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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I recently received a provisional redress letter of offer of

Customer Question

I recently received a provisional redress letter of offer of compensation from HSBC bank relating to a mis sold swap (interest rate hedging product) some years ago.
as the product was novated over to RBS, they asked RBS to confirm figures etc before they made me the offer.
They have now sent me an email stating that they have now recd revised figures from RBS which are SIGNIFICANTLY different to the original ones and this is worrying me as they may now try to reduce the amount that they sent me in the provisional offer letter.
I think that the FCA has told the banks that they cannot do this once an amount has been offered in compensation to a client but I am not sure if this also applies to a provisional redress letter as it is not the final outcome letter
can you please help
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.
Alex Watts : Hello my name is ***** ***** I will help you with this.
Alex Watts : For now please let me know how much is owing?
JACUSTOMER-v61icduf- :

£726,000 WAS IN THE FIRST PROVISIONAL OFFER LETTER BUT WE ARE NERVOUS THAT THEY WILL NOW TRY TO REDUCE THAT AMOUNT

Alex Watts : Have you accepted the offer?
JACUSTOMER-v61icduf- :

yes but it was only the Provisional redress offer letter not the final offer document

JACUSTOMER-v61icduf- :

do you have any experience with this type of claim

Alex Watts :

If there has been an offer and it has been accepted then this is a contract.

Alex Watts :

If they try and change it then they would be in breach of contract

Alex Watts :

In order to form a contract then there must be an offer, then it must be accepted. This is the case here and therefore the amount can not be lower. It can go higher, but not lower otherwise it would be a breach of contract.

Alex Watts :

Can I clarify anything for you about this today please?

Alex Watts :

.

JACUSTOMER-v61icduf- :

if i send you a copy of their letter can you have a quick look at it and see if you think it is strong enough to constitute a contract

Alex Watts :

Sure.

JACUSTOMER-v61icduf- :

how can i scan it to you

JACUSTOMER-v61icduf- :

can i attach it on here

Alex Watts :

email***@******.***

JACUSTOMER-v61icduf- :

ok wilco and should i put it for your attention

Alex Watts :

Great. Will look to hear

Alex Watts :

If this answers your question could I invite you rate my answer before you leave today.


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