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: Britain’s New Banking Scandal, BBC One, Monday 14 October at 20:30 GMT and then available in the UK on the BBC iPlayer.
Optimal Legal Results.
Our litigators deliver advanced legal strategies.
We analyse and work out the legal merits of running your case to trial. We calculate and advise on legal risk factors and the litigation rules in England & Wales. We factor in your risk-appetite, costs sensitivity and determination. Together, we plan the best possible result.
You’ll receive strategic legal advice from a barrister and solicitor at your first fixed fee meeting.