Pearse Doherty (Donegal, Sinn Fein)
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146. To ask the Minister for Finance his views on whether it is just those that victims of the tracker mortgage scandal that employed a financial adviser may lose out on a percentage of compensation or redress in order to pay these advisers; his further views on whether the compensation and redress payable should reflect this additional cost; and if he will make a statement on the matter. [8409/18]

Paschal Donohoe (Dublin Central, Fine Gael)
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The Central Bank has advised that its tracker examination is focused on ensuring that lenders provide fair outcomes for all customers impacted by tracker related failings both from a contractual and transparency perspective. As part of the examination framework, where customer detriment has been identified, the Central Bank has clearly articulated its expectations of lenders to provide appropriate redress and compensation to impacted customers in line with the Central Bank prescribed "Principles for Redress".

Together with redress and compensation, the "Principles for Redress" also requires lenders to provide impacted customers with an additional upfront payment  which they can use, if they so wish, to pay for independent advice regarding the adequacy of their lender’s offer.  This additional payment is to be commensurate with the complexity of the advice required by the impacted customer depending on the individual circumstances of the impacted customer's case.  Importantly customers can also accept the redress and compensation offered and still make an appeal to the appeals panels required to be established by lenders under the "Principles for Redress". Customers’ rights to make appeals to the Financial Services and Pensions Ombudsman and through the courts are also preserved.