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Which? urges BoI mortgage customers to lodge complaints about rate hike

Consumer protection group Which? is calling on Bank of Ireland mortgage customers to lodge complaints about the bank’s decision to hike tracker rates. 

Which? has developed a free online tool to make it easy for consumers to complain directly to the Bank of Ireland. 

In February, the bank informed 13,500 buy-to-let and residential customers of plans to more than double the base rate differential it charges them.

For buy-to-let borrowers, the rate jumped from Bank of England base rate plus 1.75 per cent to base rate plus 4.49 per cent on 1 May.

For residential borrowers, the increase will be applied to in two separate stages. From 1 May, it rose from base plus 1.75 per cent to base plus 2.49 per cent. From 1 October, it will rise again to base plus 3.99 per cent.

Which? is encouraging customers to complain if they were led to believe their rate would track the Bank of England base rate by the same amount for the term of their mortgage or if their mortgage had ‘life’ or ‘lifetime’ in its name.

Which? executive director Richard Lloyd says: “Burying such important changes in the small print is wholly unfair.”

A Bank of Ireland spokesman says: “If a customer decides to move to an alternative mortgage provider, no early repayment charges will apply.”



Skandia launches clean share classes with rebates

Skandia has begun offering 75 basis points share classes on its platform with rebates of 8bps. Following the HM Revenue & Customs announcement in March that rebates must be taxed, Skandia confirmed last month it will offer clean share classes with rebates. The platform said last month it is focusing on adding clean share classes […]

Architas creates two new roles in advice push

Architas has created two new roles as it seeks to grow its risk-profiled fund offering through advisers. Philippe Broadhead has been hired as head of institutional and wholesale distribution and Daniel Haylett as an intermediary business development manager. Broadhead joins Architas from the asset management arm of Union Bancaire Privee, a Swiss private bank where he was head […]

FCA to ban all legacy fund manager-platform payments from 2016

All legacy payments on past business between fund managers and platforms will be banned from 2016. The Financial Conduct Authority’s platform policy statement, published last week, says a sunset clause of two years will be applied from 6 April 2014 to allow platforms to make the required changes to their business models. The statement confirms […]


RBS posts £826m Q1 profit and seeks return to privatisation

Royal Bank of Scotland has posted a pre-tax profit of £826m in the first quarter of 2013 compared to a £1.5bn loss in the first quarter of 2012. The bank’s Q1 results show group operating profit fell to £829m from £1.15bn in Q1 2012. RBS’s UK retail arm profit fell to £557m from £632 in […]


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