Former PTSB chief executive breached consumer code to act in best interest of customers

UK Barrister Peter Hinchliffe, said 'on the balance of probabilities, Mr Guinane participated in PTSB’s failure during the relevant period, to ensure that it acted fairly in the best interests of its customers'

Former CEO of Permanent TSB, David Guinane.  Photo: Sam Boal/Collins Photos.

Former chief executive of PTSB David Guinane has been found by a Central Bank inquiry to have participated in the bank's failure during in 2009 to ensure that it acted fairly in the best interests of certain customers on tracker mortgages, breaching the Consumer Protection Code. 

Under the Consumer Protection Code 2006, PTSB is required to ensure that all dealings with customers are done “honestly, fairly and professionally” in the best interests of its customer and the market.