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Banking Disputes Blog

Scotsman Comments on Interest Rate Swap Sales

Scotsman Comments on Interest Rate Swap Sales Posted on Jun 20, 2012 by Liina Tulk  | 0 Comments An interesting article was published in The Scotsman today in respect of the growing possibility of the FSA investigating interest swap sales. According to The Scotsman, the FSA who have been asked to look into contracts bought by businesses to insure against unexpected rises in interest rates, are now expected to report on an interim basis by the end of this month.  Martin Wheatley, head of conduct at the FSA, said he was focusing on the big four banks – Barclays, HSBC, Lloyds...
  1261 Hits
1261 Hits

RBS blames redundancies on need to comply with bank regulations

RBS blames redundancies on need to comply with bank regulations Posted on Jun 19, 2012 by Cat Maclean  | 0 Comments Yesterday The Royal Bank of Scotland announced  it is cutting more than 600 jobs from its financial planning service. The Unite union’s response was that the "brutal" cuts represent a 50% reduction in the department across the country. Unite national officer David Fleming said: "These latest Royal Bank of Scotland job losses are brutal. Six hundred staff, who for some time have faced job uncertainty as the bank reviewed their jobs, have today heard the worst possible news. "Unite, for...
  1166 Hits
1166 Hits

Court of Session is told: "bankers acted as salesmen".

Court of Session is told: "bankers acted as salesmen". Posted on May 28, 2012 by Liina Tulk  | 0 Comments An interesting first day before Lord Hodge in the interest rate swap mis-selling case of Grant Estates v RBS: according to the bank’s own Counsel, Royal Bank of Scotland business bankers were acting purely "as salesmen" when they introduced small businesses to interest rate swaps. Indeed, he went on to say that relationship managers had no responsibility for any opinions they may have given. In the Grant Estates case, communications from the bank had made it clear to the company that...
  1185 Hits
1185 Hits

Bad Advice to Borrow: Private Lending and the Statutory Right of Action

Bad Advice to Borrow: Private Lending and the Statutory Right of Action Posted on Jun 07, 2012 by Iain McDougall  | 0 Comments It is usually very difficult to succeed in establishing that a Bank owes a general advisory duty to a customer. This is particularly true in the case of company directors who are accustomed to dealing with complex banking transactions and who have access to their own independent advice. This was covered in Cat’s previous post regarding the case of Titan Steel Wheels v RBS and in Liina’s recent coverage of the Grant Estates case. It is worth bearing...
  1119 Hits
1119 Hits

Ask and you shall receive - requesting data from banks

Ask and you shall receive - requesting data from banks Posted on May 30, 2012 by Iain McDougall  | 0 Comments We recently met with a client who had a dispute with his bank regarding the potential miss-selling of a financial product. We asked if he could bring along the key documents. He brought along the papers we usually expect to see at a first meeting - copies of the financial instruments, some correspondence between himself and the Bank. In addition to this he also brought along a large coloured folder, which to our surprise, turned out to be the Bank’s...
  1254 Hits
1254 Hits

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