BANK SMART!!

kazm70

Hi there, 
I know there are lots of threads on various forums regarding the tactics of this organisation.

I received an email on Friday, out of the blue, from Bank Smart.  At first I thought it was a scam but when I logged on to their website, it related to packaged bank account, which I successfully claimed against in 2017 via a company called Ascend Finance.  It appears that Ascend sold on some of their accounts to Bank Smart and mine was probably one of them.  I only claimed for the packaged bank account via Ascend - nothing relating to PPI etc.   It is says they are reviewing my case which they opened in April 2019. 'your claim is being finalised - we are currently reviewing the claim to ensure all available refunds have been made. Please notify us of any settlements you receive direct'.  The compensation I received, and the fee paid to Ascend, would have been from my old TSB current account.  I am going to into branch today to obtain statements to proof that I received the money and Ascend were paid their fee.   I vaguely remember getting what I thought was junk mail ages ago from Claims Management companies - it would have just been ripped up and put in the bin.  I had no reason to pursue any further claim as the case was settled in 2017.    

I have never signed anything with Bank Smart, or given them any agreement to carry out any further work on my behalf.   I don't have any physical paperwork from Ascend but do have emails.    Now I am concerned that they will charge me for work carried out, even though there is unlikely to be anything that they can claim on my behalf??   I have emailed them requesting further details and I will send them a subject access request if they are un-cooperative.   Anyone else had a similar experience, or can provide any advice. 

[Deleted User]

If your case was legitimately transferred to Bank Smart, then the same terms will apply.  That will normally include charging a fee on any and all redress.


Ask them for a copy of the contract so you can check for yourself.

kazm70

Thanks. I have already asked them to provide the details although I don't understand what extra money they would be able to claim on my behalf on a case that was settled 2 years prior. 

[Deleted User]

It's not for that case.

It's for any other case they rummaged around for.

kazm70

Ok. The natwest case is the only case listed when I log in.  Doesn't show anything else. Anyway will wait to see what they say. They are a bunch of sharks, legislate or not
 

tidyboy22

Hi all. I have been reading through all of the bank smart posts and have started a new one regarding bank smart which I will copy below. Before I do I am wondering if there has been any updates about bank smart. Please read what I have put below and if anyone can update or help that will be great. 


Hi all. I have been reading through the forums about bank smart scamming their customers where customers have been receiving invoices from them for either cancellation of their claims or being in breach of their contract. Unfortunately the forums close or nothing more was posted towards the end of 2019. Since I have discovered bank smart scamming their customers it has worried me as I am still a client of Bank smart with outstanding ppi claims and am now worried about being a victim to them demanding money from me even though I have had no correspondence from them for nearly 2 years and my claims went in just before the ppi deadline. 

Because of this I contacted the FCA 3 times today to get advice and what I got back was the following. 

Symmetric systems ltd trade as bank smart. On The FCA website I searched symmetric systems ltd and found that the FCA have put restrictions on the company which I will post a screen shot of the company requirements set by the FCA, however when I called the FCA back they could not confirm the full instructions or reasons behind section 1.1 a & b. 

So my question is - as a client who now wants nothing to do with Bank smart, can I go ahead and cancel my agreement with them and if I do has the FCA plut in place that they are not allowed to charge/invoice me any fees for cancelling with them as the FCA requirements are not 100% clear to me. 

Could anyone or has anyone have any knowledge into bank smart/symmetric systems ltd's restrictions/requirements from the FCA so I know if I 100% can cancel with no fees from bank smart 

Thank you

LeRedoute

If they've done work for you, they'll be able to invoice you for it.

"Cancellation" invoices would be the obviously rather dubious invoices sent out where no work is done, but you are required to pay a sum (often hundreds of pounds) merely for cancelling. If they've done work for you, they're allowed to invoice you for this.

Alpine_Star

FCA have finally published the Second Supervisory Notice which represents the final nail in Bank Smart's coffin.

Second Supervisory Notice: Symmetric Systems Limited (fca.org.uk)

During FCA's investigation they analysed 20 customer files picked at random and below are some of the gruesome findings. Although I saw this predatory conduct every day for years on end, it brings it home to see it officially recorded.

*A charge of £345 in respect of a claim against a counterparty despite there being evidence on the file that the counterparty had stopped selling PPI before the customer opened the account with the counterparty.

*A charge of £550.20 for cancellation of three PPI claims where the Firm had evidence on file that no PPI claim existed.

*A charge of £1,600 for breach of contract when a customer failed to provide further evidence in respect of 9 claims for which the firm held evidence that the accounts were opened after the selling of PPI had ceased.

*Charging £90 per claim for the uploading and verification of a single Letter of Authority containing multiple claims. This has resulted in charges of £810 in respect of one customer who signed an LoA containing nine claims, and £3,600 for another who signed two LoAs containing 40 claims.

*£90 cancellation fee per claim when no evidence the Firm did any work on the claims.

*Customer charged £118.75 plus VAT where the PPI claim appears not to have been made in time for the deadline.

*Charge of £1620 for cancellation of 18 default charges claims where there is no evidence the Firm pursued these claims or gathered any evidence to investigate the potential merits of the claims.

*Charges for the same letter being duplicated across all claims. One customer, who received four reminder letters between March 2020 and January 2021, was charged £240 plus VAT for those letters, as each claim incurred a fee of £12 each time the letter was sent. This pattern was seen for all clients who had outstanding information on more than one claim.

*One customer incurred additional costs of £150 plus VAT for the issuance of the breach of contract invoice itself.

*Costs of £168 being added to a customer’s breach of contract invoice, when the Firm ought to have known that the claim was without merit.

*One customer who was charged £71.25 plus VAT for the Firm’s costs in sending her the settlement cheque for the upheld Plevin aspect of the claim. She was ultimately charged a total of £474.30 for failing to agree to refer the unsuccessful mis-sale aspect of the claim to FOS.

*One customer charged almost £4,500 in cancellation fees when she had made multiple references to being disabled and stressed in correspondence, had significant creditors, and was in an active IVA at the point when the claims were initiated. The Firm cancellation fees worsened her financial situation considerably. The Firm’s response to her complaint letter was to halve her fees and allow her to pay at the rate of £5 per month, which would result in it taking her almost 40 years to pay her debt.

*One customer outlined various physical ailments to the Firm and indicated that he was struggling and only received Employment Support Allowance. His credit file shows financial hardship. The Firm proceeded with his claims knowing that due to fees, the customer’s debt was likely to significantly increase. He currently owes the Firm £2,767.29 and is paying this back at £20 per month, which will take 11 ½ years for him to repay.