The FSA found there were “serious failings” by a number of high street banks in the sale of these agreements. In particular the FSA raised concerns about:
- The inappropriate sale of more complex varieties of interest rate swaps which required a finely balanced
- A number of poor sales practices used in selling interest rate swaps
- Lack of information given to the borrower
- Making the Interest Rate Swap a condition of other finance/borrowing.
We are here to help you set out your claim against the bank, but to do so we need a little assistance from you!
Businesses need to gather together all the relevant information and documentation provided by the bank in the period leading up to taking out the Interest Rate Swap.
This information is vital to your claim and demonstrating whether or not you were mis-sold an Interest Rate Swap. Information will include what you were verbally told by the bank as well as letters, emails and any signed agreements.
There are various grounds on which your claim could be based, and some of these will depend on the size of your business and the extent of the “advice” you were given by the bank. We will discuss these with you at the start of your claim.
Depending on a number of factors we can advise and assist you in the progression of your claim for redress through the FSA approved review, taking a claim to the Financial Ombudsman or commencing a claim in the Courts. We will advise you on the most appropriate course of action for you and your business.
The most important thing is to act quickly as there are time limits within which any claim in the courts must be made. Contact us as soon as possible to discuss your case and see how we can help you obtain redress.
We know that your business has already incurred a heavy financial burden as a result of Interest Rate Swaps. We therefore offer an initial assessment and can discuss with you various funding options, including “no win no fee” agreements.