Our disputes and civil litigation solicitors have a proven track record of successfully acting in a range of financial mis-selling claims for compensation, and have a wealth of experience in dealing with mis-sold interest rate hedging products (swaps and collars) by various high street banks. We also advise on, and represent clients, in relation to mis-sold pensions, mortgages and other financial products.
To discuss your case with a member of our Financial Mis-selling team, contact our Leeds, York or Sheffield-based offices by calling 0333 323 5292 or filling out our online contact form and we will arrange to call you back at a time suited to you.
Interest Rate Hedging Products
One of the most common claims for financial mis-selling is the sale of interest rate hedging products (IRHP), including structured collars, swaps, simple collars and cap products.
In June 2012, the Financial Services Authority (FSA) published the findings of their review into the sale of IRHP to small and medium-sized businesses; they have now reached an agreement with the largest UK retail banks, all of whom will participate in the redress exercise and past business review. In January 2013, the FSA confirmed the start of the full review of interest rate swap mis-selling.
However, any court claims must be brought within six years of the ‘trade date’ and products sold in 2006 or early 2007 may shortly or already have become statute-barred; this means that under the Limitation Act, after six years, you cannot pursue a court claim.
Whilst the bank reviews will include the sale of products where other forms of legal redress have become statute-barred, the FSA agreement does not affect the application of the Limitation Act, so if you have a potential claim or you are unsure whether you are still able to bring court proceedings, you should obtain legal advice as soon as possible.
How We Can Help
Filing a claim with the Financial Ombudsman Service (FOS) can be a long and complicated process. Luckily, this is a process that our team are highly experienced in, so you can rest assured that you are in great hands.
Contact Us Today
We provide advice on a wide range of legal issues to clients around Yorkshire and beyond from our offices in Leeds, York and Sheffield. For an initial discussion about your case, contact one of our specialist solicitors today using the contact details on the form.