IRP – Interest Rate Products Mis-selling

These have seen some pretty adverse publicity over the last few years. The bank mis-selling saga concerning the sale of these products has rumbled on, but we are now seeing these cases settled.

Bank Settlements

Some of our clients have now received offers of settlement. To date we have seen offers providing a full refund of the costs paid, but no compensation or payment for losses or other events that may have occurred.

What this means is that if your business has been trading OK then you may want to consider bringing things to a conclusion and taking the refund. For some businesses there is a bigger picture and you may want to consider your next step carefully.

No IRP Settlement Yet

For some businesses they will have raised a complaint last year but not seen anything other than letters advising resolution by 31st March.

If you are one of these businesses then it may be worth a gentle chasing letter, but it may also mean you need to wait a while longer.

What Next With Mis-Selling

There has to be an acceptance that there are some things you cannot change, the timescales of banks is one of them.

Our advice would be to see what happens over the next 7-10 days, then if you have not seen an offer or full response then fire off a chaser letter.

One piece of advice we would give is to keep good records of everything you have done, copy emails as they do tend to get lost after time, keep copies of correspondence etc.

The Good News

We are getting nearer the end of this mis-selling saga. If you have any questions then feel free to get in touch on 01293 541333 or contact us via the website and we will help wherever we can.

By Lime Consultancy