Ulster Bank’s compensation scheme ‘too little too late’

Mervyn Storey said: “Ulster Bank’s compensation arrangements, like their communications during the problems which affected customers have come much too little and too late for many people.

“Despite assurances of swift action it has taken many weeks before any announcement has come. This only increases cynicism amongst some in the community that the bank have been waiting until incentives from other banks for customers to switch have ended.

“Whilst some individual customers may feel that their inconvenience has been recognised, many others and particularly small businesses are likely to be disappointed with this response. The bank have not fully appreciated the differing scale of impact on different customers and a scale of payments should have been considered to recognise this.”