Tag: Banking Law

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The Sunday Times: ‘We will battle on, warn victims of bank mis-selling’

The Sunday Times reports the largest ever publicly disclosed settlement in interest rate swaps mis-selling, where Lloyds Bank paid £4.6m to a care home business after refusing compensation via the FCA IRHP Review. Thousands of businesses were excluded from compensation due to a controversial ‘sophistication test,’ leaving many short-changed. The case highlights banks’ efforts to avoid accountability and the ongoing struggle for fair redress, with expert legal advice offering hope for mis-sold swap victims.

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The Sunday Times: ‘Lloyds pays up on rate swap wrangle’

Lloyds Bank has been forced into a significant litigation settlement regarding the mis-selling of interest rate hedging products (IRHPs) to The Coin Group, a care home operator. The case highlights the potential for banks to mis-sell complex financial derivatives to businesses, leading to significant financial losses. The Coin Group, represented by LEXLAW Solicitors & Barristers, successfully argued that Lloyds Bank failed to disclose the risks and potential liabilities associated with the IRHPs, resulting in a settlement of £4.6 million.

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Statement by Coin Group re Litigation Settlement with Lloyds Bank Plc

Lloyds Bank, a leading UK financial institution, has been involved in a significant litigation settlement regarding the mis-selling of interest rate hedging products (IRHPs) to The Coin Group, a care home operator. The case highlights the potential for banks to mis-sell complex financial derivatives to businesses, leading to significant financial losses. The Coin Group, represented by LEXLAW Solicitors & Barristers, successfully argued that Lloyds Bank failed to disclose the risks and potential liabilities associated with the IRHPs, resulting in a settlement of £4.6 million. The case underscores the importance of obtaining the best legal representation when fighting major banks.

The High Court permitted a judicial review of the FCA’s Interest Rate Hedging Product (IRHP) swaps mis-selling review scheme. The case challenges the fairness and adequacy of the FCA’s redress process, arguing it fails to provide proper compensation and independent oversight. This decision marks a significant step for affected SMEs seeking accountability and more effective remedies for mis-sold swaps under the FCA scheme.

Judicial review of FCA IRHP swaps mis-selling review scheme permitted

The High Court permitted a judicial review of the FCA’s Interest Rate Hedging Product (IRHP) swaps mis-selling review scheme. The case challenges the fairness and adequacy of the FCA’s redress process, arguing it fails to provide proper compensation and independent oversight. This decision marks a significant step for affected SMEs seeking accountability and more effective remedies for mis-sold swaps under the FCA scheme.

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Enterprise Finance Guarantee Mis-Selling & Royal Bank of Scotland EFG Review

RBS is reviewing past sales of 1,800 Enterprise Finance Guarantee (EFG) loans amid concerns that SMEs in financial distress were not properly informed of the risks. Many borrowers did not realise they remained liable for 100% of the loan despite the government’s 75% guarantee. Banks also often sought inappropriate personal guarantees and charges on primary homes.

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Treasury Committee reports on Conduct in SME lending (FCA IRHP Mis-selling Review, TBLs, Hidden Swaps and GRG)

The Treasury Committee report criticises conduct in SME lending, focusing on four key areas: FCA’s IRHP mis-selling review, Tailored Business Loans (TBLs), hidden swaps embedded in loans, and RBS’s Global Restructuring Group (GRG). The report finds systemic failings, lack of transparency, and inadequate customer protections. It calls for stronger regulatory oversight, better redress schemes, and reforms to prevent banks exploiting SMEs through complex financial products and aggressive recovery tactics.

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Barrier to justice raised as court fees rise by 600%

The Civil and Family Proceedings (Amendment) Fees Order has been approved in the House of Lords. This massively increases the court issue fee to £10,000 from £1,920 (raised last year from £1,670).

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Interest Rate Hedging Product (IRHP) Review: Confidential agreement between FCA and major banks published

The FCA’s confidential agreement with major banks set up the Interest Rate Hedging Product (IRHP) Review to address mis-selling claims. The Treasury Select Committee criticized the scheme for potentially allowing banks to avoid meaningful redress for SMEs, favouring banks over customers. The agreement details the redress process, but concerns remain about fairness and effectiveness. The Committee continues to scrutinize the review and its impact on SME lending.

FCA IRHP Review - KPMG whistleblower: RBS fought to reduce size of interest rate swap redress

FCA IRHP Review – KPMG whistleblower: RBS fought to reduce size of interest rate swap redress

A KPMG whistleblower revealed that RBS pressured the FCA Interest Rate Hedging Product (IRHP) redress scheme to reduce compensation payouts, often challenging claims over £750,000. RBS preferred offering alternative products rather than cash refunds and frequently argued sales were compliant to avoid redress. The FCA’s review was criticised for lacking independence, allowing banks to self-assess wrongdoing, causing unfair delays and rejections of consequential loss claims. Many SMEs have been short-changed due to these flaws, highlighting the need for urgent legal advice and challenge of unfair redress offers.

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Swaps Mis-selling: Judgment in Crestsign Ltd v NatWest & RBS

The High Court judgment in Crestsign Ltd v NatWest & RBS ( EWHC 3043) deals with swaps mis-selling claims by Crestsign Limited against the banks. The case examined whether the banks properly advised Crestsign on interest rate hedging products (swaps) and complied with regulatory obligations. The judgment addresses issues of mis-selling, suitability of advice, and breaches of conduct rules. It forms an important precedent in derivatives mis-selling litigation against major UK banks.