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  • Posts Tagged ‘Swaps Mis-selling’

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

    Posted on July 7th, 2013 by Jenny Julian

    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 – IRHPs) but is actually a review conducted by the bank itself […]

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    The Banking Commission’s Proposals relevant to Swaps Mis-selling

    Posted on June 19th, 2013 by M Ali Akram

    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 industry. We examine how the Final Report deals with issues of LIBOR […]

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

    Posted on June 4th, 2013 by Jenny Julian

    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 2012/2013 annual review of consumer complaints. We focus on the comments on […]

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    The Times: Banks’ secretly settling swaps mis-selling cases

    Posted on March 30th, 2013 by Jenny Julian

    The Times Newspaper has been given inside information from a number of reputable sources that banks are striking secret settlement deals with small businesses over the mis-selling of interest rate swaps on the eve of court proceedings.  It is clear when […]

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

    Posted on February 28th, 2013 by Jenny Julian

    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 also show a provision of £700 million in relation to the […]

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

    Posted on February 12th, 2013 by Jenny Julian

    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 91. Barclays indicate that they have around 4000 customers who were sold […]

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

    Posted on February 6th, 2013 by Jenny Julian

    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 is a key interest rate which is set daily by a group of […]

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    What is Sophistication in the FSA Swaps Mis-selling Scheme?

    Posted on February 1st, 2013 by Jenny Julian

    The Financial Services Authority’s announcement on the swaps mis-selling pilot reviews (31 January 2013) brought in a refinement of the 29 June 2012 announced test of sophistication.  That test has been explained by the regulator by way of a Paper and […]

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    FSA Findings on Banks’ Pilot Swaps Mis-selling Review

    Posted on January 31st, 2013 by Jenny Julian

    The FSA has today published a long-awaited press release setting out the findings of their ‘pilot scheme’ in relation to the mis-selling of complex interest rate derivatives to small businesses. We interpret the FSA findings and add legal comment based […]

    Warren Buffett On Derivatives

    Posted on January 26th, 2013 by Jenny Julian

    The following are excerpts from the Berkshire Hathaway 2002 Annual Report. I view derivatives as time bombs, both for the parties that deal in them and the economic system. Basically these instruments call for money to change hands at some […]