Ulster Bank: Am I eligible for compensation?

24 July 2012

Am I eligible for compensation from the Ulster Bank for the problems I've encountered as a consequence of their technical failures?

The recent Ulster Bank problem has left many of us feeling stressed and frustrated and has caused considerable problems in personal finances.

As you will no doubt be aware, the Ulster Bank is part of the RBS Group, which suffered a technical failure last month, leaving thousands of customers across the UK without access to their accounts.  Apparently the problem was caused by a failed software update on 19th June 2012 and sadly resulted in banking chaos for many people.  Ulster Bank customers were among the worst affected, with the backlog of transactions not being processed for a number of weeks. The Ulster Bank has already started to correct and reverse fees and charges to the accounts of customers involved; however, many people suffered other financial losses as a result, including the cost of telephone calls, extra bank charges imposed by other financial institutions, loss of trade, and potentially loss of interest.

A claim for compensation for these types of associated or indirect losses should be submitted to the Ulster bank as soon as possible.  It may also be possible to include a claim for compensation for the stress and upset caused; each case will be considered on its own merits.

If you require advice or assistance in relation to making such a claim you should contact a solicitor without delay, or approach the Financial Ombudsman. You should also check your House Insurance policy for Legal Expenses Cover, as such a policy may provide for free Legal Advice. Legal Aid is also available for those financially eligible.

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