---
title: "The Times: Lawyers launch petition for financial mis-selling tribunal"
url: https://lexlaw.co.uk/solicitors-london/lawyers-launch-petition-financial-mis-selling-tribunal/
date: 2016-12-19
modified: 2026-06-02
author: "LEXLAW Solicitors & Barristers"
description: "LEXLAW has launched an online petition urging the government to establish a Financial Services Tribunal to resolve disputes over financial product mis-selling. The petition highlights the limitations of costly court processes, the inadequate Financial Ombudsman Service, and the FCA’s lack of dispute resolution powers. The tribunal would provide fairness, judicial scrutiny, and deter misconduct by major banks and financial institutions. The campaign follows parliamentary support for a commercial financial dispute resolution platform and aims to give customers better protection and access to justice"
categories:
  - "Banking Law"
  - "Borrower Protection"
  - "Derivatives"
  - "Enterprise Finance Guarantee"
  - "Financial Services Litigation"
  - "Fixed Rate Loans"
  - "Fraud"
  - "GRG Review"
  - "IRHP Reviews"
  - "Litigation"
  - "News"
  - "Professional Negligence"
  - "Westregister"
  - "White Collar Crime"
tags:
  - "Banking Law"
  - "Banks"
  - "Barclays"
  - "Clydesdale Bank"
  - "Derivatives"
  - "FCA"
  - "Financial Conduct Authority"
  - "Financial Ombudsman Service"
  - "Financial Regulation"
  - "Financial Services"
  - "Financial Services Tribunal"
  - "FST"
  - "Global Restructuring Group"
  - "GRG"
  - "Hedging"
  - "Interest Rate Swaps"
  - "IRHP"
  - "IRHPs"
  - "LIBOR"
  - "LIBOR Litigation"
  - "LIBOR Manipulation"
  - "Limitation Act"
  - "Litigation"
  - "Lloyds"
  - "Media"
  - "Mis-selling"
  - "NatWest"
  - "RBS"
  - "slide"
  - "Swaps Mis-selling"
  - "Swaps Settlements"
  - "WestRegister"
  - "Yorkshire Bank"
image: https://lexlaw.co.uk/wp-content/uploads/2016/12/The-Times-logo-lexlaw-solicitors-in-media-1024x137.png
word_count: 253
---

# The Times: Lawyers launch petition for financial mis-selling tribunal

[The Times Brief reports](http://nuk-tnl-deck-email.s3.amazonaws.com/11/34e420f6e47d96669897a45586997a57.html) that [we have launched an online petition in an attempt to apply public pressure on banks to settle compensation claims for financial product mis-selling](https://lexlaw.co.uk/solicitors-london/petition-financial-services-tribunal-resolve-bank-customer-litigation-disputes/).

The petition launched on Friday calls on the government to create a financial services tribunal that would resolve "customer disputes".

[![City of London Lawyers-launch-petition-for-financial-mis-selling-tribunal-LEXLAW-SOLICITORS-LONDON-BANK-LITIGATION](https://lexlaw.co.uk/wp-content/uploads/2016/12/Lawyers-launch-petition-for-financial-mis-selling-tribunal-LEXLAW-SOLICITORS-LONDON-BANK-LITIGATION.jpg)](https://lexlaw.co.uk/solicitors-london/lawyers-launch-petition-financial-mis-selling-tribunal/lawyers-launch-petition-for-financial-mis-selling-tribunal-lexlaw-solicitors-london-bank-litigation/)Time Brief report: 'Lawyers launch petition for financial mis-selling tribunal'

Behind the campaign is LEXLAW, a firm of solicitors and barristers based in Middle Temple. It is acting for Wenta – whose chairman won the Queen's Lifetime Achievement for Enterprise Promotion last year – which claims that RBS has failed to pay up for [allegedly mis-selling a complicated financial product](http://links.info2.news.co.uk/ctt?kn=12&ms=MTEwNTgxNQS2&r=MTcxODg4MzgxMDAS1&b=0&j=NjkwMzc4NjQ1S0&mt=1&rt=0) that went wrong.

The petition states that:

> "major banks and other financial services institutions are often in dispute with customers who deserve protection. Access to court is costly. The Financial Ombudsman scheme is inadequate. The Financial Conduct Authority is not equipped to resolve disputes. Tribunals offer scrutiny, justice and censure which deters misconduct."

LEXLAW opened the petition after a debate on Friday of a private member's bill in the House of Commons in which MPs were encouraged to support the creation of a ["commercial financial dispute resolution platform"](http://researchbriefings.parliament.uk/ResearchBriefing/Summary/CDP-2016-0247)

"Only a tiny fraction of financial services disputes are ever litigated," [Mr M Ali Akram, principal lawyer at LEXLAW](https://lexlaw.co.uk/our-people/m-ali-akram/), said. "And the vast majority of good litigation cases settle, which means there is a lack of meaningful court precedents to force financial services institutions to deal with disputes fairly."

[SUPPORT THE PETITION FOR A FINANCIAL SERVICES TRIBUNAL](https://petition.parliament.uk/archived/petitions/175642)