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RBS Announce Results: Provision for Swaps Mis-selling Increased by 1300%

The Royal Bank of Scotland have today announced their 2012 results.  These show an operating loss of £5.2 billion with a total loss for 2012 of £5.8 billion. They…

Barclays announce 2012 results – Provision for swaps mis-selling £850 million

Barclays Bank have today announced their results for 2012 [Barclays Bank Results 2012]. Barclays’ Announcement on Swaps Mis-selling (IRHPs or IRSAs) These deal with swaps mis-selling on page…

RBS fined for LIBOR Manipulation; will lead to increased LIBOR Litigation

The Financial Services Authority (FSA) has today announced a fine of £87.5 million on RBS in relation to manipulation of the London Interbank Offered Rate (“LIBOR”).   This…

What is Sophistication in the FSA Swaps Mis-selling Scheme?

The Financial Services Authority’s announcement on the swaps mis-selling pilot reviews (31 January 2013) brought in a refinement of the 29 June 2012 announced test of sophistication. That test…

FSA Findings on Banks’ Pilot Swaps Mis-selling Review

The FSA has today published a long-awaited press release setting out the findings of their ‘pilot scheme’ in relation to the mis-selling of complex interest rate derivatives to…

Warren Buffett On Derivatives

The following are excerpts from the Berkshire Hathaway 2002 Annual Report. I view derivatives as time bombs, both for the parties that deal in them and the economic…

Financial Ombudsman Service Consults on Unprecedented Workload

The Financial Ombudsman Service (FOS) is consulting on its proposed plan and budget for 2013/2014. The plans would make the FOS larger in terms of staff numbers than…

Legal Comment on Green & Rowley v RBS [2012] EWHC 3661 (Swaps Mis-selling Judgment)

The judgment in Green & Rowley v RBS is certainly not helpful to claimants in swap mis-selling cases, but on careful analysis, it is less bad than it…