Complaints made about Redwood Bank Ltd - Company No. 09872265

Mae'r ymateb i'r cais hwn yn hwyr iawn. Yn ôl y gyfraith, ym mhob amgylchiad, dylai The Financial Conduct Authority fod wedi ymateb erbyn hyn. (manylion). Gallwch gwyno drwy yn gofyn am adolygiad mewnol.

Dear Financial Conduct Authority,

The CEO of Redwood Bank (Company number 09872265) reports in the bank's 2018 annual accounts that 'only three regulatory complaints were received in 2018'.
I am assuming the complaints to which he refers were made to the FCA.

Would you let me have:
1. Copies of all complaints in respect of Redwood Bank made in 2018 and 2019 to date
2. Copies of the FCA's responses to the complainants.
3. Copies of any FCA correpondence with Redwood bank in respect of the complaints.
You may redact any personal information if that would be a breach of the DPA.

Would you let me know:
4. How many banks were on the FCA register at the end of 2018?
5. How many complaints were received for all banks in 2018?
6. How many complaints were of substance and which resulted in action being taken against a bank?

Many thanks,

Richard Buttrey

The Financial Conduct Authority

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This communication and any attachments contain information which is confidential and may be subject to legal privilege. It is for intended recipients only. If you are not the intended recipient you must not copy, distribute, publish, rely on or otherwise use it without our consent. Some of our communications may contain confidential information which it could be a criminal offence for you to disclose or use without authority. If you have received this email in error please notify [email address] immediately and delete the email from your computer. Further information on the classification and handling of FCA information can be found on the FCA website (http://www.fca.org.uk/site-info/legal/fc...).

The FCA (or, if this email originates from the Payment Systems Regulator Limited, the FCA on behalf of the Payment Systems Regulator Limited / the Payment Systems Regulator Limited) reserves the right to monitor all email communications for compliance with legal, regulatory and professional standards.

This email is not intended to nor should it be taken to create any legal relations or contractual relationships. This email has originated from the Financial Conduct Authority (FCA), or the Payment Systems Regulator Limited.

The Financial Conduct Authority (FCA) is registered as a limited company in England and Wales No. 1920623. Registered office: 25 The North Colonnade, Canary Wharf, London E14 5HS, United Kingdom

The Payment Systems Regulator Limited is registered as a limited company in England and Wales No. 8970864. Registered office: 25 The North Colonnade, Canary Wharf, London E14 5HS, United Kingdom

Switchboard 020 7066 1000

Web Site http://www.fca.org.uk (FCA); http://www.psr.org.uk (the Payment Systems Regulator Limited)

Dear The Financial Conduct Authority,

I do not appear to have received a response to my request. It is now overdue.

Please let me have the information requested

Yours faithfully,

Richard Buttrey

The Financial Conduct Authority

Thank you for e-mailing the Financial Conduct Authority's Information Access Team. This is an automatic acknowledgement to tell you we have received your email safely. Please do not reply to this email. We will be in touch in due course.

This communication and any attachments may contain personal information. For more information about how and why we use personal information and who to contact with any queries about this, please see our privacy notices: FCA Privacy Notice (https://www.fca.org.uk/data-protection) and PSR Privacy Notice (https://www.psr.org.uk/cookies-privacy-a...).

This communication and any attachments contain information which is confidential and may be subject to legal privilege. It is for intended recipients only. If you are not the intended recipient you must not copy, distribute, publish, rely on or otherwise use it without our consent. Some of our communications may contain confidential information which it could be a criminal offence for you to disclose or use without authority. If you have received this email in error please notify [email address] immediately and delete the email from your computer. Further information on the classification and handling of FCA information can be found on the FCA website (http://www.fca.org.uk/site-info/legal/fc...).

The FCA (or, if this email originates from the Payment Systems Regulator Limited, the FCA on behalf of the Payment Systems Regulator Limited / the Payment Systems Regulator Limited) reserves the right to monitor all email communications for compliance with legal, regulatory and professional standards.

This email is not intended to nor should it be taken to create any legal relations or contractual relationships. This email has originated from the Financial Conduct Authority (FCA), or the Payment Systems Regulator Limited.

The Financial Conduct Authority (FCA) is registered as a limited company in England and Wales No. 1920623. Registered office: 25 The North Colonnade, Canary Wharf, London E14 5HS, United Kingdom

The Payment Systems Regulator Limited is registered as a limited company in England and Wales No. 8970864. Registered office: 25 The North Colonnade, Canary Wharf, London E14 5HS, United Kingdom

Switchboard 020 7066 1000

Web Site http://www.fca.org.uk (FCA); http://www.psr.org.uk (the Payment Systems Regulator Limited)

Freedom of Information, The Financial Conduct Authority

3 Atodiad

Our ref:         FOI6814

Dear Mr Buttrey

 

Freedom of Information: Right to know request

 

Thank you for your request for information under the Freedom of
Information Act 2000 (the Act), for the following information:

 

“The CEO of Redwood Bank (Company number 09872265) reports in the bank's
2018 annual accounts that 'only three regulatory complaints were received
in 2018'.

I am assuming the complaints to which he refers were made to the FCA.

 

Would you let me have:

1. Copies of all complaints in respect of Redwood Bank made in 2018 and
2019 to date 2. Copies of the FCA's responses to the complainants.

3. Copies of any FCA correpondence with Redwood bank in respect of the
complaints.

You may redact any personal information if that would be a breach of the
DPA.

 

Would you let me know:

4. How many banks were on the FCA register at the end of 2018?

5. How many complaints were received for all banks in 2018?

6. How many complaints were of substance and which resulted in action
being taken against a bank?”

 

Please accept our apologies for contacting you at this late stage.
However, we regret to inform you that for the reasons outlined below we
are having difficulty in processing your request.

 

Firstly, you mention in your request that the “CEO of Redwood Bank
(Company number 09872265) reports in the bank's 2018 annual accounts that
'only three regulatory complaints were received in 2018”. We have reviewed
the [1]2018 annual accounts for Redwood Bank and cannot identify which
complaints you refer to. Can you please confirm where in the annual
accounts you are referring to?

 

Secondly, there are two types of complaints we receive information on:

 

·                  Firm complaints - complaints data is provided to the
FCA and published by individual firms that have reported 500 or more
complaints in a six-month period, 1,000 or more if they report to the FCA
on an annual basis.  This data is then published by the FCA (and prior to
that by FSA) on our website. The FCA also publishes a summary of all
complaints firms receive and report to the FCA. Further details can be
found at the following links:

 

[2]http://www.fca.org.uk/firms/systems-repo...

 

[3]http://www.fsa.gov.uk/library/other_publ...

 

o Consumer complaints – these are complaints that consumers might make
about a firm if they are unhappy with a product or service. The FCA as
an organisation does not deal with general complaints. Therefore, any
complaint or enquiry that expresses general dissatisfaction about a
firm or individual is directed to the Financial Ombudsman Service
(FOS). You may find it helpful to visit their website at
[4]http://www.financial-ombudsman.org.uk/ for more information in this
regard. However, we publish a three-step complaints process on our
website to assist consumers. Further details can be found at the
following link:

 

[5]http://www.fca.org.uk/consumers/complain...

 

To help us to process your request please confirm which type of complaint
your request refers to.

 

Finally, for points 4, 5 and 6, we would like to explain that the FCA
assigns each firm to a primary portfolio reflecting our understanding of
the firm’s main type of regulated business activity. Many firms, however,
carry out more than one type of business. For your information Redwood
Bank Ltd are assigned to the Retail Banks portfolio, we are therefore
minded to take “banks” to mean firms that have the primary portfolio of
Retail Banks. Should this interpretation be incorrect please let us know.

 

We will be unable to proceed with your request without clarification of
the information you wish to receive.

 

Please note that under guidance issued by the Ministry of Justice and the
Information Commissioner's Office entitled "Freedom of Information &
Environmental Information Regulations - Hints for practitioners handling
FOI/EIR requests", the following advice has been given with regard to the
clarification of requests:

 

"The day after the clarification is received by the public authority the
20 working day period begins" (page 14).

 

We have attached the link to the Guidance for your information:

 

[6]https://assets.publishing.service.gov.uk...

 

The 20 working day period will therefore commence once we have received
sufficient clarification to allow us to deal with your request.

 

If we do not receive a response within 40 working days of this letter we
shall assume that you no longer wish to pursue your enquiry and will
therefore close your request. In such an event, you would need to submit a
new Freedom of Information request for any information you wish to
receive.

 

Yours sincerely

 

Information Disclosure Team / Cyber and Information Resilience Department
/ Operations

[7]Description: cid:image001.png@01D2A7C9.64DDD390

12 Endeavour Square

London

E20 1JN

 

[8]www.fca.org.uk

 

Follow us:

 

[9]Description: https://g.twimg.com/Twitter_logo_blue.pn...
image003

 

 

This communication and any attachments may contain personal information.
For more information about how and why we use personal information and who
to contact with any queries about this, please see our privacy notices:
FCA Privacy Notice (https://www.fca.org.uk/data-protection) and PSR
Privacy Notice
(https://www.psr.org.uk/cookies-privacy-a...).

This communication and any attachments contain information which is
confidential and may be subject to legal privilege. It is for intended
recipients only. If you are not the intended recipient you must not copy,
distribute, publish, rely on or otherwise use it without our consent. Some
of our communications may contain confidential information which it could
be a criminal offence for you to disclose or use without authority. If you
have received this email in error please notify [email address]
immediately and delete the email from your computer. Further information
on the classification and handling of FCA information can be found on the
FCA website
(http://www.fca.org.uk/site-info/legal/fc...).

The FCA (or, if this email originates from the Payment Systems Regulator
Limited, the FCA on behalf of the Payment Systems Regulator Limited / the
Payment Systems Regulator Limited) reserves the right to monitor all email
communications for compliance with legal, regulatory and professional
standards.

This email is not intended to nor should it be taken to create any legal
relations or contractual relationships. This email has originated from the
Financial Conduct Authority (FCA), or the Payment Systems Regulator
Limited.

The Financial Conduct Authority (FCA) is registered as a limited company
in England and Wales No. 1920623. Registered office: 12 Endeavour Square,
Stratford, London, E20 1JN, United Kingdom

The Payment Systems Regulator Limited is registered as a limited company
in England and Wales No. 8970864. Registered office: 12 Endeavour Square,
Stratford, London, E20 1JN, United Kingdom

Switchboard 020 7066 1000

Web Site http://www.fca.org.uk (FCA); http://www.psr.org.uk (the Payment
Systems Regulator Limited)

References

Visible links
1. https://s3.eu-west-2.amazonaws.com/docum...
2. http://www.fca.org.uk/firms/systems-repo...
3. http://www.fsa.gov.uk/library/other_publ...
4. http://www.financial-ombudsman.org.uk/
5. http://www.fca.org.uk/consumers/complain...
6. https://assets.publishing.service.gov.uk...
8. http://www.fca.org.uk/
9. https://twitter.com/TheFCA
10. https://www.linkedin.com/company/financi...

Dear FCA
Thank you for your response.

You have asked me to indicate where in Redwood Bank’s 2018 accounts mention is made of regulatory complaints.

On page 6 under Other Key Performance indicators mention is made of “only three regulatory complaints having been made in 2018”.

I find it difficult to answer your second point since I only have the reference to ‘regulatory complaints’ in the accounts. I did ask Redwood bank for more details but they have declined my request. Hence in the first instance I have assumed any complaint from a customer of the bank, either a lender or borrower would be to the FCA.

If you are unable to trace any complaint then please confirm and suggest where I may try next. Would that perhaps be the Finance Ombudsman?

Sincerely
Richard Buttrey

The Financial Conduct Authority

Thank you for e-mailing the Financial Conduct Authority's Information Access Team. This is an automatic acknowledgement to tell you we have received your email safely. Please do not reply to this email. We will be in touch in due course.

This communication and any attachments may contain personal information. For more information about how and why we use personal information and who to contact with any queries about this, please see our privacy notices: FCA Privacy Notice (https://www.fca.org.uk/data-protection) and PSR Privacy Notice (https://www.psr.org.uk/cookies-privacy-a...).

This communication and any attachments contain information which is confidential and may be subject to legal privilege. It is for intended recipients only. If you are not the intended recipient you must not copy, distribute, publish, rely on or otherwise use it without our consent. Some of our communications may contain confidential information which it could be a criminal offence for you to disclose or use without authority. If you have received this email in error please notify [email address] immediately and delete the email from your computer. Further information on the classification and handling of FCA information can be found on the FCA website (http://www.fca.org.uk/site-info/legal/fc...).

The FCA (or, if this email originates from the Payment Systems Regulator Limited, the FCA on behalf of the Payment Systems Regulator Limited / the Payment Systems Regulator Limited) reserves the right to monitor all email communications for compliance with legal, regulatory and professional standards.

This email is not intended to nor should it be taken to create any legal relations or contractual relationships. This email has originated from the Financial Conduct Authority (FCA), or the Payment Systems Regulator Limited.

The Financial Conduct Authority (FCA) is registered as a limited company in England and Wales No. 1920623. Registered office: 25 The North Colonnade, Canary Wharf, London E14 5HS, United Kingdom

The Payment Systems Regulator Limited is registered as a limited company in England and Wales No. 8970864. Registered office: 25 The North Colonnade, Canary Wharf, London E14 5HS, United Kingdom

Switchboard 020 7066 1000

Web Site http://www.fca.org.uk (FCA); http://www.psr.org.uk (the Payment Systems Regulator Limited)

Freedom of Information, The Financial Conduct Authority

3 Atodiad

Our Ref: FOI6814

 

Dear Mr Buttery

 

I refer to your request under the Freedom of Information Act 2000 (“the
Act”) for information concerning Redwood Bank. Please refer to Annex A for
full details of your request.

 

I am sorry to inform you that we are still processing your request for
information and therefore will not be in a position to answer it fully by
today’s deadline.

 

We will endeavour to respond to you as soon as we can.

 

In the meantime, I thank you for your understanding and patience.

 

Yours sincerely

 

 

Information Disclosure Team / Cyber and Information Resilience Department
/ Operations

[1]Description: cid:image001.png@01D2A7C9.64DDD390

12 Endeavour Square

London

E20 1JN

 

[2]www.fca.org.uk

 

Follow us:

 

[3]Description: https://g.twimg.com/Twitter_logo_blue.pn...
image003

 

 

Annex A

 

Request dated 6 October 2019:

 

“The CEO of Redwood Bank (Company number 09872265) reports in the bank's
2018 annual accounts that 'only three regulatory complaints were received
in 2018'.

I am assuming the complaints to which he refers were made to the FCA.

 

Would you let me have:

1. Copies of all complaints in respect of Redwood Bank made in 2018 and
2019 to date 2. Copies of the FCA's responses to the complainants.

3. Copies of any FCA correpondence with Redwood bank in respect of the
complaints.

You may redact any personal information if that would be a breach of the
DPA.

 

Would you let me know:

4. How many banks were on the FCA register at the end of 2018?

5. How many complaints were received for all banks in 2018?

6. How many complaints were of substance and which resulted in action
being taken against a bank?”

 

We wrote to you on 4 November to seek clarification on what type of
complaints you were referring to and what you meant by ‘bank’ in points 4,
5 and 6 and you provided the following clarification on 5 November 2019:

 

“Thank you for your response.

 

You have asked me to indicate where in Redwood Bank’s 2018 accounts
mention is made of regulatory complaints.

 

On page 6 under Other  Key Performance indicators mention is made of “only
three regulatory complaints having been made in 2018”.

 

I find it difficult to answer your second point since I only have the
reference to ‘regulatory complaints’ in the accounts. I did ask Redwood
bank for more details but they have declined my request. Hence in the
first instance I have assumed any complaint from a customer of the bank,
either a lender or borrower would be to the FCA.

 

If you are unable to trace any complaint then please confirm and suggest
where I may try next. Would that perhaps be the Finance Ombudsman?”

This communication and any attachments may contain personal information.
For more information about how and why we use personal information and who
to contact with any queries about this, please see our privacy notices:
FCA Privacy Notice (https://www.fca.org.uk/data-protection) and PSR
Privacy Notice
(https://www.psr.org.uk/cookies-privacy-a...).

This communication and any attachments contain information which is
confidential and may be subject to legal privilege. It is for intended
recipients only. If you are not the intended recipient you must not copy,
distribute, publish, rely on or otherwise use it without our consent. Some
of our communications may contain confidential information which it could
be a criminal offence for you to disclose or use without authority. If you
have received this email in error please notify [email address]
immediately and delete the email from your computer. Further information
on the classification and handling of FCA information can be found on the
FCA website
(http://www.fca.org.uk/site-info/legal/fc...).

The FCA (or, if this email originates from the Payment Systems Regulator
Limited, the FCA on behalf of the Payment Systems Regulator Limited / the
Payment Systems Regulator Limited) reserves the right to monitor all email
communications for compliance with legal, regulatory and professional
standards.

This email is not intended to nor should it be taken to create any legal
relations or contractual relationships. This email has originated from the
Financial Conduct Authority (FCA), or the Payment Systems Regulator
Limited.

The Financial Conduct Authority (FCA) is registered as a limited company
in England and Wales No. 1920623. Registered office: 12 Endeavour Square,
Stratford, London, E20 1JN, United Kingdom

The Payment Systems Regulator Limited is registered as a limited company
in England and Wales No. 8970864. Registered office: 12 Endeavour Square,
Stratford, London, E20 1JN, United Kingdom

Switchboard 020 7066 1000

Web Site http://www.fca.org.uk (FCA); http://www.psr.org.uk (the Payment
Systems Regulator Limited)

References

Visible links
2. http://www.fca.org.uk/
3. https://twitter.com/TheFCA
4. https://www.linkedin.com/company/financi...