Statement by Coin Group re Litigation Settlement with Lloyds Bank Plc
LLOYDS BANK – INTEREST RATE HEDGING PRODUCT (IRHP) MIS-SELLING £4.6 MILLION GBP LITIGATION SETTLEMENT WITH SME CARE HOME LONDON, UK – Lloyds Bank Plc (LLOY.L) has settled a High…
LLOYDS BANK – INTEREST RATE HEDGING PRODUCT (IRHP) MIS-SELLING £4.6 MILLION GBP LITIGATION SETTLEMENT WITH SME CARE HOME LONDON, UK – Lloyds Bank Plc (LLOY.L) has settled a High…
Holmcroft Properties Limited v KPMG (Daily Telegraph, April 25, 2015, Business 33). Holmcroft wins permission to bring a judicial review against KPMG’s conclusion that the redress offered in the redress…
The Royal Bank of Scotland (RBS) is reviewing its past sales of 1,800 Enterprise Finance Guarantee (EFG) loans to small businesses, following concerns that RBS did not properly explain…
The House of Commons Treasury Committee has today (10 March) published its report on Conduct and competition in SME lending. This report covers bank mis-sold interest rate derivatives,…
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.
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…
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 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…