EBS is conducting a comprehensive review of customer mortgage accounts with regard to certain types of interest rates such as trackers. The review is part of an industry wide investigation, required by the Central Bank of Ireland.
The review has found that we fell short on our obligations to some customers. This resulted in these customers being charged too high a rate of interest on their mortgage accounts.
We are taking certain steps to correct our failure depending on the individual customer’s circumstances, which include:
These steps are in line with the principles outlined by the Central Bank and key aspects of our work are being reviewed by an independent third party, KPMG.
Our priority is to put things right for our customers who have been affected. 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 the review affects me?
If your mortgage account falls into one of the below categories, it may have been impacted:
(i) You were on a tracker interest rate or the 'Buy to Let' rate and then moved to a different rate, for example a standard variable rate or a fixed rate;
(ii) You were on a tracker interest rate and your margin increased.
Customers who remained on their correct tracker margin are not affected. If your account was affected, we will write 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 should 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 on the redress and compensation payment. Our decisions on the level of redress and compensation were 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 did not receive a letter?
If you did not receive a letter from us and have reason to believe your account was 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, 10 Molesworth Street, Dublin 2, D02 R126 or talk to us in your local EBS office.