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Support pledge for PTSB customers
02 Aug 2015 22:10
The Financial Services Ombudsman has pledged to support Permanent TSB customers affected by the overcharging controversy at the bank.
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Almost 1,400 customers were charged too much interest - some of whom fell into arrears and lost their homes.
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Speaking on RTÉ's This Week Ger Deering said complaints made to the Ombudsman about PTSB should have been dealt with faster.
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However, he said this was hindered by the High Court case and the Supreme Court appeal by PTSB.
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PTSB had previously offered tracker customers the ability to switch to a fixed rate temporarily.
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However, a number of them complained to the Financial Services Ombudsman after they were prevented from switching back to their original deal.
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The FSO subsequently ruled that the bank had not made it clear to customers that leaving their fixed rate early would result in the loss of their tracker rate.
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This was upheld by the High Court in 2012 following an appeal, and the bank had planned to appeal that decision to the Supreme Court.
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However, PTSB subsequently withdrew that appeal.
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