Today, Judge Kenneth Parker granted an application for judicial review of the compensation process - undertaken by independent reviewer KPMG, on behalf of Barclays Bank - as redress for those who were mis-sold interest rate swap products.
James Oldnall, the Partner at Mishcon de Reya who led the case for the claimant, commented:
"KPMG's argument, also echoed by Barclays and the FCA, was that its role was a matter of private contract and as such it was not subject to procedural fairness. The Judge's remarks today are a strong indication that KPMG's role, and indeed the bank's process, is not solely a private contractual matter but has an important public function and must be fair.
"In terms of the implications, this should certainly lead to banks and independent reviewers prioritising fairness. From the perspective of our client, it means that we now have the opportunity to argue a case for appropriate compensation that is commensurate to his loss."
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