View more on these topics

BoS computer glitch hits 7,000 mortgages clients

Bank of Scotland has apologised to borrowers after a computer glitch saw thousands of mortgage customers have their monthly repayment taken three times.

Estimates suggest that about 7,000 had payments taken from their current accounts on up to three consecutive days last week.

BoS blames the problem on a technical error and stresses that it is acting as quickly as possible to refund the people affected.

Brokers say there is little that the intermediary market can do to help borrowers who think they might be affected other than remind them to check their accounts because not all will have permission to speak on their clients’ behalf.

BoS became aware of the problem on October 17 after borrowers whose payments were due on the three previous days had another payment withdrawn from their account. But the bank was not able to stop some borrowers having another payment taken on October 18.

A spokesman says: “Due to a technical error which we have identified, a number of Bank of Scotland mortgage customers have incorrectly had money debited from their accounts. We would like to apologise for any inconvenience caused.

“We are working flat out to rectify the situation. A fix is in place and all customers would have been reimbursed by close of play last Friday at the latest. No customers will be out of pocket as a result of this.”

Hamptons International Mortgages technical director Jonathan Cornell says: “Brokers might be able to access some clients’ records but if other brokers call on behalf of the customer, they may need consent so it will take a while and the client is better off doing it themselves as they will face less of a brick wall.”

Recommended

Which? says FSA is leaving public at risk over PPI

The FSA’s failure to name and shame the companies profiteering on payment protection insurance will result in consumers being put at risk for at least another year, warns Which? Which? has called for quic- ker action after both the Off-ice of Fair Trading and the FSA released damning rep- orts into PPI last week claim- […]

Government blasts CML stats on FTBs

The Government has attacked the Council of Mortgage Lenders for using “questionable” data in its first-time buyer statistics.The Treasury says it does not recognise any correspondence or messages from the CML about FTBs that are gathered by the trade body because over one fifth of those classed as FTBs by the CML are not actually […]

Resolution recruits S&F chief for European team

Resolution Asset Management has completed its search for a third senior European equity team member having rec- ruited Singer & Friedlander head of European equities Ian Ormiston. Ormiston joins European team head Adrian Darley and Jonathan Fearon, who arrived recently from Gartmore. Tim Callaghan was origin-ally earmarked to head Resolution’s new European in-house team after […]

IFAs are a soft target for the media

I am responding to the statement made by the Tory Shadow Work and Pensions Secretary, Philip Hammond, who said at the ABI/CBI event on pension reform, that “financial advisers have a worse reputation than anyone else in the industry.” It is symptomatic of politicians, and much of the media, to jump on the bandwagon most […]

Guide

Guide: 10 required letters — what to send, to whom and when?

This guide from Johnson Fleming will take you through the required communication and also give ideas for additional actions that will ensure your auto-enrolment project is a success. The topics in this guide include: the letters you need to send out; what to send and when; the importance of employee engagement; and what to consider as additional communication.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment