King’s College, London - Reforming Redress Schemes Roundtable Report
King’s College London (KLC) today published its Reforming Redress Schemes Roundtable Report. Led by the Director of KCL’s Legal Clinic, Shaila Pal, victim advocates, lawyers and researchers with expertise relating to the Windrush Compensation Scheme, Horizon Shortfall Scheme, the Lambeth’s Children’s Home Redress Scheme and the Infected Blood Compensation Scheme, as well as representatives of the National Audit Office were invited around the table in June 2024 to explore critical problems around current redress schemes and the need for reform.
Hausfeld has been proud to contribute and support its conclusions. Co‑Head of Commercial Disputes and Partner Ned Beale was invited to represent the APPG on Fair Banking at this event, together with APPG researcher Clara Gisoldo. This followed the APPG’s own research in this area culminating its in report Building a Framework for Compensation and Redress which was launched in Parliament in February 2023. Hausfeld has had first-hand experience of considering the impact of inadequate financial services redress schemes, having been instructed in relation to the Interest Rate Hedging Product, British Steel Pension Scheme, HBoS-Reading (Foskett) and Business Banking Resolution Service schemes.
Ned Beale comments:
“ What really struck me in during the roundtable is the commonality of issues – including how to ensure a level playing field for victims and insitituions, calculating consequential losses and balancing speed and cost with due process – across all of the different schemes, whether arising the regulated financial services context or otherwise. With the Post Office and Windrush scandals particularly, redress schemes are very much in the public eye. However, because of the lack of rules and learning, institutions tend to reinvent the wheel for each new scheme, meaning we see the same problems arising over again. The Roundtable’s report makes key recommendations which translate in valuable guidance to the government, institutions and regulators when they are establishing new schemes.”
It was agreed that certain structural elements and underpinning principles should be present in a redress scheme. They are the creation compulsory guidance with common principles which are listed in the Report in detail, for the setting up and operation of Redress schemes and the establishment of a new standing public body to act as a compensating authority and administer redress schemes to enable fair and independent outcomes.
For the full views and recommendations of the Report
For more information on:
Judicial review regarding IRHP Redress
Judicial review regarding British Steel Pension Scheme Redress
