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ARTICLE · 16 OCTOBER 2024

Ulster Bank Successfully Appeals FSPO Decision On Tracker Mortgages

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A recent Court of Appeal case, Ulster Bank Ireland DAC v Financial Services and Pensions Ombudsman [2024] IECA 231.

IrelandLitigation, Mediation & Arbitration
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A recent Court of Appeal case, Ulster Bank Ireland DAC v Financial Services and Pensions Ombudsman [2024] IECA 231, considered an appeal by Ulster Bank Ireland DAC (Ulster Bank) of a High Court judgment regarding a Financial Services and Pensions Ombudsman's (FSPO) decision on tracker mortgages.

High Court Proceedings

Two separate parties (Complainants) switched their mortgages from tracker rates to fixed interest rates with Ulster Bank and were later denied the option to return to tracker rates. The Complainants, unhappy with Ulster Bank's decision, complained to the FSPO. The FSPO upheld the complaints under section 60(2)(a) and (g) of the Financial Services and Pension Ombudsman Act 2017 (2017 Act), finding Ulster Bank's conduct contrary to law and otherwise improper. Ulster Bank initiated High Court proceedings appealing the decisions of the FSPO.

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