Mis-selling decision: swaps

[SpringerSpaniel]

Banks 'Mis-Sold' Interest Rate Protection - Yahoo!

[di30]

Re: Mis-selling decision: swaps

Another mis selling scandal

[pompeyfaith]

Re: Mis-selling decision: swaps

Indeed and we hear Angela Knight calling for less regulation lol

She sure knows when to say the wrong things at the wrong time lol

[EXC]

Re: Mis-selling decision: swaps

This has been an issue for a few years.

This is from the FT in 2008 http://www.srblegal.co.uk/press-rele...010%20June.pdf

Article and video from SRB Legal who are representing some of the claimants SRBlegal / Interest Rate Swaps

[di30]

Re: Mis-selling decision: swaps

So this then is to do with banks?

What about other lenders, for example nemo etc.

Just trying to get my head around this one lol.

[EXC]

Re: Mis-selling decision: swaps

So this then is to do with banks?

What about other lenders, for example nemo etc.

Just trying to get my head around this one lol.

It's high street banks who are flogging complicated property investment derivatives to ordinary people.

The video on Sky news explains it all Sky News Uncovers Evidence High St Banks Deliberately Mis-Sold Interest Rate Protection - Or | Business | Sky News

[SpringerSpaniel]

Re: Mis-selling decision: swaps

There has also been an issue about loccal authorities investing risky complicated financial instruments, to try and bypass the restrictions on their powers to borrow.

[cardinals]

Re: Mis-selling decision: swaps

I have a number of cases at the moment where the mis sold swap has caused the business to go into administration.

It is clear that there are significant issues regarding the Lenders compliance with COBS and with the underlying product compared to the Lender's presentations.

Also worth looking up Ille Paper v Deutsche Bank for a view on European litigation. It is unclear at present as to the implications for cases in English Courts.

Feel free to PM if you would like further information

[Vedanta Hedging]

Re: Mis-selling decision: swaps

Hi

my firm is working with several solicitors to help them review cases of potential hedge mis-selling.

The BBC are going to be running a story including us sometime this week

We have the same financial sophisticated software as the Banks, so we can calculate exactly how much profit the Bank made at the time of doing the original hedge.

please get in touch and we can see how we can help one of your clients

[leclerc]

Re: Mis-selling decision: swaps

Vedanta, you don't actually say what you will do on your misselling page. You do say that you will review the product, you do say that you have the software to do that but not what you will do if you come to the conclusion that it was missold. I was reading the webpage waiting for it and kept reading and then finished reading not having a clue what happens next where misselling is there. Can you explain that bit?

[Vedanta Hedging]

Re: Mis-selling decision: swaps

Sure

The software is used to calculate the cost to cancel the hedging today, and also what the profit made by the Bank was at the time.
The report I produce includes this, as well as assessing how the Bank's sales / advice process fared against the FSA Handbook at the time (typically the COBS rules).
I provide this report to the client, and then encourage them to use this to negotiate with the Bank on some aspect of their relationship. This could be on a covenant breach, loan margin or the hedging itself. If this doesnt work, I suggest to them speaking to a number of different solicitor firms I work with, about preparing a complaint to the FOS or via the Courts.

[CleverClogs]

Re: Mis-selling decision: swaps

Just as I'd not buy a mortgage from a garden centre, I'd not buy hedging from a bank.

[Vedanta Hedging]

Re: Mis-selling decision: swaps

Hedging is certainly a useful risk management too. For a company, borrowing costs can be one of the main concerns (especially for property firms). Similarly, an importer or exporter can be badly affected by wild currency movements.

The key is that hedging should be appropriate for the business, and be the right product, for the right amount, for the right period of time and crucially at the right price!

[shell]

Re: Mis-selling decision: swaps

Hi

my firm is working with several solicitors to help them review cases of potential hedge mis-selling.

The BBC are going to be running a story including us sometime this week

We have the same financial sophisticated software as the Banks, so we can calculate exactly how much profit the Bank made at the time of doing the original hedge.

please get in touch and we can see how we can help one of your clients

Are you on here to tout for business?

[CleverClogs]

Re: Mis-selling decision: swaps

The key is that hedging should be appropriate for the business,

Are you on here to tout for business?

It would appear so - either that, or just to provide some flame-bait.