Tuesday, 15 May 2018

Questions (137)

Michael McGrath

Question:

137. Deputy Michael McGrath asked the Minister for Finance if the complaints process of a bank (details supplied) involves independent persons not employed by the bank; and if he will make a statement on the matter. [21049/18]

View answer

Written answers (Question to Finance)

It is a matter for the Central Bank to oversee the operation of regulated financial service providers in Ireland. That said, in an effort to assist the Deputy, I have contacted Ulster Bank about its complaints process in relation to Global Restructuring Group.

Ulster Bank have confirmed that following on from the UK Financial Conduct Authority’s (FCA) appointment of a Skilled Person to undertake a review, Royal Bank of Scotland in an agreement with the FCA, announced two measures in November 2016:

- a GRG complaints process, overseen by an Independent Third Party (ITP) - Sir William Blackburne, a retired UK High Court Judge, and

- a voluntary automatic refund of complex fees paid by customers in GRG during the period between 2008 and 2013

Ulster Bank Ireland DAC has voluntarily fully participated in this process.