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Banks must clarify how many tracker mortgage complaints they have tried to block - Pearse Doherty TD

26 August, 2019 - by Pearse Doherty TD

Sinn Féin Finance spokesperson Pearse Doherty TD has welcomed guarantees made by several banks that they will not be seeking to block tracker mortgage related investigations being conducted by the Financial Services Ombudsman.

The Donegal TD reaffirmed that he will introduce amending legislation to close any potential loophole that the banks have exploited to block investigations.

Teachta Doherty said:

“The legislation I introduced to remove the 'six year rule' in 2017 has allowed for hundreds of tracker mortgage cases to be examined by the ombudsman, which would otherwise not have been possible. 

"However in some cases banks have tried to prevent complaints made by those affected by the tracker mortgage scandal being examined despite this legislation passing both houses of the Oireachtas to ensure that those affected were able to have their cases heard.

“While I welcome the statements issued by several banks that they will stop challenging the jurisdiction of the Ombudsman to investigate tracker-mortgage complaints, it is clear that their promises do not match up with past behaviour.

“The Financial Services and Pensions Ombudsman made clear that ‘some banks are rigorously challenging the jurisdiction of this office to deal with complaints’. While the Ombudsman stated that not all banks were challenging the jurisdiction of his office, he made it clear that some were.

“Given that this issue is now in the public domain, it is now in the interest of all those affected that the banks which sought to block investigations come clean, explain why they sought to frustrate the work of the Ombudsman and make clear that they won’t do so in the future."

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