The Central Bank has published a document updating consumers on the progress of its examination of tracker mortgage issues. The update informs consumers that the plans required to be submitted by lenders to the Central Bank by the end of March 2016 are currently under review. This review is not expected to conclude until 2017. In the meantime, lenders are required to carry out the next step of their reviews (overseen by external independent third party assurers), which involve identifying those customers who may have been impacted by either their failure to honour their contractual entitlements or to comply with regulatory requirements regarding disclosure and transparency of information. The Central Bank also set out its expectations for lenders in this update to consumers – lenders are expected to communicate with all impacted customers in a timely and clear manner, have the necessary staff and systems in place to do so and carry out a number of steps in dealing with customers. Where an incorrect rate of interest has been charged, this practice must immediately cease and the fact of the incorrect charge must be communicated to the customer. Once a customer’s account is fully reviewed, a letter must be issued explaining the nature of the error, the correct rate for that customer and an outline of the next steps involved in the examination, including the redress and compensation process. The Central Bank has indicated its intention to publish another progress update at the end of July 2016.