Smaller banks review their selling policies

The Bank of Ireland, Clydesdale and Yorkshire banks, and the Allied Irish Bank has stated that they are going to be participating in the sales review of their various products as well as the redress exercise that larger banks agreed to take part in at the end of June.

Unlike some of the larger banks, these organisations have not been found by the FSA to have problems with mis-selling, however they have agreed to join the review to give customers peace of mind. This will ensure that customers feel they’ve been treated consistently, and that it doesn’t matter whether they bank with a small or large organisation, they are still going to get the same amount of justice.

The FSA has been working with 11 banks who have signed up to the agreement to ensure that the customers of the bank have all the commitments that have been made to them fulfilled. The exercise by the FSA is going to ensure that customers have their cases assessed on an independent basis.

Customers of these banks, as well as the other larger ones who have already signed up to the agreement, are going to be entitled to have an independent review of any meetings or telephone conversations they have had with their bank.