Tracker Mortgage Examination
Tracker Mortgage Examination Public Statement
Ulster Bank has agreed the following update for customers affected by the Tracker Mortgage Examination:
- 1,000 customers to receive payments by the end of 2017;
- This will increase to 2,500 customers in Q1 2018 with the remainder in Q2 2018;
- Where we identify a customer who has lost their home as a result of the loss of a tracker rate, we communicate with them, arrange a meeting and offer an upfront initial payment of €50,000.
Ulster Bank Chief Executive Gerry Mallon said:
“I would like to apologise unreservedly for the failures which led to customers losing their tracker rates, as well as for the length of time which it is taking for us to put this right. While we have returned existing customers to the correct tracker rate and started to pay redress and compensation, I acknowledge that this process is taking far too long to complete and this is not acceptable. I apologise to all customers, even those not impacted by the examination for this. We have listened, we are learning and we are focused on completing this process, putting this right and rebuilding our customers’ trust in Ulster Bank.
“We have agreed a timeline for the completion of our redress programme and we will pay 1,000 customers by the end of the year. Please be assured that we are doing everything possible to resolve this and we will update again in due course.”
Progress to date:
- Just under 3,500 identified as impacted;
- Existing impacted customers have been put back on their tracker rate;
- We have started to pay redress and compensation with 100 paid to date.
Should you require any additional information or support, please contact the Tracker Mortgage Examination Helpline and advise our team of this on 1800 303 352 Freephone/Lo-Call from mobiles or +353 1 562 1269 if calling from abroad. Lines are open 9am to 5pm Monday to Friday excluding public holidays. Calls may be recorded for training and quality purposes.
What is the Appeals Process?
The Appeals Process is an independent process established by Ulster Bank Ireland DAC, in line with the principles outlined by the Central Bank of Ireland, to provide you with the right to appeal if you are unhappy with any aspect of your redress and compensation offer.
How will I know if I'm impacted?
You will receive a letter from us if you are impacted. We are writing to all impacted customers with our proposals to put things right. The letter will set out the details of your redress and compensation offer and how it has been calculated, as well as any other action we have taken to date in correcting your account.
We will continue to update customers throughout this ongoing review and you do not need to take any action at this time.
I'm unhappy with my redress and compensation offer. What can I do?
The redress and compensation offer is based on the information available to us in our review of your account. If you are unhappy with any aspect of the redress or compensation offer, you can appeal through an independent appeals process we have set up for this purpose.
The redress and compensation letter will include details on how to request an Appeal Form. You have 12 months from the date of your redress and compensation letter to make an appeal
How can I appeal?
You will need to complete an Appeal Form to submit an appeal. You can request this by:
· Returning the “Request an Appeal Form” in the pre-paid envelope sent with your redress and compensation letter; or
· Contacting our Tracker Mortgage Examination Helpline on 1800 303 352 Freephone/Lo-Call from mobiles or +353 1 562 1269 if calling from abroad. Lines are open 9am to 5pm Monday to Friday excluding public holidays. Calls may be recorded for training and quality purposes.
The Appeal Form, and the documents that you will receive along with it, will give you full instructions on how to make an appeal.
How long do I have to make an appeal?
You have 12 months from the date of your redress and compensation letter to make an Appeal.
What should I do if I have a question or need more information?
If you have any queries or would like more information, you can:
· write to us at: Tracker Mortgage Examination Programme, Ulster Bank Ireland DAC, PO Box 12885, Dublin 2; or
· call our dedicated Tracker Mortgage Examination Helpline on 1800 303 352 Freephone/Lo-Call from mobiles or +353 1 562 1269 if calling from abroad. Lines are open 9am to 5pm Monday to Friday excluding public holidays. Calls may be recorded for training and quality purposes.