- The Bank’s internal complaints procedure allows larger companies, those determined to be sophisticated under the FCA sophistication test, to seek redress for mis-sold Interest Rate Hedging Products.
- Certainty of Timescale
- Usually takes 8 weeks for the Bank to process a complaint, although they can request an extension.
- Not overseen by an independent reviewer
- Imperative that you have an advisor to assist with overseeing negotiations and correspondence to ensure that any response or offer from the Bank is fair and just.
If you have been mis-sold an Interest Rate Swap or other Interest Rate Hedging Product, your claim may be better suited for the Bank’s internal complaints procedure rather than the FCA Review. This may be the case where the customer is determined to be ‘sophisticated’. We will be able to assess which route is best for your claim.
A detailed letter of complaint and a Seneca Banking Consultants (SBC) financial pricing report will be submitted for every claim that goes through the internal complaints procedure, as it would for the FCA Review process. SBC is experienced in submitting complaints through the internal complaints procedure and we have senior investment bankers and solicitors that will be able to guide your complaint through the process and assist with negotiations and commercial settlements outside of the FCA review. We have had success, through meetings and settlements, outside of the Review process, and can offer professional expertise in banking advice, legal advice and financial calculations with expert reports that other companies cannot provide under one roof.
In addition to the Bank’s internal complaints procedure, we are able to provide services for alternative redress through the Financial Ombudsman Service and Litigation.