Those mis-sold Yes Bank AT1 bonds face long haul
The banking ombudsman denies relief as the case is being heard in court right now
One complainant was rebuffed on the grounds that mis-selling did not fall under the specified grounds of complaint
You would think that the banking ombudsman is the right authority to complain to against your relationship manager if you have been mis-sold a product. The ombudsman already has a track record of rejecting a high number of complaints on mis-selling, and in the case of retail holders of Yes Bank’s additional tier-1 (AT1) bonds, whose value was written down during the crisis at the bank, the authority has turned them away because the matter is sub judice.