Sinn Féin MLA Phil Flanagan has said that the announcement of compensation details from the Ulster Bank is too little, too late.
The Fermanagh/ South Tyrone MLA, who is the Deputy Chairperson of the Assembly’s Enterprise, Trade & Investment Committee said:
“Many people have been eagerly anticipating the details behind Ulster Bank’s much publicised and long overdue compensation details. Frankly, it is too little, too late.
“While it is welcome that these details have finally been released, I can see no reason why such a simple scheme has taken so long to put in place.
“When Senior Management of the Ulster Bank appeared before the Enterprise Committee at the start of July, they assured us that these details would be ‘finalised over the next few days’ but many customers will be outraged that it has taken nearly two months for this scheme to be put in place.
“Ulster Bank’s Senior Management still have serious questions to answer and I expect that both the Enterprise Committee and the Finance & Personnel Committee will want to engage with them in the coming period.
“At the time of the crisis, they were very quick to point out that it was a technical problem and up to the computer technicians to resolve; this compensation scheme, however, is their baby, and they must explain why it has taken so long and provides so little by the way of actual compensation for affected customers.
“This is not a compensation scheme by any stretch of the imagination, but simply a reimbursement scheme for people that have been charged as a result of the bank’s failure to carry out its primary function.
“The fact that compensation for out of pocket expenses has been capped at £100 for all personal and SME’s customers further reinforces that fact.
“I would encourage people who are dissatisfied with the levels of compensation to make it known to the bank and to the Financial Ombudsman, who can be contacted on 0800 023 4567.”