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ARTICLE · 23 APRIL 2021

When Is A Complaint A Complaint Under DISP?

Reynolds Porter Chamberlain
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A Court of Appeal judgment has recently addressed what constitutes a complaint for the purposes of DISP [Clive Davis v Lloyds Bank [2021] EWCA Civ 557]. It is important to identify when a complaint is...

United KingdomFinance and Banking
Rachael Healey
Rachael Healey

A Court of Appeal judgment has recently addressed what constitutes a complaint for the purposes of DISP [Clive Davis v Lloyds Bank [2021] EWCA Civ 557]. It is important to identify when a complaint is made as a regulated firm for two primary reasons: first, a complaint triggers the dispute resolution procedure under DISP of the FCA's Handbook and second, it stops time running for the purposes of time bar when it comes to a complaint to FOS.

Background Facts

The background to the Court of Appeal judgment is with respect to redress arrangements put in place by banks to compensate customers so far as there was a mis-selling of interest rate swaps. The Claimant, Mr Davis, bought two interest rate swaps in 2002 and 2005 respectively from Lloyds Bank plc (the Bank). He participated in the Bank's review process and as a result of the review the Bank offered him compensation in respect of both financial products. Mr Davis accepted the basic redress offer in relation to

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