EBS is carrying out a comprehensive review of customer mortgage accounts with regard to certain types of interest rates such as trackers. This review is part of an industry wide investigation, required by the Central Bank of Ireland.
The review, which is still ongoing and nearly complete, has found we fell short on our obligations to some customers. For example, instances where we were not sufficiently clear with them. This resulted in some customers being charged too high a rate of interest on their mortgage accounts.
The steps involved in our review process are:
These steps are in line with the principles outlined by the Central Bank of Ireland's Framework, and we appointed an independent third party, KPMG, to review key aspects of our work.
Our priority is to put things right for our customers who have been impacted. If customers have any queries, they can call our dedicated Helpline on 1800 235 461 (or +353 1 7715889) between 8am and 7pm, Monday to Friday.
How do I know if this review affects me?
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 Review. You can find this form here or you can contact our Helpline team to request it.
I received a letter.
For impacted accounts, you will receive a letter to inform you that your account is impacted and where that account is currently on the wrong interest rate, we will correct this rate and advise you.
As the programme continues, impacted customers will be sent a letter to provide them with redress and compensation. By redress, we mean refunding customers who overpaid interest and correcting their mortgage balance. At that point, we will also pay compensation and provide a set payment towards the cost of independent professional advice. This letter will include a detailed financial summary explaining how the payment amount was calculated and provide details on an independent appeals process.
I received a redress and compensation letter. What can I do with my cheque?
You can lodge your cheque. Lodging it will not affect your right to make an appeal, to make a complaint to the Financial Services and Pensions Ombudsman 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 are aware of the personal representative of a deceased borrower we have also sent them a letter along with a payment instruction form. Click here for more about the identification documents that personal representatives will 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.
(i) What can I appeal?
You can appeal any aspect of redress and compensation within 12 months from the date on your letter in which we provided full details on the redress and compensation payment. Our decisions on the level of redress and compensation are 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.
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.
What if I do not receive a letter?
If you do not receive a letter from us and have reason to believe your account may be affected, or if you have a question, please call our Helpline team on 1800 235 461 (or +353 1 7715889) who are available Monday to Friday between 8am and 7pm, write to us at EBS Mortgage Review, Bankcentre, Ballsbridge, Dublin 4 or talk to us in your local EBS office.
When will EBS complete the review?
The majority of impacted accounts have been redressed and compensated. Our aim is to redress and compensate all remaining impacted accounts in the first half of 2019.
We are deeply conscious of the necessity to complete this review as quickly as possible and our priority remains to put things right for our customers who have been affected.