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Review process

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The review process for confirmed non-sophisticated customers, explained in our step-by-step guide.

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  • If a customer is classified as non-sophisticated, Barclays will notify them of that decision, and will let the customer know which of the following two possible outcomes apply to them:

    (a) If they purchased any IRHP that is not a structured collar (excluding caps), the customer will be asked whether they want the sale of that product to be reviewed. If the customer chooses not to have their sale reviewed, no further action will be taken. If they do opt for a review, the sale will be included within the review process; or


    (b) If they purchased a structured collar, the customer will automatically be included within the review and will be entitled to fair and reasonable redress, which will take into account all circumstances of the sale.

  • All cases within the review will be subject to a thorough review by the Barclays Customer Review Team.

    This is a team that has been carefully selected and is made up of experienced professionals, known as Customer Review Directors, all of whom are trained in the IRHP review process.

    Each Customer Review Director will review, in detail, all the available and relevant documentation and materials relating to the original sale of the IRHP and assess the sale against the standards agreed with the FCA for the purposes of the review (‘point of sale review’).

    Based upon all of this information, the Customer Review Director will make their ‘point of sale review’ decision:

    For those customers who purchased a structured collar, this decision will be determining fair and reasonable redress (to the extent the customer has suffered a loss) taking into account all the relevant circumstances.

    For all other customers who are part of the review and did not purchase a structured collar, this review decision will be whether the sale of the IRHP met the relevant regulatory standards agreed with the FCA for the purposes of the review, and, if it did not, what redress (to the extent the customer has suffered a loss) would be fair and reasonable taking into account all the relevant circumstances.

    Each Customer Review Director’s decision will be subject to separate review by the Independent Reviewer .

    If the review has concluded that no redress will be due, the customer will receive a letter informing them of this conclusion. This will mark the closure of the review for those customers.

    Alternatively, if the review decision is that mis-selling has occurred and that redress is due, then the customer will progress to Step 4.
     

  • If the review has concluded that the sale of your product met the FCA’s regulatory requirements and sales standards, you will receive a letter informing you of this conclusion. This will mark the closure of the review of your case.

    You will of course, if you choose to, be able to complain via Barclays’ normal complaints procedure, to use the Financial Ombudsman Service if you are eligible to do so, or to consult with your legal advisers.

    If the review concludes that your sale did not meet the FCA’s regulatory requirements and sales standards, the Customer Review Team will consider whether redress is due in your case or not.

    a) If it is decided that redress is not due, you will be informed of this decision and this will mark the end of your review. You will of course, if you choose to, be able to complain via Barclays’ normal complaints procedure, to use the Financial Ombudsman Service if you are eligible to do so, or to consult with your legal advisers.

    b) If, however, it is determined that you are due redress, you will receive a letter that will outline for you the next steps that must be taken in order for us to make you our final offer of redress.

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