If we think your bank has made a mistake or treated you unfairly and you’ve lost out as a result, we will instruct them to put things right. This may include telling your bank to provide you with an award, which may be financial or non-financial.
We will recommend an award which is fair and reasonable, taking into account all relevant information available. There is a limit to the amount the bank is obliged to pay you. This is different depending on the timing of the event. These limits are as follows:
- £600,000 for complaints relating to events with a participating bank on or after 1st April 2019
- £350,000 for complaints relating to events with a participating bank between 1st December 2001 and 30th March 2019
We can recommend that the bank pay you more than these limits. We expect your bank to agree to the recommendation where it is above the award limit, however, it is not bound to do so. It will then be up to you to accept this settlement or contest it further. We will also contact you to let you know what this means for you.