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RBS Interest rate swaps- cap/collar


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Would be very interested to hear from of other small to medium companies in process of commencing action/formal complaint against RBS based on the miss selling of interest rate swap/cap collar derivatives . We are aware the wheels are in motion by increasing numbers

 

The basis of our claim is extensive and varied and includes the misselling relating to the paperwork deployment and actual content thereof, breach of duty of care, breach's of COB and MIFID

 

We beleive the RBS is benefitting from fact the missold customers such as our selves are fragemnted are unable to pool our efforts and basis of claim

 

Look forward to receiving responses

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  • 2 weeks later...
Would be very interested to hear from of other small to medium companies in process of commencing action/formal complaint against RBS based on the miss selling of interest rate swap/cap collar derivatives . We are aware the wheels are in motion by increasing numbers

 

The basis of our claim is extensive and varied and includes the misselling relating to the paperwork deployment and actual content thereof, breach of duty of care, breach's of COB and MIFID

 

We beleive the RBS is benefitting from fact the missold customers such as our selves are fragemnted are unable to pool our efforts and basis of claim

 

Look forward to receiving responses

 

We're quite a long way down the road with the FOS on exactly this issue with what sounds like a very similar dispute, with RBS Natwest. Happy to share info. We are fairly pessimistic so far with the FOS response and think you are exactly right in the divide and conquer approach being used. I suspect that there are many thousands of people and businesses in our position. I also think a class action of some kind would have a more powerful impact, otherwise like many others it is going to cost us many thousands for trusting our banks all those years ago when we all thought a hedge was what you had at the bottom of your garden.

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  • 3 weeks later...
We're quite a long way down the road with the FOS on exactly this issue with what sounds like a very similar dispute, with RBS Natwest. Happy to share info. We are fairly pessimistic so far with the FOS response and think you are exactly right in the divide and conquer approach being used. I suspect that there are many thousands of people and businesses in our position. I also think a class action of some kind would have a more powerful impact, otherwise like many others it is going to cost us many thousands for trusting our banks all those years ago when we all thought a hedge was what you had at the bottom of your garden.

 

Appologies for delay would be interested to learn/share experiences and best way forward. I am aware proceedings are on verge of being lodged against both RBS and Barclays on swap rate sales to small business's.

 

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We're quite a long way down the road with the FOS on exactly this issue with what sounds like a very similar dispute, with RBS Natwest. Happy to share info. We are fairly pessimistic so far with the FOS response and think you are exactly right in the divide and conquer approach being used. I suspect that there are many thousands of people and businesses in our position. I also think a class action of some kind would have a more powerful impact, otherwise like many others it is going to cost us many thousands for trusting our banks all those years ago when we all thought a hedge was what you had at the bottom of your garden.

 

I'd be interested to know what actions are being prepared against RBS and Barclays, as stated very happy to share info as to where we are going with it. Found so far the Collyer Bristow report by Stephen Rosen useful on this subject, which gives useful info I think when navigating around the FSA rules handbook.

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Similar thing happened to me. I have sought legal advice but I am still trying to negotiate with the bank. I believe I was too mis-sold this product thinking it was (and asking for) a fixed rate loan. I only realised when the payments started going out of my account.

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  • 2 weeks later...

Dear Bladebone,

 

We are considering the merits of action and would be interested to learn if there is a class action pending, or whatever. EDIT

Chevvers

 

 

 

 

Would be very interested to hear from of other small to medium companies in process of commencing action/formal complaint against RBS based on the miss selling of interest rate swap/cap collar derivatives . We are aware the wheels are in motion by increasing numbers

 

The basis of our claim is extensive and varied and includes the misselling relating to the paperwork deployment and actual content thereof, breach of duty of care, breach's of COB and MIFID

 

We beleive the RBS is benefitting from fact the missold customers such as our selves are fragemnted are unable to pool our efforts and basis of claim

 

Look forward to receiving responses

Edited by caro
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Is Claire Collinson a lawyer/barrister? Sorry for asking. We have lost our tether with RBS/NatWest and want to pursue as soon as we can but in the most co-ordinated and cost-effective fashion. Thanks, Tony

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Hi all, i am not banking with RBS any longer, but was sold this product a few years back, i had a great battle coming out of the agreement and lost so much money, i would be interested to find out how i can take action on this mater.

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Hi Chevvers

If you google rate swap and mis-sold her firm comes up. They are a firm of solicitors.

 

Also Lushbury, I no longer bank with RBS the rate swap payments brought our business to its knees.

I hope this helps.

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  • 2 weeks later...

Hi I was misold RBS interset rate swap on my business loan. I wonder if you had any luck with your complaint. I am in the process of comencing the legal action.

Lokking forward to responses.

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Hi

 

My solicitor is still waiting for the tapes of when the rate swap was done. Once we receive them the complaint will go in. Others on the forum may have more advice for you but I will let you all know how it is going.

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We were mis-sold a SWAP by Barclays which was Novated by RBS when we moved bankers three years ago, although they did not provide us with any advice. RBS were not interested in our complaint and pointed us to the Ombudsman knowing full well the Ombudsman would not look further into our complaint due to the size of our Group. True to form, the Ombudsman has also brushed us off. Can you help?

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Would be very interested to hear from of other small to medium companies in process of commencing action/formal complaint against RBS based on the miss selling of interest rate swap/cap collar derivatives . We are aware the wheels are in motion by increasing numbers

 

The basis of our claim is extensive and varied and includes the misselling relating to the paperwork deployment and actual content thereof, breach of duty of care, breach's of COB and MIFID

 

We beleive the RBS is benefitting from fact the missold customers such as our selves are fragemnted are unable to pool our efforts and basis of claim

 

Look forward to receiving responses

 

Hi from the United States. I am a minority (Woman Owned Business) who has a fully paying commercial loan fro RBS/Citizens with an mis-sold interest rate swap which was fruadulently conveyed onto my company by the bank. I was given with my attorney a complete swap breakage fee waiver in late summer 10, with the agreement that I would pay off the loan at sometime in full, this was done with an attorney, and then suddenly RBS moved me to "work out" and is now trying claim they never engotiated this with my company, lawyer and me. I have had to hire another attorney to litigate, so for 4 years I have paid over $600,000 in excess interest and even when they want be "out" with 5 years left on the loan they are now trying to get me to pay them more whne they negotiated a "settlement" agreement. I am interested in speaking with anyone who wants to join a global class action suit against this entity who has stolen my money and continues to try. OBTW I have had over 8 loan officers in 4 years,never missed a payment etc.

 

WBEpower

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Hi

 

My solicitor is still waiting for the tapes of when the rate swap was done. Once we receive them the complaint will go in. Others on the forum may have more advice for you but I will let you all know how it is going.

 

WBEpowet- Sorry about the typos in my earlier message. I am from the US and interms of getting the tape good luck. I would like to know if RBS gives them to you pre complaint entry. If you read the RBS annual in the mid 250-280 page area I think you may get some good information in terms of the actual value (asset or liability) the bank is books these prison like structures. Like many on this post neither myself nor my attorney werew given anything befor ethe close and I actually turned down a committment from a subsidiary of RBS (Greenwicg Capital) on better terms because I made very clear that I did not want to be in any defeasence like product, only a fixed rate. If anyone knows of site like this in the Staes I would appreciate the information!

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Hi again, the site will not let me post until I have commented 5 times so I am doing that! I am very interested in a class action type of status and the reent court case against Deutsch Bank in favor of a small business loan.

 

WBEpower

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Hi again (4 out of 5) I am a commercial property owner who is in the states. Citizens/RBS mis-sold me an interest rate swap and then even refused to give me a market quote when I was ahead and tried to get out. Lately they gave me a quote and then when I asked the differential between a firm I had hired to value it, the rescinded the quote and said thay had mistaken me for a loan with the seond largest REIT in the United States (BRT), who doesn't even have a loan with the bank, and whose portfolio probably average $25,000,00iti0 size per loan. I could go on and on, but they a purposefully trying to get me out even though I pay principal and interest every month and when I offer to go in full early, they change their minds, and our negotiated settlement. The largest case in my area revolves around Citizens/RBS and Brian O'Neill Properties in Pennsylvania. The case is being tried or settled right now for about $00.40 to less on the dollar loaned and is highly able to be googled. WBEPower

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  • 1 month later...

Very interesting to read that there are so many Companies that have been affected by what I am sure was a deliberate attempt by RBS to sell these policies knowing what was about to happen to interest rates. RBS were emailing and calling me regularly extolling the virtues of 'protecting' my business with this product. In reality it has had a dire impact on our cashflow such that we are struggling to survive, given the state of the economy. I am sure that there are many more businesses in the same situation so what is needed is to publicise this somehow national and then present a class action as a group, any thoughts?

 

Would be very interested to hear from of other small to medium companies in process of commencing action/formal complaint against RBS based on the miss selling of interest rate swap/cap collar derivatives . We are aware the wheels are in motion by increasing numbers

 

The basis of our claim is extensive and varied and includes the misselling relating to the paperwork deployment and actual content thereof, breach of duty of care, breach's of COB and MIFID

 

We beleive the RBS is benefitting from fact the missold customers such as our selves are fragemnted are unable to pool our efforts and basis of claim

 

Look forward to receiving responses

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Hi Tony

 

Sorry to hear your news. I am in similar boat along with many many more. I have put a complaint in to RBS and am waiting to hear from them. I do agree a joint effort is needed and more publicity. I have contacted my MP but much more is needed. I will post any news.

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  • 3 weeks later...

Thanks jbf. I was thinking about writing to my MP also but am trying to think of how to get the most impact from a letter. Maybe add a number of names to a letter and send it to each MP?

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