If you have, there could well be a pot of money sat there with your name on it. I was at a corporate event at one of the major banks earlier this week (this is how I like to spend my Wednesday evenings) and I was slightly surprised to hear that a staggering £22 billion is currently set aside by UK banks to compensate for mis-selling.
This shouldn’t have come as a great surprise to me given an experience I had only last week; a client had complained to his bank that his company had been mis-sold an Interest Rate Hedging Product back in 2005. He had made a complaint to his bank and his company had been offered just over £4,000 which the client thought was a little light – I agreed.
One letter to the bank from me (I do write a good letter) and within 24 hours, the ‘basic award’ had been upped by £184,000. The bank’s capitulation perhaps was a sign that the pot of gold available for those who were mis-sold products is still very much full.
The Financial Conduct Authority has come to an agreement with the banks that businesses who have been sold Interest Rate Swaps who fall within certain criteria will have their cases automatically reviewed and if there has been mis-selling, they will be given redress.
If you fall outside this criteria, there is no obligation for the financial institute to carry out a voluntary review so, to claim your slice of the pie which may well be sat there waiting for you, you must make a claim.
At Farleys, we have banking litigation lawyers who have a wealth of experience in bringing claims for the mis-selling of products by banks, recovering millions of pounds in damages on behalf of clients.
To find out whether you may be entitled to make a claim for being mis-sold an interest rate hedging product, contact our commercial litigation solicitors for a free initial discussion.