Interest Rate Swaps
SRBlegal has a specialist team which deals with complaints relating to the sale by some banks of interest rate swaps, mainly during 2007 & 2008.
Stuart Brothers has recently been quoted in the Financial Times in relation to the mis-selling of interest rate swaps. To view article please click here
Many businesses believed that they were doing no more than migrating from variable interest to fixed rate terms. We have been engaged by many businesses astounded to find that they had been sold long term derivatives with substantial ongoing and exit costs which had not been disclosed to them.
For more information on our services in this area, take a look at our latest video:
There have been a large number of cases where the banks have failed to comply with their obligations under the FSA Conduct of Business Sourcebook (COBS) to business clients notwithstanding that they had been categorised as retail clients. Even worse, some businesses were told that maintenance of current facilities or provision of new facilities was conditional upon them entering into a hedging instrument. We believe that the problem is sufficiently widespread that the FSA should undertake a thematic review of the sale of these products in recent years.
This is a highly specialised area – finding a lawyer with the relevant expertise to advise on these matters is difficult; finding one who is not conflicted out due to an understandable desire not to offend a bank can be extremely difficult! SRBlegal has no such conflict.
Our Service
We offer an initial no obligation review of your case. This will entail a wide ranging analysis of:-
- Contract particulars,
- Documentation signed by customer – including facility agreements and interface between ISDA signatories and those of bank mandate,
- Compliance by bank of its statutory and regulatory obligations including under FSMA & its regulations and COBS,
- Misrepresentations in promotional literature and pre point of sale discussions with the bank,
- Extent to which the bank ascertained the circumstances and product knowledge of its customer,
- Period when these products were sold – in some instances these products were sold post Lehman Brothers collapse,
- Any duress applied on the customer, and
- Complaints policy of the bank.
If we conclude that you have no cause for redress then we will not be abashed at telling you. In cases where we believe there is cause for redress, we will assist in the preparation of a letter of complaint to the bank and advise as to how best and cost effectively you can achieve your objectives. This will include advise on potential for referral to the Financial Ombudsman Service scheme as well as initiating of High Court proceedings for damages.
Our fee arrangements are flexible and can include acting on a “no win, low fee” basis where we consider it appropriate.
For more information on this service, please contact Stuart Brothers on Tel: 01633 811771 or e-mail stuart.brothers@srblegal.co.uk
News
Recent industry news - click the links below to view the article in full.
- Banks mis-sold Interest Rate Protection
- FCA – a new ‘ear-a’ for regulation
- Unsuitability (Hons) - 'First'
- Veil remains over corporate directors
- UCIS Your Money Goodbye!
- Diamond Dealer in IT Outsourcing Debacle
- Countdown to the Cuts
- Too old to work?
- One size does not fit all
- Are workers on sick leave entitled to take paid statutory holiday?
