What is having your say?
When we write to you, you will have the opportunity to provide any information you may wish to share about the sale of your IRHP. This can be provided in writing, over the telephone or face to face.
You are actively encouraged to provide this information and can do this at any stage.
Should I give the Review Team more information?
An important part of reviewing each IRHP is understanding the sale from the customer’s perspective. As such, we actively encourage you to provide more information.
The FCA also states in its Report, ‘Interest Rate Hedging Products - Pilot Findings’, that it would encourage all customers to take advantage of the opportunity to engage in the review. The FCA reports that they have received positive feedback from customers on the engagement process, and that they have seen a number of cases where customers’ input into the process has affected the outcome of the review.
Information may be provided to the review team at any time, however we would suggest you do not do this until you have been advised of your inclusion in the review following the Sophistication test. We will advise you of the result of the test and invite you to have your say at that time.
Who can attend the meeting if I choose to provide more information?
If you would like to provide more information you can request for the Independent Reviewer and/or an appointed advisor to be present when you provide further details via phone or face to face.
What is the FCA saying about the review?
The latest FCA information is available on the FCA website.
Who is performing the review? How do we know that customers will be treated fairly?
The review will be performed by a separate and independent case team within RBS. This will be carried out under the scrutiny of an Independent Reviewer. The FCA has required the Independent Reviewer to be appointed so that customers who bought IRHPs can be confident that their case will be reviewed objectively and consistently.
We are committed to ensuring that all customers are treated fairly. In all cases, full and final decisions will be reviewed by the Independent Reviewer to ensure that the proposed outcome is fair and reasonable.
Who are the Independent Reviewer and the case review team?
The Independent Reviewer is also known as the Skilled Person. There is information detailing the role of the Independent Reviewer on the FCA website.
The case review team comprises people who are independent from the relationship teams and who were not involved in the product sales process.
The case review team has been trained in line with FCA principles and all of the team are accredited. Notwithstanding this, in all cases their work is reviewed by the Independent Reviewer.
Should there be a conflict of interest at any point during the review there is a second Independent Reviewer in place to resolve this.
I want to make a complaint about the review or aspects of the sale of my IRHP. How do I do this?
You can make a complaint by any of the following methods:-
- By telephone to: 0800 056 7100
- By Email to: DerivativesCustomerExternalEmail@rbs.co.uk
- In writing to: The IRD Review Team, PO BOX 70749, London, EC2P 2LY
I have made a complaint relating to IRHPs - what is happening with this?
All customer complaints are acknowledged upon receipt. Where you have made a complaint about your IRHP, this will be considered under the review, outside of the bank’s normal complaints process.
The response to any complaint will be included as part of the final outcome letter to you in relation to the review.
Where you are outside the scope of the review (or you fall outside the scope of the review following the sophistication test), your complaint will be investigated in line with the bank’s normal complaints process.
Can I use a Claims Management Company to deal with my case?
The review process has been approved by the FCA, it is not complicated and the review will be overseen by an Independent Reviewer, so you do not need to pay for specialist advice in order to achieve a fair and reasonable outcome.
Here is what the FCA has to say about claims management companies: “There are claims management companies who may offer to submit a customer’s complaint to the bank or the FOS. However, they will charge for using their services and this could involve the payment of a significant fee to a claims management company (relative to the amount of any redress received). Customers do not need to use a claims management company because the process is straightforward.”
What rights do I have under the Financial Ombudsman Service (FOS)?
If you are not satisfied with the outcome of the review you will have the opportunity to refer your complaint to the FOS, subject to meeting their eligibility criteria. Please refer to the FOS website for further details. If you are not eligible for the FOS you may wish to consider seeking legal advice.
How do I contact the review team?
0800 056 7100
Calls may recorded
The IRD Review Team, PO BOX 70749, London EC2P 2LY