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Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages and Differential Pricing in Insurance: Discussion (19 Nov 2019)

Pearse Doherty: It is probably not an issue at this time in this investigation.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages and Differential Pricing in Insurance: Discussion (19 Nov 2019)

Pearse Doherty: Under section 44 the Ombudsman shall determine a complaint to be inadmissible where it was made after the expiry of the time limits specified in section 51. Section 51 is the section that allows one to extend it but the test of that may be quite difficult. In terms of the language in the legislation, would it be preferable if it said that the ombudsman "may" determine, as opposed to "shall"...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages and Differential Pricing in Insurance: Discussion (19 Nov 2019)

Pearse Doherty: That goes back to the original point about the time limits themselves in the context of the legislation. On the tracker mortgage numbers, Mr. Deering mentioned that there were 1,174. Deputy Michael McGrath teased through some of this but it is my understanding that 234 complaints were resolved through mediation. Does Mr. Deering know if they were resolved in favour of the complainant or...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages and Differential Pricing in Insurance: Discussion (19 Nov 2019)

Pearse Doherty: In all 37 of the settlement cases, there was a benefit to the consumer.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages and Differential Pricing in Insurance: Discussion (19 Nov 2019)

Pearse Doherty: If someone gets a tracker mortgage back, that would be worth a substantial amount of money. That would be a large settlement from the Financial Services and Pensions Ombudsman's office. These are people who first had to go through the bank's internal systems, the so-called independent appeals process and then to the ombudsman's office. Will the ombudsman be publishing the brief relating to...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages and Differential Pricing in Insurance: Discussion (19 Nov 2019)

Pearse Doherty: It is good to hear that, because out-of-court settlements and confidentiality clauses can often provide unwarranted protection. Is the ombudsman seeing different approaches being adopted by financial institutions to mediation and settlements? Are they all similar in terms of their engagement or do some need to be pushed along the road?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages and Differential Pricing in Insurance: Discussion (19 Nov 2019)

Pearse Doherty: A total of 146 cases were closed during investigation, adjudication or legal services processes. Does that mean that there was nowhere else for those cases to go or that there was no case to be answered?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages and Differential Pricing in Insurance: Discussion (19 Nov 2019)

Pearse Doherty: Through the independent appeals process? Where would the offer come from?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages and Differential Pricing in Insurance: Discussion (19 Nov 2019)

Pearse Doherty: These are people who have made a complaint to the ombudsman but the appeals process-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages and Differential Pricing in Insurance: Discussion (19 Nov 2019)

Pearse Doherty: None of those 146 could have gone through the appeals process, made a complaint to the Financial Services and Pensions Ombudsman and then got an offer mid-stream from the bank. Could they?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages and Differential Pricing in Insurance: Discussion (19 Nov 2019)

Pearse Doherty: That is technically an out-of-court settlement. Is that offer recorded with the ombudsman's office?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages and Differential Pricing in Insurance: Discussion (19 Nov 2019)

Pearse Doherty: Of the 146 that were closed during investigation, adjudication or legal services processes, how many were closed to the benefit of the consumer?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages and Differential Pricing in Insurance: Discussion (19 Nov 2019)

Pearse Doherty: Of the 121 cases, how many went through the independent appeals process?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages and Differential Pricing in Insurance: Discussion (19 Nov 2019)

Pearse Doherty: Of the 146 cases, do we know how many went through the independent appeals process and then made a claim?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages and Differential Pricing in Insurance: Discussion (19 Nov 2019)

Pearse Doherty: Of the 146, we know that 121 benefitted and were better off at the end of the day. A total of 43 complaints were closed at registration and assessment stage. What would be the reason for that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages and Differential Pricing in Insurance: Discussion (19 Nov 2019)

Pearse Doherty: They may come back when they have finished the process.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages and Differential Pricing in Insurance: Discussion (19 Nov 2019)

Pearse Doherty: I ask Mr. Deering to give me examples of the larger types of settlements reached relating to the tracker mortgage issue.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages and Differential Pricing in Insurance: Discussion (19 Nov 2019)

Pearse Doherty: We know from the figures provided that of the 455 complaints closed thus far, there was a benefit to approximately 165 consumers from that cohort. Mr. Deering stated the Financial Services and Pensions Ombudsman can deal with the practice of dual pricing if it is deemed unfair. I am not sure whether he is aware of the research done in the United States that suggested it is predatory and...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages and Differential Pricing in Insurance: Discussion (19 Nov 2019)

Pearse Doherty: I will outline my personal experience of getting my renewal premium. I shop around every year but I have always reverted to the original company to say I have found a better offer, and in fairness it has always matched it. For the sake of not having to change paperwork, I have always found a better quote. On the records of the company, however, I would be considered to have stayed with it...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages and Differential Pricing in Insurance: Discussion (19 Nov 2019)

Pearse Doherty: We will exclude online discounts.