FCA 'Swaps' Appeals Process

Financial Conduct Authority (FCA) Interest Rate Hedging Product (IRHP) Review Scheme In-Built Appeals Mechanism

There is an “in-built Appeals Mechanism in the FCA IRHP Review Scheme. Our understanding of the appeals process is summarised in the flowchart below.

For Customers to make an informed decision as to whether or not to accept an offer of redress, the bank must clearly explain how they have reached their decision including what facts they have relied on to support that decision.

You initial or provisional “Determination Letter” from the bank will typically set out at a relatively high level the basis of the banks’ decision. In addition to this, the Customer will also be offered a face-to-face meeting during which they can obtain a more detailed explanation, ask questions and challenge the bank if they think the  decision was incorrect.

A Customer can appeal a decision made in the FCA Review Scheme on two bases:

• The provision of additional information for their case which has not been previously considered
• A challenge of the bank’s rationale if you think their decision is wrong

Once an appeal has been made, the banks and independent reviewers will carefully consider any points that are raised by Customers, and if necessary, will change their decision. This appeals mechanism has led to changes in banks’ determinations on a several occasions.

If the Customer needs more time to consider how they will respond to the banks’ decision (i.e. between receiving their offer of redress and the deadline for responding), the bank will carefully consider any reasonable extension requests.

There is a time limit on the Appeals Mechanism so if you want to challenge the banks decision you should lodge your appeal within the timescale set out in your Determination Letter.

If Customers do not respond within this timescale, their case will be closed; however, under some circumstances the case may still be re-opened. 

Please contact All Square on 0113 323 1950, Freephone 0800 0830 286 or email: [email protected] to discuss how we can assist you in an appeal.