---
title: "BBC Panorama exposes costly bank ‘swap’ scandal"
url: https://lexlaw.co.uk/solicitors-london/bbc-panorama-exposes-costly-bank-swap-scandal-swaps-fca-review-irhp/
date: 2013-10-14
modified: 2026-06-02
author: "LEXLAW Solicitors & Barristers"
description: "BBC Panorama featured LEXLAW as we helped expose a major bank swap scandal, with widespread mis-selling of complex derivatives to SMEs. Despite a Financial Conduct Authority (FCA) redress scheme reviewing nearly 30,000 cases, only 32 businesses had received payouts at the time of the report."
categories:
  - "Banking Law"
  - "Civil Litigation"
  - "Derivatives"
  - "Financial Mis-selling"
  - "Financial Services Litigation"
  - "Media"
  - "News"
tags:
  - "Banking Law"
  - "Banks"
  - "Barclays"
  - "Clydesdale Bank"
  - "Derivatives"
  - "FCA"
  - "Financial Conduct Authority"
  - "Financial Regulation"
  - "Financial Services"
  - "Financial Services Authority"
  - "FSA"
  - "Hedging"
  - "Interest Rate Swaps"
  - "IRHP"
  - "IRHPs"
  - "Litigation"
  - "Mis-selling"
  - "RBS"
  - "slide"
  - "Swaps Mis-selling"
  - "Swaps Settlements"
image: https://lexlaw.co.uk/wp-content/uploads/law-bbc-panorama-lexlaw-solicitors-london-uk-litigation.jpg
word_count: 237
---

# BBC Panorama exposes costly bank ‘swap’ scandal

*LEXLAW have recently advised and given expert comment to BBC Panorama in order expose, on behalf of our SME clients, the banks who mis-sold. The programme will expose that customers were mis-sold complex loan insurance products and could be fined by the regulator, the FCA.* *Lexlaw's featured client obtained over £1m in compensation, due to the litigation and media pressure placed on them by us in our quest to obtain the optimal redress outcome for our client*.

## BBC Panorama: Britain’s New Banking Scandal

The 'swap' deals were meant to give borrowers security against rising interest rates but with interest rates at an historic low many businesses have seen their payments soar.

A redress scheme set up by the Financial Conduct Authority (FCA) to review nearly 30,000 cases involving various major banks has to date led to payouts for just 32 businesses.

The FCA said the mis-selling of these products was a cultural problem and it would consider fining banks after the redress scheme had closed.

Catherine and Michael Whelan from Newport are just two customers who have been affected by the scandal.

After Panorama contacted Barclays about their case, the bank said it had suspended Kites Nursery's interest rate swap payments and if they made mistakes, they will put them right. Adam Shaw reports.

[Panorama](http://www.bbc.co.uk/programmes/b006t14n)*: Britain's New Banking Scandal, BBC One, Monday 14 October at 20:30 GMT and then available in the UK on the *[BBC iPlayer](http://www.bbc.co.uk/iplayer/)*.*

https://www.youtube.com/watch?v=7NXkPIkyLw4&feature=emb_title