LEXLAW Solicitors & BarristersThe Times’ City Editor, Harry Wilson, one of the journalists that three years ago broke the news of interest rate derivatives mis-selling by the major banks, reports today…
Clydesdale and Yorkshire Banks have now begun a review of past sales of fixed rate loans often sold as Tailored Business Loans (TBLs). These are Fixed Rate Loan wrapper products with embedded derivatives.
HMRC has distributed tax advice leaflets for banks to hand to customers receiving redress from mis-sold Interest Rate Hedging Products (IRHP), urging correct tax return reporting. Affected banks must review sales since 2001 under FCA supervision, leading to customer compensation. Redress payments, consisting of basic redress, 8% compensatory interest, and consequential losses, are generally taxable income or subject to capital gains tax. Individuals should account for tax deducted from interest. HMRC recommends consulting an accountant for complex scenarios.
The High Court (Queen’s Bench Division) has recently dismissed an attempt by Barclays Bank to strike-out an interest rate hedging product (IRHP) mis-selling claim for being issued more…
The FCA have today published an update on the banks’ reviews of the sale of interest rate hedging products (“IRHPs”). Despite attempts by the FCA to say that…
We advise many businesses who have been mis-sold over the counter derivatives by banks such as RBS, Barclays, Lloyds, HSBC, Clydesdale and many others. We entirely understand the…
We outline the dangers to small business customers of recorded interviews in what is commonly known as the “FCA/FSA Review” of sales of derivatives (eg interest rate swaps…
The Parliamentary Commission on Banking Standards today publishes its Final Report – ‘Changing banking for good’. It outlines the radical reform required to improve standards across the banking…
The Times Newspaper has been given inside information from a number of reputable sources that banks are striking secret settlement deals with small businesses over the mis-selling of interest…
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…