CORRECTING CUSTOMER DETRIMENT

Where potential customer detriment has been identified, there are significant challenges in calculating the amount of redress for the unique set of circumstances that surrounds every case. Benefits that the customer received may be taken into account and offset again any losses they may have made.

It is important to recognise that the remediation process does not necessarily lead to financial redress being paid directly to the customer; it could require the restructuring of existing mortgages, reduction of the loan by payments to the mortgage lender or even financial provisions in case of future circumstances. The process is complex, potentially long and will require careful auditing to ensure that appropriate remediation is followed through to conclusion.

Telos has worked with experienced financial experts to identify the key components to be considered in the remediation process and to provide calculations for financial redress where this is deemed necessary. This remediation process can be employed wherever causation is identified. In some cases there may be an element of customer causation and in these cases any redress may be reduced. Contact us to discuss in more detail how we can help in this critical calculation.

For more information on using a compliance consultancy the following organisations have useful information

FSA - Using a compliance consultant
APCC - Appointing a consultant
AIFA - Directory of compliance services
AMI - Useful FSA links