The Treasury Committee has today published correspondence between the Committee’s Chairman, Andrew Tyrie MP, and the Managing Director of the Financial Services Authority, Martin Wheatley, regarding action taken by the regulator as a result of the Bank of Ireland’s decision to substantially raise the interest rates it is charging some customers with ‘tracker’ mortgages.
Andrew Tyrie MP's comments
We need more information to be confident that the regulator has thought carefully about this issue. It must exercise judgement to ensure that customers are being treated fairly.
Mr Wheatley’s letter appears to fall short on both counts.