Pearse Doherty TD raises concern over Tracker scandal appeals process
Sinn Féin Finance Spokesperson has raised concerns that the tracker mortgage appeals process at at least one bank is completely inadequate.
Deputy Doherty raised the concerns having been contacted by a victim of the scandal who having made inquiries discovered that the only documentation the independent appeals body at Ulster Bank had received with regard to their account was the letter of compensation.
Deputy Doherty said:
“I raised my very serious concerns today that the appeal process for tracker mortgage victims at at least one bank is seriously flawed. These are victims of the tracker scandal who have already received compensation from their bank or confirmation they have been impacted who are seeking better compensation or others who feel they have been omitted unfairly.
"In this case the couple submitted an appeal in June 2018 and there has been correspondence back and forth between them and the BDO (accountancy firm, overseeing the process) secretariat for Ulster Bank.
"After a number of queries from the couple it emerged that the appeals board did not hold much of the relevant documentation pertaining to their case. The couple further queried the case and the appeals board confirmed that they only held records given to them by the bank which amounted to the letter of compensation alone.
"The onus is therefore on the consumers to provide all the relevant details they want to be considered. This is not how most victims understood the appeals board would operate.
"The onus must be on the banks to provide all relevant documentation to the appeals board.
"It raises questions about the appeals processes across the banks and how the Central Bank signed off on such a system.
"This raises huge questions about the integrity of the appeals process not only at Ulster Bank but possibly at other banks too. I will be contacting the Central Bank to bring this to their attention.”