Tuesday 6 December 2016

90 appeal PTSB's compensation offers

Published 13/03/2016 | 02:30

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. Photo: Niall Carson/PA
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. Photo: Niall Carson/PA

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.

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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

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