SEARS legislation needed as a matter of urgency.

Issued : 25 March 2021

Press release from the Financial Services Union

SEARS legislation needed as a matter of urgency.

Customers first approach to Banking needed says FSU.

The Central Banks decision to fine Ulster Bank €38 million for its handling of tracker mortgages shows the urgent need for a customer first approach to Banking in Ireland according to John O’Connell, General Secretary of the Financial Services Union.

PTSB and KBC have already being issued with large fines by the Central Bank and have set aside hundreds of millions of Euros to deal with their exposure.

“It is time that those people directly involved at a senior level in the Bank are held to account. People righty demanded that senior management involved in Davys were named and ultimately, they had to step down from their position. Why would we hold our Banks to a lesser standard” stated Mr O’Connell

“People lost their homes because of the tracker scandal, those people who were involved should pay a price. SEARs legislation has been promised as part of the programme for Government. It needs to be published and passed in the Dail as soon as possible.

A new beginning for Banking is required. An approach that would rebuild the peoples trust in our Banks, that would bring about a cultural change from senior management, that would adopt a customer first approach and would reward staff is required.

The best way to bring about this change is for a mature structured debate with all key stakeholders plotting a new strategic approach to a customer first banking sector which would be good for Banks, good for competition, good for Government, good for the consumer and good for staff concluded Mr O’Connell.

 

ENDS

Contact: Brian McDowell, Head of Communications and Public Affairs, FSU. Tel: 087-9161225. Email: [email protected].

 

 

About FSU: The FSU is Ireland’s leading union across banking and finance. We represent thousands of staff across the main retail banks, and we have members in more than 70 companies across the finance and fintech sectors. Our members are spread across the Republic of Ireland, Northern Ireland, and Great Britain. We are headquartered in Dublin and we also have a presence in Belfast. We are members of the Irish Congress of Trade Unions and UNI Global finance union.