Ulster Bank still to unveil compensation plan
Ulster Bank has said it won't have the details of its policy for dealing with customer problems until next week, as its financial fiasco rumbles on.
Head of retail banking Stephen Cruise said a remediation plan was “being worked on”.
Two days ago, parent group the Royal Bank of Scotland outlined its refunding process for charges incurred by its customers and other group banks.
The news comes as thousands of Ulster Bank customers across Ireland continue to suffer due to a systems failure 24 days ago.
Ulster Bank chief executive officer Jim Brown told a Stormont committee last week that a compensation policy would be revealed this week. But Mr Cruise told BBC’s Talkback yesterday that it was “still finalising our own plans”.
“RBS/Natwest announced their remediation and we will will be issuing our policy in the coming days.
“Our remediation is being worked on and we plan to have it out next week.”
Mr Cruise said that the remediation process involved two stages – firstly, getting customer accounts back onto an automated basis, and then dealing with clients’ compensation claims.
The crisis, caused by a computer software upgrade malfunction at RBS on June 19, is taking its toll on many clients.
Senior partner at R Savage and Co, Noel Gibson, told the Belfast Telegraph that his accountancy firm was unable to go about its banking business.
“We’re now into week four of a debacle that is having a disastrous impact on our company, as well as our clients,” he said .
Some 10 Ulster Bank branches were open on the Twelfth — traditionally a holiday — for the first time in its history.
It is believed the RBS remediation programme will apply to Ulster Bank account holders, whereby no-one will be expected to pay bank charges and customers will be reimbursed for fees incurred – for example for late mortgage payments.
Redress for other issues, like missing flights, may be dealt with through the bank's normal complaints procedures.