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The latest figures
Click below to see the number of sales at each stage of the review. In response to feedback from customers, we have included granular information about sophisticated customers, customers who have not opted in to the review, and about the types of alternative products that some customers are being offered as redress.
Number of sales at each stage – overall view
Number of sales at each stage – bank-by-bank view
Progress by bank – projection vs actual
This table summarises the banks’ progress and the position at the end of April:
|
|
Aug |
Sep |
Oct |
Nov |
Dec |
Jan |
Feb |
Mar |
Apr |
|
Joining the review |
|
||||||||
|
Sophistication assessments completed |
80% |
90% |
94% |
98% |
99% |
100% |
100% |
100% |
100% |
|
Customers invited to join review |
15,000 |
16,000 |
17,500 |
18,400 |
18,700 |
18,700 |
18,800 |
18,800 |
19,000 |
|
Overall customer opt-in rate |
50% |
65% |
70% |
76% |
78% |
81% |
83% |
84% |
85% |
|
Compliance |
|
||||||||
|
Compliance assessments complete (% of customers who have opted in) |
8% |
12% |
25% |
34% |
48% |
57% |
75% |
88% |
94% |
|
Overall rate of non-compliant sales |
93% |
95% |
95% |
95% |
96% |
96% |
96% |
94% |
93% |
|
Redress |
|
||||||||
|
Customers in redress phase |
1,950 |
2,600 |
4,100 |
6,100 |
7,500 |
9,000 |
11,700 |
13,400 |
14,400 |
|
Redress determinations complete (including compliant and non-compliant sales where no redress is due) |
500 |
950 |
1,850 |
3,300 |
5,200 |
7,000 |
9,400 |
11,100 |
13,300 |
|
Redress determination letters sent (including compliant and non-compliant sales where no redress is due) |
250 |
500 |
1,300 |
2,600 |
4,600 |
6,400 |
8,400 |
10,500 |
12,800 |
|
Outcomes |
|
||||||||
|
Offers accepted (‘full tear up’ and alternative product offers) |
10 |
32 |
125 |
547 |
1,040 |
2,092 |
3,430 |
4,573 |
5,732 |
|
Redress paid |
£0.5m |
£2.0 |
£15.3m |
£81.2m |
£158.6m |
£306.3m |
£482.0m |
£598.4m |
£797.6m |
|
Outcomes where no redress is due (including compliant sales) |
78 |
112 |
253 |
438 |
672 |
682 |
962 |
1,485 |
1,971 |
The latest figures show the banks’ reviews are nearing completion.
Around 13,000 customers (80%) have already received a redress determination. Bank of Ireland and Co-op have now completed their case reviews, while other banks remain on track to provide a redress determination to all customers within 12 months of starting their reviews. These banks are currently sending out more than 500 redress letters per week, and the customers who are still waiting should receive a letter in the next 2-6 weeks.
RBS’ rate of completion is marginally behind their projected position but the bank has now completed all reviews and passed them on to the independent reviewer for approval. We meet regularly with RBS, currently more than once a week, to monitor its progress against forecasts and to ensure that the quality of customer outcomes is not being compromised.
However, the banks’ ability to deliver against their projections also requires timely engagement from customers. We would like to encourage the 1,300 customers yet to opt-in to the review to do so as quickly as possible.
Over the next few months the banks will continue sending out final reminders to customers to encourage as many as possible to participate, before the review is closed for new entrants.
