If your bank is being investigated or facing FCA review for mis-selling of IRHPs and swaps, Muldoon Britton can represent you and provide legal advice in relation to the review of the IRHP you have been sold.
What Is The IRHP and Swaps FCA Review All About?
Back in June 2012, the Financial Conduct Authority (FCA), which was previously known as the FSA, discovered what they noted as ‘serious failings’ within a number of banks and financial institutes in relation to the sale of interest rate hedging products and swaps to small businesses. These failings were classed as mis-sellings, and this gave way to thousands of claimants making applications for compensation in relation to mis-sold swaps and IRHPs. In many cases, these types of complicated financial products were sold either as fixed rate loans, or on the basis that the business owner would be protected from interest rate hikes in the future. However, the majority of the products sold did not in fact protect against interest rate increases, but instead were a form of betting on interest rate movements, presenting a high level of risk that led to severe financial losses due to inability to maintain loan repayments when interest rates moved.
FCA Review Solicitors
Since the announcement of the FCA review for mis-selling of IRHPs and swaps, there has been a lot of confusion over who is to be included in the review, and as to what constitutes mis-selling of these products. Muldoon Britton are able to assess your situation, and can assist you with FCA documentation and check your status and inclusion, and can provide legal advice in relation to your review, FCA findings and any claims for consequential losses.
Our expert professional solicitors have many years of experience in all aspects of the financial services industry, including the complex products indicated within the FCA review and can assist you in understanding the complex terminology and classification of those who fall within the review. The classification of retail or private customer, as well as classification under a sophistication test.
Muldoon Britton can help to clear up the confusion and provide legal advice in relation to your specific circumstances.