Written answers
Tuesday, 15 May 2018
Department of Finance
Banking Sector Investigations
Michael McGrath (Cork South Central, Fianna Fail)
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137. To ask 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]
Paschal Donohoe (Dublin Central, Fine Gael)
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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.
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