‘In May 2013 nine banks (“the Banks”) agreed to review their sales to unsophisticated customers in accordance with terms of references agreed with the FCA. At the end of June 2014 the FCA reported that all participating banks had completed their sales reviews in relation to customers who joined the Review before March 2014. By the end of June 2014 the Banks had sent out 16,000 redress letters, 13,500 of which included a cash redress offer and with the balance of 2,500 confirming that the sale had been compliant with the (then) FSA rules or that the customer had suffered no loss. By the end of June 2014 8,000 customers had accepted their redress offers, and the Banks had paid out £1.2 billion.’
No. 5 Chambers, 19th August 2014
Source: www.no5.com
