Tag: IRHPs

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Legal duty to conduct the FCA IRHP Review Fairly – Suremime v Barclays Bank

The High Court has decided that it is arguable that major banks owe duties of care to their SME customers to conduct the FCA Interest Rate Hedging Product…

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

The Sunday Times reports on the largest ever publicly disclosed settlement of an interest rate swaps mis-selling case. The derivatives in question were sold to a Care Home by Lloyds…

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

Kiki Loizou, of The Sunday Times, reports on our Financial Services Litigation team’s recent successful settlement of a swaps mis-selling litigation case.  A multi-cancellable swap was sold to…

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

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…

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

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,…

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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).

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

The Financial Conduct Authority’s confidential agreement with several major banks, which set up the Interest Rate Hedging Product (IRHP) Review, was published today. The Treasury Select Committee has also…

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

The 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…

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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…

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HMRC Advice for the tax treatment of Interest Rate Hedging Products (IRHP Review) redress payments

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.