, a Permanent TSB spokesperson said.
The customers in question all lost money due to a bank decision several years ago to prevent them switching from a fixed-rate mortgage to a tracker rate, despite being contractually entitled to do so. At least 22 families lost their home as a result of the policy.
The bank began writing to these customers last year with compensation offers. Those unhappy with their offer had the right to appeal. For more serious cases - including people who lost their homes - the appeals panel includes former deputy Financial Services Ombudsman Caroline Gill, solicitor and former president of the Law Society James McCourt and accountant Cyril Maybury.
A total of €140m has been set aside by PTSB to compensate customers but only €40m has been handed out so far, the lender said last week at the release of its 2015 results.
Sunday Indo Business