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
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.
TheCentral Bank also demanded that the firm implement a major redress and compensation programme ...
