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Banks criticised for attitude to tracker mortgage complaints

Written by Robert McHugh, on 2nd Mar 2017. Edited on 3rd Mar 2017 Posted in Financial

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According to a report by RTE, the Financial Services Ombudsman has criticised the attitude of banks in dealing with complaints about tracker mortgages.

The report states Ger Deering told the Oireachtas Finance Committee that while the attitude of lenders has improved, in the past it was to do the "least they could get away with to keep the ombudsman off their back". 

He said a large number of complaints are made by people who feel aggrieved that they were never offered a tracker rate, and these were unlikely to be successful.

Mr Deering said that his office would not be found wanting "if the conduct of financial institutions is contrary to law, unreasonable, unjust, oppressive or improperly discriminatory".

He said his office has dealt with over 1,600 complaints in relation to tracker mortgages since 2008. Of these, 400 complaints are still active but have been suspended pending a review of tracker mortgages ordered by the Central Bank.

Mr Deering said he would welcome the passing of proposed new legislation which would extend the time limit for making complaints beyond six years.

Source: www.businessworld.ie

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