The purpose of this Guide is to provide a step-by-step explanation of the review process and to set out what it will mean for our customers.
Barclays is committed to achieving a fair and reasonable outcome for all of our customers. We will do this by undertaking a comprehensive and detailed review of all sales of IRHPs which are subject to the review.
We will prioritise customers in financial difficulty
We have agreed with the FCA that we will prioritise the review of sales of IRHPs to customers in financial difficulty. Also, other than in exceptional circumstances, we will not foreclose on or adversely vary existing lending facilities without giving prior notice to the customer and obtaining their consent before we do so.
Ensuring a fair and impartial review - the role of the Independent Reviewer
- KPMG LLP and Deloitte LLP have been appointed as Independent Reviewers.
- The Independent Reviewer will be providing independent oversight to each review, in accordance with the methodology agreed between Barclays and the FCA.
- In addition they will review any redress offer to confirm that it is appropriate in relation to the agreed methodology.
- In the event that neither KPMG nor Deloitte are able to act, Barclays will appoint an additional Independent Reviewer.
The Independent Reviewer will oversee the assessment of customer sophistication
Barclays will assess whether a customer was sophisticated or non-sophisticated at the time the IRHP was purchased according to the review's criteria. This assessment process will be overseen by the Independent Reviewer. Where the Independent Reviewer agrees that a customer is sophisticated, that customer will be outside the scope of the review. Barclays will confirm this to all such customers in writing, explaining the basis for reaching that conclusion.