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It seems clear to me now that, having submitted a good many Consequential losses claims for the victims of Interest Rate miss selling, that the banks are effectively applying a policy of refusing to pay any such losses.

The FCA scheme is quite clear that the tests that will be applied to such claims are those of tort and breach of statutory duty as would be applied in the Courts. Unfortunately the reviewers are doing nothing of the sort. These bad decisions are then apparently being ratified by the "independent reviewers".

The situation is an affront to justice and it is quite incredible that the FCA or the banks will not provide customers or their advisors with copies of the guidance that the reviewers are using to make their decisions. We are being invited to play a game where the rules that the referee will apply are not told to us and it seems to me that the result has been pre-determined. There is an inevitability about litigation in this arena now as well as a potential Judicial Review and complaints to FOS about the decision making process itself.

On a positive note we are having great success in getting banks to overturn their first instance poor decisions to refuse direct losses redress. We are succeeding in this process in approximately three quarters of situations. This clearly shows the poor quality of the first instance reviewers and also the need for dogged determination.

There is a clear need for people who have been knocked-back initially to take some advice and get in an appeal. Unfortunately many may not having swallowed the line spun by the FCA (at the banks bidding) that there is no need to get professional advice!

The fight goes on and this story is far from played-out.

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Categories: Interest Rate Swaps

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