Barclays has been described as having an “aggressive” and “self-serving” under its old Boss Bob Diamond so says it’s new Chief Executive Antony Jenkins.
We’ll see if they can dump the old image that easily.
They could start by paying small businesses back money taken from them unfairly in the millions of loans that they have issues during the past 15 or so years. Borrowers are being asked to deal with the banks direct and not let either lawyers or any other advisors get involved especially claims management companies. Why?
Interest Rate Swaps (IRSA)
SWAPs are traded between banks, each bank having teams of specialists within each of their own subdivisions who intricately comprehend the differing types and distinctions in the products. It’s these teams who make sure that they are correctly traded and profitably too.
SWAPS were never designed to be unleashed on small businesses. However the banks have now admitted selling SWAPs, Collars, Floors and Caps to hotels and restaurants, dry cleaners, vet practices, printers and many other unsuspecting high street family businesses – with sometimes disastrous consequences. Both sides of the deal were not fully explained to the client and sales were commission led – again!!
It’s a game and the banks and FSA wish to settle on certain type of SWAPS currently and the FSA is keen to offer something that is ‘Fair and reasonable’ – so how does that co- exist with ‘aggressive and self-serving’?
- Why should small businesses be ‘Fair and Reasonable’?
- Banks have been given £Billions recently by the Bank of England-
- Where is this money precisely?
- Where has all these £Billions gone?
Businesses have never been in such a poor position in terms of access to funding from the very banks who themselves have been so aggressive and untrustworthy often by staff who knew the business owners and their family for decades.
Our message is Get some Legal Advice immediately. Doing it yourself might be a mistake.
Contact Maple now:
We will look at your SWAP agreement that you signed, any other information that you were provided with such as correspondence, emails or brochures and the details of the name of the person who either called you or visited you to explain what it was that you were being sold.
If SME’s try to settle these claims themselves without outside knowledge of the complex issues of the instruments themselves and what it is that they have actually been sold by their bank, having then managed to work out the cost to them having crystalised the loss and then added the consequences of the loss back on top of that and nearly get to settlement having put together the arguments and explained all the issues – they can hardly be considered what the FSA and FOS call unsophisticated clients can they?
If this is the case they should have read what it was that they were buying beforehand is what the banks will likely respond with.
Interest Rate SWAP News
FCA May Fine Banks Involved With Interest Rate Swap Mis-Selling
Banks who sold complex insurance products could possibly be fined by the Financial Conduct Authority. The deals were intended to protect the borrowers from rising interest rates. However, many businesses saw their payments increase drastically with the interest rates at a historic low.
FCA Interest Rate Swap Flowchart
Derivatives may be one of the most complicated financial investments on the market. The Financial Conduct Authority (FCA) has created a chart to help consumers, barristers and bureaucrats understand whether a potentially mis-sold Interest Rate swap Hedging Product (IRHP) can be reviewed.
The Financial Conduct Authority (FCA) Interest Rate Flow Chart uses a flow diagram with “Yes/No” questions to show whether a debtor qualifies for regulatory review.
Small Business Disillusioned with mis-sold Interest Rate Swaps
Many businesses have become disillusioned due to the compensation schemes set aside for the interest rate swap mis-selling derivatives. The Financial Services Authority has agreed to look into the cases of the mis-sold financial products of the big four banks (Barclays, Royal Bank of Scotland, Lloyds, and HSBC). There are several other banking institutions that have become involved in this Swap claims dilemma, also.
Interest Rate SWAP Claims UK
Maple Leaf Financial have a specialist team of solicitors dedicated to dealing with the mis-selling of interest rate swap protection products by the banks. We are happy to review these relatively complex swap arrangements and to claim compensation for our clients where appropriate.
If you believe you have incorrectly been classified as a ‘sophisticated’ customer and have, therefore, not been eligible for interest rate swap redress. Maple Leaf Financial will review your interest rate product and we will be happy to discuss your individual concerns and requirements
Tim Capper reports on Financial Mis-Selling for Maple Leaf Financial. Our aim is to ensure you get honest advice and proper guidance to ensure a suitable recommendation can be made to pursue a financial claim
Latest posts by Tim Capper (see all)
- PPI Claims Currently Show No Sign of Slowing Down - December 10, 2014
- Swaps (IRHP) Determining the Level of Redress - November 3, 2014
- FCA updates PPI redress for 2.5 million old PPI complaints - October 27, 2014