Over a near decade-long period up until 2008 many banks sold interest rate swap and hedging financial products to small and medium sized business, telling them that these products were in their interests and would protect them from the variability and fluctuations of the wider financial market.
However, in many cases these products were mis-sold in a way that many bodies, including the Financial Services Authority, now recognise as constituting financial advice negligence.
If you believe that your business was mis-sold an interest rate swap or hedging financial product during this period, you might be able to make a professional negligence claim against your bank for full compensation.
Which banks are involved?
Many of the nation’s most respected and recognisable banks are involved in the mis-selling scandal. Some of these are Barclays Capital, HSBC, Santander, Northern Bank, Lloyds, Clydesdale Bank, Yorkshire Bank, Co-operative Bank, Bank of Ireland, and Allied Irish Bank.
It can be seen that mis-selling was not confined to just a few small rogue operators. Like the Payment Protection Insurance scandal, mis-selling went right to the heart of the banking establishment.
What can you do about it?
The good news is that if you were mis-sold a policy, you may be able to contact the Financial Services Authority (FSA) and use their official review and redress scheme to obtain compensation for your losses.
However, this scheme is not infallible and the banks might unfortunately compound anger and disillusionment by being uncooperative or downright evasive. When faced with this situation you may wish to instruct a professional negligence lawyer to help you claim compensation.
What can a professional negligence lawyer do for you?
A good professional negligence lawyer can help you clarify the FSA review and redress scheme processes as well as help make you aware of any other redress alternatives.
In fact, of those small and medium sized businesses that have launched claims for financial advice negligence related to interest rate swap and financial hedging product mis-selling, many have succeeded in gaining four, five, six and even seven figure sums of compensation. Some have even succeeded in avoiding administration by doing so.
Healys professional negligence lawyers
With a thorough and knowledgeable review of your circumstances, the professional negligence specialists at Healys can help you determine whether it might be in your interests to pursue a claim for financial advice negligence, including interest rate swap mis-selling.
Contact our Brighton or London offices for further information about how we may be able to help you.