Ms. J held a credit card with her bank for several years when she learned of a promotional offer that allowed customers to transfer balances from other credit cards to her bank’s credit card at a 0% interest rate for 12 months. She called the bank to ask about this offer and the bank confirmed that it was still available, with a 3% balance transfer fee. 

Ms. W was a smart credit card user, always making sure to pay off her balance in full each month. She used her cashback card for everything from travel expenses to groceries, and for cash advances. Her bank informed her of a promotional offer to transfer balances from other credit cards to her cashback card at a 0% interest rate for 12 months. This offer represented a significant savings from the usual interest rates of 20.99% on outstanding balances and 21.99% on cash advances.

We would like to thank all those who provided their input to our loss calculation for complaints involving unsuitably sold illiquid exempt market securities consultation. The public consultation period was announced September 26, 2024, and the comment period for the project closed November 21, 2024. This consultation focused on assessing the process we currently use and helping us determine whether there are better alternative approaches we should adopt in such cases. This consultation was recommended in our 2021 independent expert external review.