Mis Sold Interest Rate Swaps
The UK banking industry has come under fire from many quarters in the past few years, not least with the famous payment protection insurance scandal and the LIBOR trading saga. The latest such scandal surrounds mis sold swaps, a complex series of products that the Financial Services Authority has called into question. Aimed at small to medium sized firms, interest rate swaps are difficult to understand if you are a layman, and appear to make promises that are inviting and attractive. However, an investigation has uncovered serious flaws with regard to the selling of these products.
What are Mis Sold Swaps?
There are many interest rate products that have been included in the mis sold swaps scandal, but put simply these are incentives intended to protect companies against interest rate rises, the basic premise being that these are ‘swapped’ at appropriate times under the terms of the agreement. However, many such promises have not been met. To start your interest rate swap claim today or to find out more about claiming compensation, simply fill out the form above or give us a call for free on 0800 111 6887 and speak with one of our advisers.
Have I Been Mis-sold Swaps?
The problem with mis sold swaps is that many companies who now claim to have become victims did not fully understand the product in the first place. When interest rates rise they were protected as promised, but when they fell they were subject to major charges and penalties if they wished to get out, which many now claim they were not told about. The FSA has deduced that some 90% of swap packages sold to companies do not comply with the regulations in one way or another, a significant amount and a troubling one.
How do I Claim for Mis Sold Swaps?
By far the best way to claim compensation for mis sold swaps is to use the services of a solicitor with experience in this area of the law. Not only does this guarantee you the best chance of success, it also means that you have least stressful method of claiming compensation. To start your mis sold swaps claim today or to find out more about claiming compensation, simply fill out the form above or give us a call for free on 0800 111 6887 and speak with one of our advisers.
Other Mis Sold Financial Products
UK Banks are struggling to regain consumer trust due to the number of financial scandals that have been brought to light since the banking crash in 2008. The biggest and possibly the most well known of them all being the mis-sold Payment Protection Insurance (PPI) scandal which, it is estimated, will cost the banks a staggering £25billion.
To find out more about claiming back mis-sold PPI, call our dedicated PPI Claims team on 0800 840 7291.
Not only will we help you to recover your mis-sold PPI premiums (with interest), but we’ll also claim back any unfair credit card charges that have been added to your cards over the past 6yrs.