Category: Lloyds

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“Banks, Frauds and Accomplices”: Police and Crime Commissioner rebukes Lloyds & large-scale UK banking fraud beyond HBOS scandal

Ali Akram and Jaron Dosanjh attended Parliament on LEXLAW’s behalf at the New City Agenda Event, Tuesday 10th July 2018, Committee Room 14, House of Commons

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LEXLAW Submits Evidence to the Treasury Committee’s SME Finance Inquiry

We have today submitted evidence on the ineffectiveness of existing arrangements for dispute arbitration and settlement between SMEs and banks to the Treasury Committee‘s SME Finance Inquiry.  Re:…

LIBOR, FX and Key Benchmark Rigging Claims against RBS, Barclays, HSBC & Lloyds set to Strengthen for Customers Mis-sold Derivatives

The door has been opened by the Court of Appeal in PAG v RBS [2018] for misrepresentation claims to be brought by a counter-party to a derivative which…

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The Times: Lloyds swap case settlement revealed

Our client was awarded about £1 million in a swaps mis-selling settlement with Lloyds after being sold a complex multi-cancellable swap they did not understand. The product allowed Lloyds to cancel the contract if interest rates rose, removing the protection at critical times. The case highlights how banks have been settling many swaps claims discreetly.

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‘FCA Swaps Review’ Update: Comment on Bank IRHP Review Delays with Statistics from the FCA

The FCA Swaps Review has faced significant delays since beginning in April 2013, frustrating many affected businesses. Latest FCA data reveals that only 50% of sophistication assessments are complete, 3.9% of cases have reached interviews, and 2.6% have had payments suspended. Delays risk customers losing legal rights due to the six-year limitation period. Concerns exist over banks bypassing the sophistication stage while fairness issues arise over banks self-assessing their mis-selling.

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The Times: Banks’ secretly settling swaps mis-selling cases

The Times Newspaper reports that banks are secretly settling swaps mis-selling cases with small businesses, often on the eve of court proceedings. These settlements are kept confidential, and the banks often make public statements denying wrongdoing. The number of claims is increasing as businesses become aware of the issue. Businesses argue that the swaps were too complex and that banks failed to explain the risks involved.

Here's an image depicting the FSA's pilot review findings for swaps mis-selling. It shows a scene with financial professionals looking concerned over documents, charts highlighting high mis-selling rates, and subtle visual cues indicating inadequate explanations, undisclosed costs, and over-hedging. The overall tone conveys seriousness and the implications of regulatory failure.

FSA Findings on Banks’ Pilot Swaps Mis-selling Review

The FSA’s pilot review of swaps mis-selling reveals over 90% of sales did not meet regulatory standards, highlighting inadequate risk explanation, undisclosed break costs, and over-hedging. Banks prioritised commissions over clients’ interests. The proposed review process raises concerns about reviewer independence and incomplete redress. Lexlaw advises court action before limitation periods expire.