The Central Bank has advised that the Tracker Mortgage Examination is on-going. However, it also advises that it is not in a position to comment on its supervisory engagements with individual lenders. Nevertheless, the Bank continues to engage with and challenge all lenders to ensure that they identify all tracker impacted customers in a timely manner and to ensure that all lenders are acting in their customers’ best interests.
It is important to note that it is only when lenders have completed the customer identification process that it can be known with certainty if customers are impacted. As set out in the Examination framework, when groups of impacted customers are identified, in the first instance, the lender must stop charging the incorrect rate of interest on the customer’s account. The lender must then communicate this to the customer to ensure that any further customer detriment is stopped as early as possible. Once a full review of the customer’s account is complete, following external independent third party assurance, the lender will then issue a letter to the customer explaining the nature of the error, the correct rate to apply to the customer’s account and information on the next steps in the Tracker Examination, including the redress and compensation process.