Regulation

Central Bank backs closure of mortgage complaints loophole

Derville Rowland, deputy governor of the Central Bank, acknowledged there was a gap in regulation that needed to be addressed

Derville Rowland, deputy governor of the Central Bank of Ireland, said the gap in regulation had just been brought to their attention. Picture: Sam Boal/RollingNews.ie

The Central Bank has supported closing a loophole that means the Financial Services and Pensions Ombudsman (FSPO) cannot investigate certain complaints for homeowners whose mortgages were sold to vulture funds.

Derville Rowland, deputy governor of the bank, acknowledged there was an issue with the FSPO’s authority that hindered consumers and said the Central Bank was “very supportive” of anything that needed to be done to close it.

“It is unfortunate that this has come as ...