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Found 5 results

  1. Hello Forum, Does anyone have any experience to share here re Interest Rate Swap Agreement. A business friend who's been mis-sold a swap is going to a meeting with his Banks Lawyers in May. Is this advisable or should they only accept questions in writing? They are due a re-dress I guess based on what's occurred etc. Any thoughts welcome to pass on ...
  2. http://www.telegraph.co.uk/finance/rate-swap-scandal/9639202/Barclays-in-court-over-mis-selling-claims.html
  3. The Financial Services Authority (FSA) is in last minute talks with banks to agree a settlement package for small firms which believe they were wrongly sold interest rate swaps. According to sources, the plan is for an FSA announcement on Friday about the likely scale of alleged mis-selling and how the banks will provide restitution. The FSA is expected to be highly critical of the banks' conduct. Swaps were often sold to business as protection against interest rate rises. Independent assessor What the FSA wants to announce is a practical plan to provide restitution as quickly
  4. Barclays, HSBC, Lloyds Banking Group and Royal Bank of Scotland have agreed a settlement with the FSA to pay “appropriate redress” to small and medium sized businesses that were missold interest rate swaps. Following a two-month review of the sale of interest rate swaps by the banks, the FSA says it has found “serious failings” in the way the products were sold. Interest rate swaps are designed to protect consumers against increases in interest rates. Since 2001, banks have sold around 28,000 interest rate swaps. The products range in complexity from caps that fix an upper limit to the in
  5. Labour investigates rate-swap sales The Labour Party has launched an investigation into the alleged mis-selling of interest rate hedging products by banks to small and medium-sized businesses. The City of London. A public evidence session will be held today to kick off the investigation, which will look at better protecting consumers and businesses from potential mis-selling. Photo: Rex Features By Harry Wilson, Banking correspondent 9:49PM BST 16 May 2012 5 Comments Ed Mayo, the former chief executive of the National Co
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