Interest Rate Swap Claims – Ask Me Anything

Excellent question Tom. This is question a lot of our clients have been asking. If the Banks mis sold the interested rate hedging products in the first place can we trust that they will review them fairly and that any offers made for redress will be fair? We ensure that for all our clients we obtain all of the information that the Banks have previously provided to the clients pre sale, assess this against the Banks regulatory requirements and then calculate the clients losses using the same historical banking data to accurately assess the clients losses and costs. Given our experience and expertise in the financial, legal and banking requirements we pride ourselves on being able to assess, and advise, whether an offer from the Banks is a fair deal for our clients.

look at the this link it may help!

http://senecapartners.co.uk/2013/06/seneca-banking-is-the-fca-review-process-fair-and-independent/

@Chris, unfortunately we are unable to comment as to what the Banks have been doing in preparation of their internal reviews. Where a fact find meeting takes place with the client that is normally in the presence of an independent person, typically from an independent law firm, who will ask the clients questions to understand the clients perspective as to how the interest rate hedging product was sold. The FCA have requested that independent persons take part in the process to ensure that the process is fair however, this is yet to be seen.

If a client did not fully understand the product at the outset how can they be expected to understand the product, and an offer of compensation? How can a client assess the true value of their losses if they cannot get access to the market rates?

We would highly recommend taking independent advice as these products are highly complex and the financial offer from the Bank will likely be complex.

@Simon

The Banks have appointed independent reviewers who may be present during the fact find meetings or calls. The independent reviewer is there to ensure that the outcome of the Review is fair and reasonable. The independent reviewer will not actually conduct the Review. The Review will be conducted by the Banks themselves. The reviewer is there to ensure that the bank’s review is fair and reasonable and to ensure that it achieves a satisfactory outcome.

does that answer your question?

@BB Member

We advise all our clients that it is prudent to prepare written responses for the purpose of the FSA Review fact find rather than the person who entered into the swap trades being subjected to a one sided inquiry, in order to secure maximum redress.

does that help?

please read my new thread, you may find it useful Interest Rate Swap Claims – The Dangers Of Sitting Back

https://www.property118.com/interest-rate-swap-claims-the-dangers-of-sitting-back/41474/

Daniel

Hi Dan

I run a small property business in Lincs.. I took out a swap in 2007 with RBS for 850k, I keep being advised by my local accountant that the bank is looking into my mis-sold rate swap and that it will be dealt with ASAP, what tips would you give me on speeding the process up?

Karen

Reply to the comment left by “Karen paul” at “18/07/2013 – 12:01”:

Hi Karen,

Have you signed up for Dan’s help yet with your claim on the bottom of the article to the top of this page. He also wrote an article recently about the Bank’s delaying tactics and the dangers of waiting. https://www.property118.com/interest-rate-swap-claims-the-dangers-of-sitting-back/41474/

Hi Dan,

This morning Barclays announced profits of 3.5billion, but are still looking to raise 5.8billion from share holders to re-capitalise. 2billion of this amount to be raised they want to set aside for miss-selling. Do you think this is the start of the ball rolling for predicted Interest swap rate claims?

Hi Dan

I received a letter from the bank a few months a go saying that they where looking in to the possible mis sell of a rate swap on a business loan we took out in 2008, the loan was for 1.2M and is crippling our small business, what would suggest the next step I take is?

Michelle