by Liana Park
Neil Morrison recently reported in this blog on the difficulties many businesses are encountering when trying to get disclosure of documentation from banks to assist with the FCA Review of mis-sold interest rate swaps. As part of the FCA Review customers are encouraged to give their recollection of events to the bank and provide any documentation they consider relevant to the review of the sale. On the other hand the banks do not require to provide any documentation to the customers. It is a serious irregularity in the scheme.
In order to obtain disclosure many clients have made, or have asked us to make, Data Subject Access Requests (DSARs) to their banks (these are discussed in more detail in Neil’s blog post). However, the banks have stonewalled the majority of these requests. In some cases we received no response at all, with the DSARs seeming to vanish into a black hole in the bank’s back office.
In recent weeks we have experienced an encouraging influx of customer information, possibly signalling a sea change in document disclosure. Some recent requests to banks have been immediately accepted, with letters from the banks in question noting the request will be processed. In other cases we have received disclosure following a complaint to the ICO Commissioner. In one of those cases the bank admitted, when providing the requested documents, that the DSAR should have been processed, but it had been treated as a duplicate request of a DSAR made in 2012. We are not convinced by the logic of this excuse for not processing a clearly separate request made in 2013. Nevertheless, we are pleased to receive documentation that may assist customers substantiate their cases in the FCA Review.
If you require assistance with the FCA Review of mis-sold interest rate swaps and wish to discuss your case with a solicitor please don’t hesitate to contact our Financial Services & Banking Disputes Team on 0131 226 8200.