The Panel will publish its methodology for assessing D & C losses so that Customers can understand and ask the Panel any questions about the assessment process before deciding whether to opt in.
Eligible Customers (see ‘Who can apply to the Re-Review Panel?’) will have a period of time to decide whether to opt in to the Re-Review process (details will be provided to Customers on how to do this). The cut-off date to opt in will be communicated and published on the website once decided. If you opt in, the Panel’s Final Decision will be final and binding on you and the Bank.
Once the Panel has a clearer idea of which Customers have opted in, the Panel will develop a prioritisation strategy to determine the order in which the cases will be considered.
The Panel Chair will write individually to every Customer who opts in to explain the overall process and invite the Customer to raise any queries or concerns with the Panel at the outset.
|The Panel will identify Customer’s previous submissions concerning D & C losses.||If the Customer wishes, the Panel will meet the Customer (together with ‘Customer Advocate’ if requested).||The Panel will identify the Bank’s previous assessment of D & C losses and the materials the Bank relied upon.|
The Panel will independently review and analyse all the information/documentation obtained concerning D & C losses with the assistance of its own team of legal and financial advisers.
The Panel will issue its provisional decision, namely, one it is ‘minded to’ make. That decision and the reasoning behind it will be communicated both to the Customer and the Bank. The Panel will also provide the documents on which it relied in reaching its ‘minded to’ decision.
The Customer and the Bank will have a reasonable period to review and respond to the provisional ‘minded to’ decision. The Customer can obtain legal advice to assist with this and, at the Panel’s discretion, financial advice, with all reasonable costs being paid by the Bank (see the note ‘Professional advisers and their fees’).
If the 'minded to’ decision is acceptable both to the Customer and the Bank, the ‘minded to’ decision will become the Panel’s final decision. If either the Customer or the Bank disagrees with the ‘minded to’ decision, the Panel will review the case in the light of any new material (including documentation) and/or submissions received. The Panel will then produce its final decision. This will be binding on both the Customer and the Bank.