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MBM quoted in the Herald this morning on FSA latest

Posted on Jul 23, 2012 by  | 0 Comments

Good article in the Herald this morning by Simon Bain commenting on the latest FSA pronouncement. There’s good news and bad news. The good news is that the misselling review process has now been extended from the original 4 to 7 banks, to include the Clydesdale Bank. The bad news? It appears that the banks are being allowed to retain very significant control over the review process.  Each bank will appoint its own “independent reviewer” subject to FSA approval. The FSA “aims to ensure that the reviews and approach to redress are consistent” – however, what is clear is that each Bank is free to construct its own review process which is a worry. More concerningly, the FSA go on to state that “For each sale, the independent reviewers will assess whether the bank has implemented its review process appropriately [and]..will also confirm that the redress proposed for each customer is appropriate, fair and reasonable” which suggests in pretty clear terms that the bank will act as reviewer in the first instance with the independent reviewer acting more as an appeal avenue. The independent reviewer can if the customer so chooses be present during any meetings or telephone calls but only to act as observer to ensure that the process is fair “and the customer is not disadvantaged”. All in all the process looks to be heavily favouring the banks at present; my hope is that there will be sufficient outcry about this to force the FSA to re-think the process. Currently with the banks acting as gate-keeper in the first instance, I can’t see many claims being accepted. 

Let’s hope the FSA are prepared to re-consider.

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