I Think We Should Be Told

Contract reporting, reconciliation and payment chaos continues to reign. I have had a couple of conversations with firms over standard reconciliation/SMP level issues so far this week. Today’s story however involves the complete non payment of the SMP because the computer file sent was “not the correct format”. Even if this is so, and we are investigating, how can this be right. Firms cannot report “in the manner prescribed” because of the LSC’s cock up not the other way round.
All this leads me to ask the following questions;

Is there a campaign on reducing payments to hit some annual target by the end of March going on?
Are they deliberately attempting to reconcile contracts, especially CDS ones, to 100% rather than 107.5%?
Does someone get a bonus if the annual target is met?
Will we have this continuing chaos until September? (or later)
Is there any chance of chasing damages for increased overdraft charges?

About Author: SP

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