Ulster Bank dismissals linked to paperwork probe
Issued : 4 October 2009
Sunday Business Post
Ulster Bank has dismissed three managers as part of a continuing investigation into alleged falsification of paperwork for bank products.
A total of 83 financial planning managers have been involved in the investigation ,which started last November, to determine whether managers used paperwork to incorrectly claim credit for a client purchasing a product.
While the majority of managers were cleared, two were dismissed and nine are suspended. As part of the investigation, Ulster Bank has contacted customers to establish whether the managers personally completed the necessary fact-finding before selling on the products.
The Irish Bank Officials Association (IBOA) claimed that the financial planning managers were ''merely following the established custom and practice'' and were victims of a ''witch-hunt''.
Separately, The Sunday Business Post understands that Ulster Bank is to investigate alleged breaches of practice by two more senior executives at the bank. One allegation claims that a bank executive did not comply with procedures on a policy being taking out with his spouse.
In the other case, there is an allegation that a proper authorisation process was not completed before a sizeable bond was issued.
An Ulster Bank spokeswoman said: ''Ulster Bank does not comment on individual staff members; however, we take any allegations about the actions of our staff, at all levels, very seriously.
''The bank takes any breach in policy and procedure very seriously at every level of the organisation, and any infringement of our high standards of customer service is investigated fully and dealt with, with due rigour."
The spokeswoman confirmed that the investigation into a number of financial planning managers was continuing.
However, Larry Broderick, general secretary of the IBOA, has claimed that the bank had been inconsistent in its approach to investigations.
''We have asked the bank to investigate other allegations raised about senior executives before they come to a conclusion on the FPM [financial planning manager] investigation.
''A lot of the managers have been cleared because they didn't do anything wrong, but we are concerned that those who are still suspended will be brought to a disciplinary process," he said.
''There is a lot of tension between the IBOA and the bank over this and other issues. If they make a move to dismiss these individuals, serious industrial relations issues could arise," according to Broderick.
By Nicola Cooke
