PTSB risks €30m compo

Permanent TSB could be hit with a compensation bill of up to €30m from an ongoing enforcement investigation being carried out by the Central Bank.

The matter relates to confusion over customer rights when changing mortgage products and specifically relates to customers who elected to switch back from a fixed rate homeloan to a tracker rate but weren’t aware such a right disappeared if they had first changed to a variable rate product.

Yesterday, PTSB withdrew appeals it had lodged with the Supreme Court (which were due to be heard on February 16) regarding an 18-month old High Court decision affirming two such customer complaints which had been upheld by the Financial Services Ombudsman.