LEXLAW Solicitors & BarristersThe Times’ City Editor, Harry Wilson, one of the journalists that three years ago broke the news of interest rate derivatives mis-selling by the major banks, reports today…
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.
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…