Reversal of Fortune

A RECENT DECISION BY THE BANKING OBMUDSMAN ON A MIS-SOLD INTEREST RATE SWAP MAY OPEN THE CLAIMS FLOODGATES AGAINST BANKS

David Astbury – Head of Commercial Litigation at AB Corporate LLP

In October this year the Financial Services Ombudsman ruled against the Bank in what may be a landmark decision in relation to mis-sold interest rate hedging – or ‘swap’ products.  The decision (a successful appeal against an earlier ruling which had gone in the Bank’s favour) may mark the turning of the tide against the banks for small businesses fighting for swap compensation.

Interest rate swaps were supposedly sold by banks as a means of fixing interest rates to protect customers from base rate rises.

Three critical issues

In reaching his decision, the Ombudsman identified three critical issues: Continue reading

WHAT THE BANKS OWE YOU?

An invitation to a seminar on your bank’s duties and responsibilities to you.

The FSA has recently advised that customer complaints to British banks rose by nearly two thirds in the first half of 2012.  This breakfast briefing will cover:

  • What duties does your bank owe to you?
  • How do you complain effectively to your bank?
  • Which regulators can you complain to?
  • What to do when times are tough?
  • How do you deal with bank error, fraud on your account and interest rate swaps?

Registration

This is a strictly registration only event and places are limited.  To reserve your place complete the form below:

OVERVIEW

Date

21 November 2012

Venue

Red Rooms

Atria

Spa Road

Bolton

BL1 4AG

Timings

07:30 Breakfast

08:00 Introductions

08:05 Briefing

08:25 Q&A Session

08:40 Networking

09:00 Close

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Read about the Bank of England Review of “Interest Swaps”

Speaker: 

The key speaker, David Astbury is head of commercial litigation at AB Corporate LLP a niche commercial law practice based in Bolton. Formerly David was a partner at a Top 30 national law firm. David is presently recognised as a “notable practitioner” for Dispute Resolution in the North West by Chambers and Partners, the leading directory of the legal profession.

 

Interest Rate Swaps – the clock is ticking

HUNDREDS of businesses could be entitled to compensation if they were mis-sold interest rate “hedging” products.  However, if they delay in taking action they could lose out.  David Astbury, Corporate Litigation Partner, at AB Corporate looks at the background to this issue and what actions businesses should be taking now.

Up to 28,000 small and medium sized businesses across the UK are receiving letters from their banks informing them that they may have been mis-sold financial products, known as interest swaps.

The move follows an agreement between the Financial Services Authority (FSA) and the banks after months of media pressure and the outcome of an FSA investigation, which concluded in June that there had been “serious failings” in the sales of swap products Continue reading