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Banking Disputes Blog

Pressure on Banks Increases over Interest Rate Swaps: Cat MacLean Quoted in Press

 On a key day in the development of the investigation into the alleged mis-selling of complex financial products to businesses, each of Barclays, HSBC, Lloyds Banking Group and RBS have admitted responsibility in the face of an investigation by the FSA. Cat MacLean has provided analysis to The Scotsman newspaper today on the issue:http://www.scotsman.com/business/banking/interest-rate-swaps-the-latest-focus-of-banking-investigation-1-2382385  MBM Commercial has a significant number of clients who believe they have been mis-sold swaps and greatly welcomes the long awaited FSA finding of misselling by UK’s major banks.For more detailed commentary on the story as it develops, please visit our Banking Disputes Blog.
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757 Hits

Interest rate swaps - Grant Estates update

Interest rate swaps - Grant Estates updatePosted on May 31, 2012 by Liina Tulk  | 0 CommentsGrant Estates updateDuring the last two days of the debate, Mr Iain Mitchell QC for the Grant Estates has had the floor. Yesterday, Mr Mitchell explained that the Pursuer’s submission is that the regulatory regime, correctly construed, prevents RBS from arguing that the contract in question was execution only, as opposed to a contract for advice. Under the Regulatory regime, Mr Mitchell continued, if a bank gives advice, the contract in question becomes a contract for advice, regardless of whether it started off as an...
  808 Hits
808 Hits

RBS faces further accusations over interest rate swaps

RBS faces further accusations over interest rate swapsPosted on May 28, 2012 by Cat Maclean  | 0 CommentsRBS faces accusers over interest rate swaps, writes the HeraldWriting in the Herald this morning, Simon Bain reports that Royal Bank of Scotland is facing a call to "come clean" at its annual meeting in Edinburgh tomorrow on the number of interest rate swap agreements (IRSAs) it has sold to small businesses across the UK.Further pressure is likely to be heaped upon the beleagured bank at the AGM tomorrow when the organisation "Bully Banks" mounts a visual presence outside the bank's headquarters at Gogarburn...
  1315 Hits
1315 Hits

Scotsman reports on FSA investigations into hedging and swaps

Scotsman reports on FSA investigations into hedging and swapsPosted on May 06, 2012 by  | 0 Commentsarticle in the Scotsman today reporting that the FSA is at long last planning to investigate the issue of the mis-selling of swaps and other hedging products to small businesses – although the investigation at present is limited to the FSA asking the UK major clearing banks for further information in order to consider whether a more in-depth investigation. Progress? Time will tell but it seems a somewhat lukewarm response to the growing pressure on the FSA to take decisive action.  
  1302 Hits
1302 Hits

Hidden dangers of swap agreements: misselling of interest rate swaps by the Banks

Hidden dangers of swap agreements: misselling of interest rate swaps by the BanksPosted on Apr 19, 2012 by Cat Maclean  | 0 CommentsLeading up to the beginning of 2008, large numbers of small and medium size businesses agreed, often on the advice or insistence of the Bank, to financial products  known as “swaps” or "hedges" in order to protect themselves against interest rate rises on their borrowings. While banks eagerly explained the benefits of swaps, in numerous cases they omitted advising the customers of the, often enormous, potential risks. Not only were those customers left paying increased monthly repayments when the...
  1207 Hits
1207 Hits

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