When making a complaint to their bank for a mis-selling claim, many businesses are concerned about what impact this will have on the wider business banking relationship. Businesses tend to be nervous about whether their bank will withdraw an overdraft facility, demand full repayment of a loan early or fail to extend a much needed line of credit. Although these may seem like valid concerns, from our experience many of these concerns play out to be unfounded for the following reasons:
- The complaint will typically be assessed and investigated by a different division of the bank than where the day to day banking relationship is conducted
- The bank has an obligation to treat their customers fairly and act in their best interests, if they don’t then they will be in breach of banking industry regulations
- Many banks have set aside specific provisions to pay their customers compensation for previous mis-selling misdemeanors