Central Bank inquiry says PTSB boss 'failed to act in the best interests of tracker mortgage customers'

A Central Bank inquiry determined that Mr. Guinane, related to PTSB's failure to offer entitled tracker rates, showed no malicious intent. The inquiry found systemic issues rather than personal wrongdoing, attributing the ultimate regulatory compliance to the board of the organization. Mr. Guinane may still face penalties, with the enforcement division arguing for a reprimand or fine, emphasizing accountability within financial services. The inquiry involved extensive hearings and testimonies, highlighting procedural failings at PTSB, particularly between January 2009 and April 2010 regarding customer rate transparency.

During the relevant period, PTSB adopted a process that avoided offering the original tracker rate to which certain customers were entitled, unless a customer queried or complained about the rate.

An inquiry ordered by the Central Bank found Mr Guinane was not guilty of dishonesty and should have been given better support by his employer.

Read at Irish Independent