PTSB says up to 200 more may have been wrongly denied tracker mortgages

Bank has informed Sinn Féin finance spokesman of additional cases discovered

Up to 200 more Permanent TSB customers may have been wrongly denied tracker mortgages, the bank has told Sinn Féin finance spokesman Pearse Doherty.

Mr Doherty has called on retail banks to be proactive in identifying and compensating customers who were wrongly denied tracker mortgages.

Permanent TSB has informed the Donegal TD that up to 200 customers could be compensated after a customer complaint was upheld by the Financial Ombudsman earlier this year.

“Three years ago, Permanent TSB was fined €21 million for harming over 2,000 tracker-mortgage customers and breaching 42 Central Bank regulations,” he said. “This harm ranged from significant overcharging to the loss of 12 family homes. It is also three years since the Central Bank concluded its tracker mortgage examination.

“Despite this, Permanent TSB fought and lost a complaint that was upheld earlier this year, with the ombudsman finding that a customer was wrongly denied a tracker mortgage rate and overcharged for several years.

“Having engaged with the customer and PTSB, the bank informed me that up to 200 other customers could be similarly affected and due compensation.”

Mr Doherty said it was “not good enough” that there were still customers out there who had been affected by the scandal.

“Three years after the tracker mortgage examination, there are still customers out there who are victims of the tracker mortgage scandal and don’t know it,” he said.

“Instead of being proactive, identifying these customers and providing redress for the harm caused, banks are still dragging their heels, and in some instances fighting cases against impacted customers.

“This is not good enough. It shows that the banking sector still has a long way to travel in putting their customers first.”

Colin Gleeson

Colin Gleeson

Colin Gleeson is an Irish Times reporter