The Central Bank has advised that as part of the Tracker Mortgage Examination framework, where customer detriment has been identified, the Bank has clearly articulated its expectations of lenders to provide appropriate redress and compensation to impacted customers in line with its prescribed "Principles for Redress".
An important part of the Examination Framework is the requirement for lenders to establish independent Appeals Panels to deal with customers who are not satisfied with any aspect of the redress and compensation offers that they receive from lenders. In circumstances where lenders make an offer of redress and compensation in respect of a mortgage held jointly by two or more borrowers, the offer will be made payable to all parties to the mortgage jointly. All parties to the mortgage and the offer of redress and compensation will be entitled to appeal any aspect of the offer to the Independent Appeals Panel(s). Where it is not possible for a co-borrower to obtain the consent of all co-borrowers to the mortgage, the Central Bank has set its clear expectation that this will not serve as a barrier to customers wishing to appeal and such an appeal can proceed on an individual basis. In such circumstances, any award arising from the appeal will be made payable to all parties to the mortgage. This appeals process is additional to the options of bringing a complaint to the Financial Services and Pensions Ombudsman or initiating court proceedings.