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Dispute Resolution Blog

What is the Latest on Swap Misselling? Settlement of the Crestsign Case Announced this Week.

What is the Latest on Swap Misselling? Settlement of the Crestsign Case Announced this Week.
Many of our blogs since 2012 have focussed on the tortuous path of claims for the misselling of Interest Rate Swap Agreements (IRSAs), also known as Interest Rate Swap Products (IRHPs) or hedges. See for example: Is Your Swap Claim Time-Barred?Many clients had little choice but to participate in the FCA Review process, as their legal claims were time-barred, which meant they did not have the alternative option of court proceedings available as a possibility should their Review claim be unsuccessful.A number of customers were, however, able to raise protective proceedings, or enter into Standstill Agreements to keep their litigation option alive,...
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1934 Hits

The FSA Pilot Review - Expect the Unexpected


The FSA Pilot Review - Expect the Unexpected Posted on Feb 06, 2013 by  | 0 Comments When a new television show is tried out on the public it is called a pilot so the Financial Services Authority (FSA) thought since the banks are about to launch a review scheme of mis-selling of swaps to thousands of SMEs, it would be prudent to do a pilot too.  The FSA issued an eagerly awaited press release, paper, and flowchart last week on the findings of their pilot review scheme. The ‘pilot’ was a small sample of the more complex cases from each bank...
  1534 Hits
1534 Hits

Two Bites at the Cherry?


Two Bites at the Cherry? Posted on Feb 12, 2013 by Liina Tulk  | 0 Comments By Liina Tulk,INTRODUCTIONThe English High Court recently handed down a significant decision in Clark and another v In Focus Asset Management & Tax Solutions Ltdwhich confirmed that the Financial Services and Markets Act 2000 (“FSMA”) did not preclude individuals and SMEs who have accepted a Financial Ombudsman Serviceaward of compensation (current maximum award is £150,000) from raising a Court action for the balance of their losses. FOS AWARDThe case concerned a complaint by individuals, Mr & Mrs Clark (“the Clarks”), they had already accepted a favourable decision by...
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1541 Hits

Why You Should Have Legal Representation At A Fact Finding Meeting

Why You Should Have Legal Representation At A Fact Finding Meeting Posted on Jul 29, 2013 by Liina Tulk  | Tags: FCA, Fact Finding Meeting, Testimony Gatherer, swap, bully banks  | 0 Comments This post follows on in a series of blog posts explaining the role of fact finding meetings in the context of interest rate swaps and what takes place during a fact finding meeting.Role Of The Testimony GathererMBM has learned from attending Fact Finding Meetings that part of the Testimony Gatherer’s job is to ask questions of the customer with the aim of finding weaknesses in their mis-selling claim. The...
  1534 Hits
1534 Hits

FCA Review Fact Finding – Meetings v Submissions


FCA Review Fact Finding – Meetings v Submissions Posted on Aug 27, 2013 by Liana Park  | Tags: FCA  | 0 Comments By Liana Park, Solicitor, Dispute ResolutionINTRODUCTIONAfter a long wait, the FCA Review of interest rate hedging products (IHRPs) is finally under way, which means that bank customers now face a tricky decision on how to approach the “fact finding” stage of the review. This is a critical stage in the process and any complacency on the part of the customers could result in an unsatisfactory outcome. The phrase that should be heeded is the classic 'failing to prepare is preparing to...
  1436 Hits
1436 Hits

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