Frequently Asked Questions

What are your fees?

First of all, only if we are successful will you have to pay us. This is a true No-Win No-Fee* service with no hidden costs. We charge 15% + VAT on the compensation amount.

Why should I use RBC?

There are many compensation companies out there these days, so don't just choose the first one you see – we have a good reputation in our market and endavour to get the best for our clients.  The cost you pay is an important issue too, aswell as the sevice you are getting.. We think 15% + VAT is reward enough, but many of our competitors want to charge you 25% and upwards!

We are registered with Data Protection Act and awaiting membership with the Department for Constitutional Affairs, Justice, Rights and Democracy (DCA), new legislations state that claims management companies must be registered with the Department for Constitutional Affairs, Justice, Rights and Democracy. Under the Claims Management Regulation a company has many responsibilities and duties which must be adhered too.

Do I have to go to court?

No. We do not use the court system to recover your money.

How much money will I get?

This is entirely dependant on your individual circumstances so it is impossible for us to say, but many of our successful claims have run into £1,000s of pounds.

How long will it take?

Within financial services companies there are always time guidelines for dealing with complaints. We would expect an initial response to the complaint within 4 weeks of it being made. However, from start to finish the whole process may vary. Rest assured we will be trying to settle your claim with the utmost vigour and we will ensure that your claim is dealt with quickly and efficiently.

What documents do you need?

We need you to return our terms and conditions and letters of authority (signed), which will enable us to act on your behalf together with these items we also need to know the policy number or account number of the plan or account you want us to complain about. A copy of an account statement or policy schedule would be acceptable. We are controllers of data as defined by the Data Protection Act so please do not worry about security.

How do you know how much compensation I am entitled to?

Each complaint is different, which means each compensation amount is different, but there are always defined stages which we will followed. It is impossible for us to know how much compensation you will receive, but many of our clients receive cheques worth £1,000s.

My partner and I have joint policies/accounts, do we both need to sign your terms and conditions and letter of authority?

Yes. We need your joint authority to act.

Will I be contacted by the bank or insurance company ?
We insist that throughout the course of the complaint, your bank or building society should correspond with us directly. Sometimes they may try and correspond with you, but if this does happen please refer them to us immediately, in some circumstances financial institutions need to send sentitive data to the address they hold on file, if this happens please forward all information to us recorded delivery so we can try and reclaim these costs.

Will I pay extra if you have to take my complaint to the Financial Ombudsman?

We do not charge extra if we have to take your complaint to the Financial Ombudsman.

What happens if you don't win?

This is a highly unlikely scenario, but if we don't win you will owe us nothing. No Win No Fee.

What is Payment Protection Insurance (PPI)?

Payment Protection Insurance (PPI) or Mortgage/Loan Insurance is often sold alongside credit and is designed to protect a borrower against the risk of being unable to make payments to a mortgage or loan in the event of accident, sickness or unemployment, but it frequently fails to do so!

If you have taken out a mortgage, a loan or applied for a credit card or consolidation of debts, you will probably have payment protection insurance.  Majority of people have PPI without even knowing about it as is often automatically included in you monthly repayments.

We know many of us think that PPI can be a lifesaver for the rainy day, however, government figures suggest that this only applies to a small minority.  On average 4% of people ever claim on their PPI policies and one in our of the claimants is refused because of small print exclusions.  PPI can be hugely expensive and the Citizens Advice Bureau (CAB) report that premiums can add between 13% and 56% to the price of a loan.

 Are their time limits for making complaints?

There are very definite time limits for making complaints. If you have are considering making a complaint get in touch immediately this will allow us to discuss all options with you. We are sure that as the market for Bank, Credit Card claims, payment protection insurance (PPI) and mortgage exit fees (MIF’s) becomes larger, companies will employ time limits for making complaints (they did, very successfully with endowments!).  Our advice is if you think you have a valid complaint, complain now.

How do I know if I have a complaint?

If you have paid out penalty charges on your bank account this is unlawful and you should make a claim now. Potentially there are billions of pounds worth of compensation to be claimed. Now you have the opportunity to get something back.

Will my bank close my account if I claim bank charges against them?

This is highly unlikely. However, different banks operate in different ways, we would however suggest you open another account to avoid any distruption. Section 14 of The Banking Code Standards Board advised Banks "to ensure that they do not make a disproportionate response to customers claiming back these 'default' fees and treat the customers sympathetically and positively, furthermore it is contrary to the Financial Services Authority (FSA) principles on treating customers fairly.

If you are considering a bank charges claim and have been thinking about changing your bank, now would be the perfect time to do so.  However leave your existing account open.

What if the adviser who advised me is no longer trading?

Don’t worry, in most cases we can still recover compensation, there are certain rules relating to firms no longer trading.  We can use the Financial Services Ombudsman and the Financial Services Compensation Scheme for such occasions.

I am making an endowment claim so can I sell my policy while the claim is ongoing?

Yes, and this will not prejudice the claim process or decision.