Wednesday, 16 May 2018

Ceisteanna (13)

Michael McGrath


13. Deputy Michael McGrath asked the Minister for Finance if he is satisfied that there is an adequate and fair independent appeals mechanism in a bank (details supplied) in relation to a group; and if he will make a statement on the matter. [21454/18]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Finance)

It is a matter for the Central Bank to oversee the operation of regulated financial service providers in Ireland. That said, 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 Global Restructuring Group complaints process, overseen by an Independent Third Party - Sir William Blackburne, a retired UK High Court Judge, and

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

Ulster Bank advised that they have identified all of their customers who are eligible for a refund of the complex fees which were paid to the Bank and have either processed their refund or contacted the customers for further information to facilitate the refund payment.

Ulster Bank have been addressing the complaints received from their customers and these are now being assessed through Ulster Banks Global Restructuring Group complaints process. If any of these customers are unhappy with the bank’s decision, they will have the opportunity to refer their complaint to the Independent Third Party. 

Ulster Bank have a specific listing of Global Restructuring Group Frequently Asked Questions which will help customers to understand if they are in scope for the Global Restructuring Group complaints process, means by which they can make a complaint, and how these complaints will be handled under Consumer Protection Codes and SME Regulations.

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