This section answers a number of frequently-asked questions (FAQs) about:
on what basis am I expected to pay compensation to the consumer, if you uphold a complaint against me?
Any redress we award will depend on the individual circumstances of the case – taking into account what we think has gone wrong and how we decide the matter needs to be put right.
Generally speaking, where we uphold a complaint our aim is to put the consumer in the position they would now be in – financially – if the business providing the financial service hadn't got it wrong in the first place.
We can award redress in two ways:
This is called a "money award". We calculate the amount to cover any financial losses we decide the consumer has suffered as a result of the problem they have complained about.
Technically, this is called a "directions award", because we can direct the business to take whatever steps in relation to the complaint we consider are just and appropriate – whether or not a court could order those steps to be taken.
This could include, for example, directing the business to:
In some cases – as well as or instead of a money or directions award – we may make an award for non-financial loss (pain and suffering, damage to reputation, distress or inconvenience).
We have produced special factsheets on redress in investment and mortgage endowment cases: