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Ulster Bank outlines compensation scheme | Ulster Bank outlines compensation scheme |
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The Ulster Bank has announced details of a compensation scheme for customers who were affected by a major computer failure over the summer. | The Ulster Bank has announced details of a compensation scheme for customers who were affected by a major computer failure over the summer. |
It will reimburse all of what it terms "reasonable out-of-pocket expenses" resulting from the major disruption which affected thousands of customers. | It will reimburse all of what it terms "reasonable out-of-pocket expenses" resulting from the major disruption which affected thousands of customers. |
It will be refunding charges placed on people's accounts in error. | It will be refunding charges placed on people's accounts in error. |
Customers will receive £20 if they visited the bank from 19 June - 18 July and made a transaction. | Customers will receive £20 if they visited the bank from 19 June - 18 July and made a transaction. |
This is a payment for inconvenience caused. | This is a payment for inconvenience caused. |
Others who were inconvenienced but did not visit the bank during that period are being urged to contact their local branch and explain how they were affected. | Others who were inconvenienced but did not visit the bank during that period are being urged to contact their local branch and explain how they were affected. |
Thousands of customers were unable to withdraw cash or access their accounts after a software upgrade on 19 June. | Thousands of customers were unable to withdraw cash or access their accounts after a software upgrade on 19 June. |
The computer failure affected the entire Royal Bank of Scotland (RBS) group, but Ulster Bank took longest to resolve the issue. | The computer failure affected the entire Royal Bank of Scotland (RBS) group, but Ulster Bank took longest to resolve the issue. |
Ten weeks after the initial problem, the bank was still warning some customers that their statements may not be correct. | Ten weeks after the initial problem, the bank was still warning some customers that their statements may not be correct. |
The Ulster Bank has given a commitment that no customer will be left permanently out of pocket. | The Ulster Bank has given a commitment that no customer will be left permanently out of pocket. |
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About half of the bank's 1.1m customers were impacted by the computer failure, which led to widespread criticism of the bank. | About half of the bank's 1.1m customers were impacted by the computer failure, which led to widespread criticism of the bank. |
As a result, its chief executive Jim Brown said he would forego his bonus for 2012. | As a result, its chief executive Jim Brown said he would forego his bonus for 2012. |
Announcing the compensation scheme on Friday, he said: "Once again, I apologise unreservedly to our customers and customers of other banks for the inconvenience this has caused and thank them for their patience as we worked to resolve this issue. | Announcing the compensation scheme on Friday, he said: "Once again, I apologise unreservedly to our customers and customers of other banks for the inconvenience this has caused and thank them for their patience as we worked to resolve this issue. |
"We recognise that we have work to do to restore our customers' trust in us and we believe that this is the first step in that direction. | "We recognise that we have work to do to restore our customers' trust in us and we believe that this is the first step in that direction. |
"We have worked with our key stakeholders to ensure the additional measures which we are taking provide a comprehensive response to customer concerns and demonstrate our commitment to making amends." | "We have worked with our key stakeholders to ensure the additional measures which we are taking provide a comprehensive response to customer concerns and demonstrate our commitment to making amends." |
Customers seeking further information can go online, call into their local Ulster Bank branch or telephone 0800 231232. | Customers seeking further information can go online, call into their local Ulster Bank branch or telephone 0800 231232. |
The Consumer Council said it had produced a href="http://www.consumercouncil.org.uk/publications/?id=911" >fact sheet providing guidance on the type of expenses customers could claim for, including travel costs, telephone bills and non-financial losses such as stress. | |
Its chief executive, Antoinette McKeown, said Ulster Bank had to ensure this redress scheme compensated affected customers quickly, fairly and consistently. | Its chief executive, Antoinette McKeown, said Ulster Bank had to ensure this redress scheme compensated affected customers quickly, fairly and consistently. |
"It is paramount that Ulster Bank communicates openly with its customers and takes the hassle of redress away from its customers," she said. | "It is paramount that Ulster Bank communicates openly with its customers and takes the hassle of redress away from its customers," she said. |
"Many Ulster Bank customers have had their daily lives severely disrupted throughout this summer and Ulster Bank need to restore customer confidence through this redress scheme. | "Many Ulster Bank customers have had their daily lives severely disrupted throughout this summer and Ulster Bank need to restore customer confidence through this redress scheme. |
"Throughout the crisis, the Consumer Council expressed frustration with issues of Ulster Bank's leadership, communication and clarity. | "Throughout the crisis, the Consumer Council expressed frustration with issues of Ulster Bank's leadership, communication and clarity. |
"We will continue to liaise with Ulster Bank and Financial Services Authority to ensure this redress scheme is working for affected Ulster Bank customers". | "We will continue to liaise with Ulster Bank and Financial Services Authority to ensure this redress scheme is working for affected Ulster Bank customers". |
In a statement, Sinn Fein said: "This was not a compensation scheme by any stretch of the imagination, but simply a reimbursement scheme for people that have been charged as a result of the bank's failure to carry out its primary function. | |
"The fact that compensation for out-of-pocket expenses has been capped at £100 for all personal and SME's customers further reinforces that fact." | |
Earlier this month, the RBS said it had put aside £125m to pay compensation to customers affected by the computer problem. | Earlier this month, the RBS said it had put aside £125m to pay compensation to customers affected by the computer problem. |
Were you affected by Ulster Bank's major computer failures this summer? Is the compensation they are offering enough? You can send us your comments using the below form. |