Media Watch: Interest Rate Hedging Products
Last weekends Sunday Times featured two stories on the reaction of the FCA to the mis-selling of Interest Rate Hedging Products:
Article 2: Still hedged in by mis-selling
This topic holds particular interest to our company as one of the leading financial mis-selling solicitors in Belfast. We have dealt with a number of businesses in Northern Ireland in similar situations to those featured in these articles and want to be part of the fight for those who have made a loss through the mis-selling of these products.
This issue is at large across the UK and is finally getting the attention it deserves having taken on a new dynamic recently. In January 2013 the FCA admitted that 90% of interest rate derivatives may have been mis-sold and announced that they would be launching investigations to help victims.
These investigations have been seen to favor the banks once again as mentioned in the first article “Lawyers, industry experts and business owners say the criteria that determine whether compensation is paid or new swaps are issued are kept secret by the banks and the regulator.”
So far only a third of the £3 billion set aside by banks for compensations has been claimed back and many cases are being turned away because they are not presented in the correct manner.
We would like to announce to our blog readers in advance that next week we will be going green and launching MKB Law Financial, an area of our business dedicated to helping those who have been victims of financial mis-selling especially in relation to interest rate swaps, caps and collars. This department will work to get victims the compensation they deserve and raise awareness around this issue in Northern Ireland.
To speak to a member of the team at MKB Law Financial contact us using the details below:
Call: 028 9024 2450