If you have been miss-sold an interest rate hedging product or interest rate swap, Muldoon Britton can help you to obtain compensation. In recent years, it has come to light that many swaps and IRHPs were miss-sold and the FCA has set up a review to compensate customers for such miss-selling. Miss-sold swaps and miss-sold IRHPs are a specialty of Muldoon Britton and we have expert solicitors in this field.
Upon first contact, our compensation solicitors will assess your claim and will honestly state the strength of any claim that you may have and advise you on the best route to remedy. This may be via one of the following;
- The FCA review;
- Litigation in the courts;
- The Financial Ombudsman Service;
- Negotiations with your bank.
What Are Swaps and IRHPs
Swaps and IRHPs began being sold by banks around 2005 to small businesses in the UK who were looking for business loans. These financial products are extremely complex and are only really recommended with good solid financial advice or to those who have a strong understanding of the products, which in most cases the buyers did not and were pushed into the purchase by the banks in an effort to increase commission payments for sales.
Often, small business owners were told that swaps would protect them from interest rate increases, which without having the swaps might make loan repayments unmanageable. Sales people were making swaps and IRHPs out to be a sort of fixed rate loan, by in reality they are complicated products based on gambling on interest rate movements. As with many miss-sold products, the banks were cashing in on the confusion and misunderstanding customers.
Muldoon Britton are able to seek compensation for losses incurred due to the miss-selling of these products