Blog

Swaps (IRHP) Determining the Level of Redress

Fair and reasonable redress for individuals and businesses who suffered losses from Swap mis-selling. The level of redress will vary with each case and will be determined by a committee who will review both documentation and customer statements. All compensation...

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Barclays fined £38 million for putting clients assets at risk

The largest fine in FCA history has been issued for Barclays. The bank has fallen under scrutiny in the UK and the US for its practices, which resulted in a £37,745,000 fine. The fine amount was reached as a part of a settlement, which could have been substantially...

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£32 Million Pound Interest Swap Claim Filed

Just when Banks had thought the interest rate swap scandal had blown over, another courageous business has filed a £32 Million Pound Claim. Michael and Diane Hockin, husband and wife who are also in business together, have filed a £32 million pound claim against Nat...

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Barclays vs. Guardian Care Homes: What Happened?

The recent lawsuit against Barclays bank that was brought  by the owner of a chain of care homes (Guardian Care Homes) has been dropped in favour of settlement. Prior to this news, Barclays had insisted that they would be defending themselves in court against the...

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Interest Rate Swaps: Redress, the Banks and Businesses

There were four big banks involved in the investigations surrounding mis selling of interest rate swap products to unsophisticated business customers. The banking institutions that were reviewed by Britain's regulators included Barclays, HSBC, Lloyds and RBS. The...

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Lloyds Investment Mis-Selling Scandal: FAQs

There are many questions circulating about the recent mis-selling scandal at Lloyds Investments after recent announcements that the banking group has been fined £28 million for the pressure they placed on employees to sell products in order to receive bonuses and...

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Interest Rate Swap Payouts Reach £20m by Banks

The payouts made by the four largest UK banks as compensation for mis-sold interest swap deals has already reached £20 million. According to figures released by the Financial Conduct Authority (FCA), an estimated £3 billion has been earmarked for compensation. In...

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Banks Lose Legal Battle, Swap Compensation Claims May Rise

Barclays and Deutsche Bank have recently been designated defendants in civil lawsuits filed by current lending customers. The banking institutions previously intiated an independent review of their loans that had included an additional insurance product called an...

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Payday Lenders to face interest rate cap : FCA to execute

The FCA (Financial Conduct Authority) is to execute a cap on the interest rate charged by payday loan companies. The FCA was granted these powers to cap interest rates on payday loans and the Treasury is going a step further to place an obligation on the regulator to...

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Swap Claims Compensation Too Slow, Says FCA

The Financial Conduct Authority (FCA) has stated that compensation for swap claims has been too slow, and that some businesses may suffer because of the delay. This has caused a large amount of frustration on the part of customers who were sold these interest rate...

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Dealing with Consequential Loss from Interest Rate Swaps

When will the investors who were mis-sold interest rate swaps (IRS) be compensated for their losses? The High Street banks were paid in 2008, but why aren't the regular investors being compensated? The banks have admitted guilt. So why the slow process? The UK has...

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What is the FCA Sophisticated Customer Test?

In January 2013, the FCA published what it found with regard to the pilot review scheme for the mis-selling of IRHPs, or interest rate hedging products, otherwise known as swaps. In a number of ways, the results were welcomed: the company found over 90 percent of...

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Interest Rate SWAP Scandal Exposed

BBC Panaroma has recently learned about a costly swap scandal. Banks who mis-sold these Interest Rate Swap products could be fined by a regulator. These complex loan products were designed to give borrowers more security by protecting them against rising interest...

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