Friday August 7, 2020

PTSB subsidiary fined €4.5 million over tracker mortgage scandal

Springboard Mortgages failed to apply correct interest rates to 222 customers over seven year period

28th November, 2016
In hot water...PTSB subsidiary Pic: RollingNews.ie

The Central Bank of Ireland has fined a Permanent TSB subsidiary €4.5m for "serious failings" in overcharging tracker mortgage customers.

Springboard Mortgages - a former PTSB subprime unit - has been hit with the penalty following an enforcement investigation which found significant breaches of the Consumer Protection Codes 2006 and 2012.

The breaches have been admitted by the firm.

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