Tag: Financial Services

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Interest Rate Swaps Mis-selling: FCA Publishes IRHP Review Statistics

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…

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Green & Rowley -v- The Royal Bank of Scotland: Appeal Dismissed

In a hearing that, after months of anticipation and an intervention by the FCA, proved in the end to something of a damp squib, the appeal in Green…

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

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…

‘FCA Review’ of Interest Rate Hedging (IRHP) Sales: Written Statement or ‘Fact Find’ Interview?

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 Banking Commission’s Proposals relevant to Swaps Mis-selling

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…

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Swaps Complaints in the Financial Ombudsman Service Annual Review for 2012/2013

The Financial Ombudsman Service (FOS)  was set up under the Financial Services and Markets Act 2000 to resolve individual disputes between consumers and financial businesses. It has just published its…

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RBS v Highland Financial Partners: Culture of denial at RBS?

In a recent unanimous judgment of the Court of Appeal in the case of RBS v Highland Financial Partners [2013] EWCA Civ 328, it was held that RBS…

RBS Announce Results: Provision for Swaps Mis-selling Increased by 1300%

The Royal Bank of Scotland have today announced their 2012 results.  These show an operating loss of £5.2 billion with a total loss for 2012 of £5.8 billion. They…

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Barclays announce 2012 results – Provision for swaps mis-selling £850 million

Barclays Bank have today announced their results for 2012 [Barclays Bank Results 2012]. Barclays’ Announcement on Swaps Mis-selling (IRHPs or IRSAs) These deal with swaps mis-selling on page…

RBS fined for LIBOR Manipulation; will lead to increased LIBOR Litigation

The Financial Services Authority (FSA) has today announced a fine of £87.5 million on RBS in relation to manipulation of the London Interbank Offered Rate (“LIBOR”).   This…