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