Only £5 m of additional consequential losses have paid out by banks under FCA's IRHP review.
The FCA has recently posted some interesting information about consequential loss claims under the FCA approved review.
The 8% interest rate set by the FCA was designed, in part to provide redress for lost opportunities. Any claim for additional consequential loss has therefore to exceed that 8% per annum to be worth pursuing.
So far 2,965 claims have been received by banks and 1,535 of those have been assessed; with only 11 having resulted in a payout of more than £100,000.
Claims are complicated to put together and need not just legal advice, but real estate and financial know-how to restate accounts, assess losses and formulate strategy.
At Recept we have the necessary skills, and experience to help clients judge the chances of success.
You can see the FCA analysis here:
This was first posted at ReceptConsult.blogspot.co.uk on 27th October 2014