Swaps Mis-selling: Judgment in Crestsign Ltd v NatWest & RBS
Neutral Citation Number: [2014] EWHC 3043 (Ch) Case No: HC13B02029 IN THE HIGH COURT OF JUSTICE CHANCERY DIVISION Rolls Building, Royal Courts of Justice 7 Rolls Buildings, Fetter Lane…
Neutral Citation Number: [2014] EWHC 3043 (Ch) Case No: HC13B02029 IN THE HIGH COURT OF JUSTICE CHANCERY DIVISION Rolls Building, Royal Courts of Justice 7 Rolls Buildings, Fetter Lane…
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.
RBS’ bad bank (Royal Bank of Scotland Capital Resolution – RCR) has been set up to take over RBS’ bad loans (those with significant non-performing assets). When transferring…
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 Royal Bank of Scotland has today published Clifford Chance’s review of the central allegation made against the bank in the damning Tomlinson Report written by Dr Tomlinson, commissioned…
In an exclusive interview with Channel 4, a former Relationship Manager at the Royal Bank of Scotland’s ‘business support’ unit Global Restructuring Group (GRG) has revealed how RBS…
Following the publication of the government commissioned Tomlinson Report by Lawrence Tomlinson, the Financial Conduct Authority (“FCA”) have ordered a formal investigation into allegations that RBS systematically defrauded…
Following the publication of the Tomlinson Report into the Royal Bank of Scotland’s treatment of SME’s, another report by Sir Andrew Large has called for an urgent review…
Entrepreneur in residence at the BIS, Dr Lawrence Tomlinson, has today published an explosive report which accuses many of Britain’s banks of ‘heavy handed profiteering and abhorrent behaviour.’…