décembre 8, 2021

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Organizer to follow up on a former TSB executive in his first single mortgage investigation

The Central Bank of Ireland has launched a full investigation into a former permanent TSB executive over suspected violations of consumer protection laws in connection with the mortgage scandal.

It is the first such inquiry regarding an individual associated with the disaster and follows from the regulator’s examination of TSB’s permanent transaction of tracked mortgage clients from 2004 to 2018.

In 2019, the bank reached a €21 million settlement with the central bank over a serious failure to handle 2,007 tracked mortgage customer accounts.

The regulator has not referred the matter to a full investigation because the PTSB has acknowledged 42 separate regulatory violations and accepted central bank sanctions.

However, in cases where a regulated company or individual does not provide full recognition or approval of penalties after investigation, the Central Bank has the authority to refer the matter to a full investigation for determination.

The central bank did not name the person concerned but said it had « reasonable grounds to suspect » that he had participated in a « violation » of the Consumer Protection Act.

British lawyer Peter Hinchcliffe will lead the investigation and will determine whether the work can proceed publicly or covertly.

The Public Security Police Criminal Service (PTSB) has apologized « unreservedly » after the €21 million fine imposed on it under the Central Bank’s Administrative Sanctions Scheme in 2019.

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The figure reflects a total fine of 30,000,000 euros, reduced by 30% to 21,000,000 euros under the early settlement discount scheme set out in the Central Bank’s rules.

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At the time, the central bank’s director of enforcement and anti-money laundering, Sina Cunningham, said an initial investigation into the PTSB found they « failed to put their clients first, with painful and, in some cases, devastating consequences. »