Ulster Bank fined €38 million by Central Bank

26 March 2021
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A €38 million fine has been imposed on Ulster Bank by the Central Bank on account of the bank's behaviour in overcharging some tracker mortgage customers.It follows fines levied on other financial institutions also related to the tracker mortgage scandal and there are are more fines to come.

The tracker customers to which the the matter relates were generally customers who took out a tracker with a lender, switched to a fixed rate for a period of time and then, on completing their fixed rate tern, were not allowed to return to the original tracker rate.

There was evidence that in some instances customers were encouraged to move off their tracker rates.