EBS have concluded a comprehensive review of customer mortgage accounts with regard to tracker rates. The review was part of an industry wide investigation, required by the Central Bank of Ireland.
We wrote to all customers who were affected by our failure and provided them with a payment for redress and compensation as well as a payment towards the cost of independent professional advice. Where impacted accounts were open we corrected the interest rate on the account. We also provided customers with details of the independent appeals process.
These steps were taken in line with the principles outlined by the Central Bank, and key aspects of our work were reviewed by an independent third party, KPMG.
Although our review is now complete, we will continue to review individual cases if and when they arise.
How do I know if the review affects me?
If your account was affected, we will have written to you.
What if I have a question about the letter I received?
We have a team of staff who are available to help you. Please ring our helpline team using the contact details contained in your letter.
I am appointing a Third Party Advisor to assist me. Can I give you permission to deal with this advisor on my behalf?
Yes. You will need to confirm in writing (through the approved “Third Party Advisor” form) that we can liaise with the advisor in relation to the Tracker Mortgage Examination. You can find this form here or you can contact our helpline team to request it.
I received a letter.
What can I do with my cheque?
You can lodge your cheque. Lodging it will not affect your right to appeal, to complain to us, or to the Financial Services and Pensions Ombudsman and/or pursue this matter through the Courts. You are not required to apply any of your redress and compensation payment against your mortgage account.
Why did I receive a payment instruction form instead of a cheque?
A payment instruction form is most frequently issued where there are multiple parties to a loan living at different addresses. We need you to complete this form so that we know how you would like us to split your payment.
Personal representatives of deceased borrowers
Where we were aware of the personal representative of a deceased borrower we also sent them a letter along with a payment instruction form. Click here for more about the identification documents that personal representatives need to provide to us before the cheque will issue to them.
Do I have the right to appeal the redress and/or compensation?
Yes, you have the right to appeal the actions we have taken to correct our failure. You can submit your appeal within 12 months of the date on the letter in which we provided full details of the redress and compensation payment.
(i) What can I appeal?
You can appeal any aspect of redress and compensation within 12 months of the date on your letter in which we provided full details of your payment. Our decisions on the level of redress and compensation was based on the information available to us in our review of your account. As part of the appeals process you can include any additional material financial information which you would like to have considered.
(ii) Who will hear my appeal?
All appeals are heard by a fully independent appeals panel in accordance with the Terms of Reference and Procedural Rules of the appeals panel. For more details on the panel membership click here.
(iii) How do I begin an appeal?
Customers who received a letter providing detailed calculations of their redress and compensation payment can request an appeal application pack. To request this pack, please contact the helpline number provided in your letter. The pack will give you more details about the overall appeals process. Customers who decide to appeal will need to complete the appeal application pack and return it (together with any supporting documents relevant to their appeal) to the address set out in the form.