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The Court of Appeal overturns the High Court's decision, finding that the Financial Ombudsman erred in ruling that a bank's refusal to revert borrowers to a tracker mortgage rate was contrary to law and otherwise improper. The borrowers had initially switched from a tracker rate to a fixed rate and later sought to return to the tracker rate, which the bank denied. The Ombudsman had upheld the borrowers' complaints, directing the bank to repay overpaid interest and award compensation. However, the Court of Appeal determined that the contractual documents did not support the borrowers' entitlement to revert to the tracker rate after opting for a fixed rate.
Court of Appeal - Financial Services and Pensions Ombudsman - tracker mortgage rate - fixed interest rate - contractual entitlement - mortgage contract - section 60(2)(a) of the Act of 2017 - section 60(2)(g) of the Act of 2017 - High Court - standard of review - curial deference - Consumer Protection Code - Central Bank of Ireland - tracker mortgage examination - oral hearing - appeal on a point of law.
Note: This is intended to be a fair and accurate report of a decision made public by a court of law. Any errors should be notified to the editor and will be dealt with accordingly.
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