Any FCA Review process should involve you being offered a redress payment to compensate you for the additional amounts paid under the Bank product that you have as opposed to the product that you should have been sold.
A second part of any offer should include an offer for other consequential losses (including exit fees). This is a complicated area of law and we are seeing some very large consequential loss claims.
Consequential losses may include a claim for a loss of profit as a consequence of having depleted funds owing to the increased interest payment from a mis-sold product.
We work closely when required with accountants specialising in derivative products who can assist with the valuation of the claim and are well-versed in the complex legal arguments that arise on consequential loss team.
If you consider that you may have a claim for consequential loss then please contact a member of our team to discuss the merits of your claim.
The Court of Appeal has just granted WW Property Investments Limited permission to appeal a decision made by His Honour Judge Kaye QC. This case is likely to be conjoined with the case of CGL Group Limited v The Royal Bank of Scotland and NatWest which we are dealing with and which is due to be heard by the Court of Appeal on 20 and 21 June 2017. His Honour Judge Kaye’s decision was to strike out the entirety of WW’s claim against NatWest and refuse WW permission to add a new claim. The Judges in the Court of Appeal granted WW permission to appeal because they considered arguments around LIBOR manipulation and the negligent conduct of the IRHP review scheme to be arguable.
This case represents welcome news for those customers who were mis-sold interest rate derivatives and were short-changed by inadequate offers in the IRHP review redress and consequential loss offers from major high street banks such as RBS, NatWest, Barclays and Lloyds. The CGL case that we are dealing with has been widely reported in this area.
How We Can Help
A member of our specialist team will be happy to help.
To discuss Consequential Loss Claims issues, please either use the contact form on the right, email us at email@example.com or call us today on +44(0)161 941 4000 to speak to a member of our team.