FSA-Firms planning for refunds after test case

[Amethyst]

Following the renewal of the waiver in July 2009 and the pending conclusion of the first stages of the test case the FSA are checking that firms have, or have started to implement, processes to ensure swift and effective complaints and refunds (if applicable) handling once the waiver is no longer in place.

If you recall back in November 2008 we received confirmation from RBS that plans were in place to proactively refund customers should the test case and following proceedings require them to.

The FSA, in August this year, have written to all firms asking what they are doing to comply with condition 13 of the waiver.

Originally Posted by waiver condition 13

(13) the firm must ensure that relevant charges complaints that are not progressed as a result of this direction (or the previous directions) are dealt with effectively and swiftly once the outcome of the test case is known (or this direction otherwise ceases to have effect) and must liaise closely with the FSA in order to achieve this. This includes making preparations for dealing with relevant charges complaints when this direction ends and updating those preparations as the outcome of the test case becomes clearer;

Outcome 5 is probably the most relevant.



here are the questions; responses are currently being looked at.