The Central Bank of Ireland is the independent supervisor of all regulated financial service providers.
The Central Bank serves the public interest by safeguarding monetary and financial stability and by working to ensure that the financial system operates in the best interests of consumers and the wider economy. As part of its work the Central Bank engages with a range of stakeholders and, in particular, it works closely with the Department of Finance.
The Central Bank indicates that it is aware of the system generated error that affected certain former customers of Ulster Bank in relation to historical mortgage repayments. Under the Consumer Protection Code, regulated entities must correct errors and handle complaints speedily, efficiently and fairly.
The Central Bank expects all regulated firms to have robust systems and controls in place. When failures or breaches occur that impact customers, the Central Bank expects regulated entities to remediate and rectify without delay to ensure that customers are treated fairly and are put back in the position they would have been in had it not occurred.
If customers are not satisfied with the outcome of their engagement with their financial services provider they are entitled to lodge a complaint with the Financial Services and Pensions Ombudsman.
