Some tracker mortgage customers still unaware they are entitled to compensation

ireland
Some Tracker Mortgage Customers Still Unaware They Are Entitled To Compensation Some Tracker Mortgage Customers Still Unaware They Are Entitled To Compensation
Financial advisor Padraic Kissane said there were many people who just did not know what to do. Photo: PA
Share this article

Vivienne Clarke

Many people affected by the tracker mortgage scandal did not appeal as they were unaware they were entitled to compensation, according to a financial advisor who assisted many of the families affected.

Padraic Kissane, who is also a member of the Irish Banking Culture Board, told Newstalk’s Pat Kenny show that there were many people who just did not know what to do.

It comes after AIB was fined over €83 million for its role in the scandal, with the Central Bank saying it withdrew its tracker mortgage offering without any “proper regard or concern for the impact on its customers”.

Mr Kissane said it was horrific what had happened to families who lost their home, with many suffering mental welfare issues. “People won’t speak about what happened to them because they are ashamed at what occurred.”

Advertisement

In cases where people lost their home they had lied about the circumstances to family and friends, he added.

Mr Kissane said that the banks had put themselves first and their customers second and had “vigorously” resisted when customers began to question their actions.

Individual culpability was lacking within the banks, with senior executives not being held responsible for their actions. When decisions were made the banks, at the time, felt they were right, he said.

The fines imposed on the banks “just anger” people, he said, with many still trying to “recreate home ownership” as in some cases the appeal panel did not agree with the customer. Others had since emigrated and were creating homes in another country.

The court process “hugely worked against” the ordinary customer. Access to the courts was difficult. “Banks can lawyer up very easily” but it was not as easy for customers who could not afford a senior counsel, junior counsel and solicitor.

The process of appealing through the Ombudsman was also difficult as was the issue of what was “appropriate compensation”, he said.

Read More

Want us to email you top stories each lunch time?

Download our Apps
© BreakingNews.ie 2022, developed by Square1 and powered by PublisherPlus.com