Does Your Bank Owe You Money?
Have you or your company been forced to fix your interest rates? If so you may have been sold an Interest Rate Hedging Product in the form of a swap, cap, collar or structured collar and not even know it! Interest Rate Hedging Products are sophisticated agreements regularly used by high financiers, but during times of economic prosperity they were sold by major banks to small and medium sized enterprises as part of loans and other financial agreements.
In January 2013 the Financial Services Authority admitted that up to 90 per cent of complex interest rate derivatives sold by banks may have been mis-sold. While this news sent shock waves through the banking sector leading to preparations to compensate customers, only about a third of the £3 billion set aside by banks across the UK has been successfully claimed to date.
Mr Ajay Sharma, who has worked with both the lending and treasury departments of leading lending institutions stressed that cases of this nature are extremely complex and should have been explained by individuals with extensive experience.
“These are complex derivative-based products which needed to be carefully and professionally explained to the client by suitably qualified individuals. The Financial Services Authority has already determined that this wasn’t done correctly in the majority of cases.”
People have been slow to make claims in Northern Ireland in comparison to the rest of the UK and many of those who have come forward to claim what they are rightfully owed have had cases turned away or rejected by the Financial Ombudsman simply because they have not been presented in the correct manner.
Mr Gordon McElroy, Director at MKB Law Financial, called for awareness to be raised around this issue in Northern Ireland.
“Many people are not even aware that they may have a case. To put it simply, if you have been sold a swap, cap, collar or structured collar or have been forced to fix your interest rates, you may have a case and be entitled to redress,” Mr McElroy said.
MKB Law Financial has the expertise to assist those who have been affected by issues relating to all banking matters, including specifically financial mis-selling. This area of the business has a clear vision; to help victims build a strong and structured case and ensure they get the compensation they deserve.
MKB Law Financial have unrivaled in-house experience having advised on all aspects of banking transactions in Northern Ireland over the last 15 years giving them a comprehensive knowledge of the industry. MKB Law Financial also have experience with insurance mis-selling, mortgage mis-selling and pension mis-selling.
For more details or to speak to a solicitor at MKB Law Financial about your case, telephone: 028 0924 2450 or email: firstname.lastname@example.org.