Tracker Mortgage Decision Reference 2026-0049

• Case Outcome: Rejected
• Year: 2026
• Reference: 2026-0049
• Date: 27 March 2026
• Subject Matter: Tracker Mortgage
• Finantial Sector: Banking
• Conducts Complained Of: Failure to offer appropriate compensation or redress CBI Examination

Decision Ref:

2026-0049

Sector:

Banking

Product / Service:

Tracker Mortgage

Conduct(s) complained of:

Failure to offer appropriate compensation or

redress CBI Examination

Outcome:

Rejected

LEGALLY BINDING DECISION

OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN

Background

This complaint relates to a mortgage loan account held by the Complainant with the

Provider. The mortgage loan that is the subject of this complaint is secured on the

Complainant’s private dwelling house.

The mortgage loan amount was €276,000.00 repayable and the term of the loan was 35

years.

The Complainant’s mortgage loan account ending 4167 was considered by the Provider as

part of the Central Bank of Ireland Tracker Mortgage Examination (“the Examination”). The

Provider identified that a failure occurred on the account and the mortgage loan account

was deemed to be impacted under that Examination.

By letter to the Complainant dated 09 March 2018, the Provider stated that it found that

the Complainant’s mortgage loan account “was affected by a failure on our part” as

follows:

“…

- 2 -

/Cont’d…

The terms and conditions of your mortgage account state that at the end of a fixed

rate period you had the option to choose the then prevailing fixed, variable or

tracker interest rates. The interest rate on your account was fixed for a period and

when this expired (between October 2008 and December 2013), we had withdrawn

tracker rates. Because of this, you did not have the option of choosing the then

prevailing tracker rate at the time.”

With respect to the effect of the failure on the mortgage loan account, the Provider

outlined as follows:

“[…] you did not suffer any financial detriment as a result of the prevailing tracker

not being available during that period. However, we recognise that this option

should have been available to you and we apologise for our failure”.

The Provider made an offer of €1,615.00 to the Complainant in the letter of 09 March

2018, which comprised the following:

1. Compensation of €1,000.00 for the failure on the mortgage loan account, and

2. Independent professional advice payment of €615.00.

The Provider subsequently wrote to the Complainant by letter dated 31 August 2020

following a Decision by this Office in respect of another complaint against the Provider

which dealt with some similar issues to those arising in relation to this complaint:

“We wrote to you on 10 July 2020 regarding your mortgage account [ending 4167].

In that letter we advised that the Financial Services & Pensions Ombudsman (FSPO)

recently upheld an individual FSPO complaint on an account with the same terms

and conditions and circumstances as yours. He awarded what he deemed to be a

fair and proportionate remedy for the wrong that he considered had been suffered

by that customer.

We have decided to apply the award in this FSPO decision to your account and to

other accounts having the same terms and conditions and circumstances.”

The Provider’s letter further detailed:

“What does this mean for you?

In line with the FSPO decision we have taken the following steps:

• We have applied a 12% reduction of €31,729.56 on your mortgage balance.

Your new mortgage balance is €187,260.44.