LayerSlider – Finance 27 Jan

Financial Mis-selling

As a financial mis-selling solicitors practice in Belfast we can assist you with any issues you have had with financial mis-selling and any problems you may have encountered in relation to Interest Rate Hedging Products.

Interest Rate Hedging Products are complex financial products that were mis-sold during times of economic prosperity in this country and have now created intolerable burdens for businesses and individuals who purchased them. MKB Law is acting for several individuals and businesses who believe they have been mis-sold a swap, cap, collar or other Interest Rate Hedging Product (“IRHP”) in the past.

The lawyers at MKB Law have advised on all aspects of banking transactions for both borrowers and banks for many years. We have been instructed by banks to prepare security over financial derivative contracts and we, therefore, understand the legalities of swaps, ISDAs, contracts with features and other IRHPs.

Am I entitled to redress?

The Financial Conduct Authority (FCA) has advised on the matter with a public statement: “You will be entitled to redress if you bought a structured collar product and your bank believes that you may not have understood fully what you were buying.”
They have also advised that your bank will be writing to you if it believes that you may not have fully understood what you were buying. The bank will ask whether you would like your case to be reviewed. Then after an independent review, it will decide whether you are owed redres

By sending you this letter the bank is effectively telling you that you may have been mis-sold an IRHP and is inviting a response.

Each of the banks has appointed an independent reviewer whose job is to confirm whether or not the bank has carried out a review of your case in accordance with the bank’s policy. These reviews are carried out by accountancy practices and only limited criteria have been applied to ensure that there is no conflict of interest between the bank and its independent reviewer.

What steps should I take if I have been subject to financial mis-selling?

The first thing you need to do if you feel you have been mis-sold in relation to a financial product is to get independent advice from a solicitor. These are complicated products in complicated circumstances and it is very difficult to form an understanding without speaking to an expert. The following questions need to be addressed:

Did the Bank classify you correctly?

Was the product appropriate?

Were the correct procedures followed?

What loss have you sustained?

These questions require the application of various disciplines to be answered properly. It is only with the assistance of a specialist team of financial mis-selling solicitors such as MKB Law with access to compliance, contract and dispute resolution skills that you can secure proper redress and all of the compensation that you are entitled to.

To talk to one our Solicitors, please call 028 9024 2450, or email info@mkblaw.co.uk

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