Mis-sold interest rate swaps

RBS's GRG/West Register Claims

Since 2008 Berg has been representing clients in respect of banking disputes, including RBS's use of GRG and West Register.  Many of these claims are illustrated in the recent Tomlinson Report concerning the treatment  of customers in distress.

Interest Rate Hedging Products

Interest Rate Hedging Product arrangements involve highly complicated financial products, that were often sold by the banks to Small & Medium Enterprises ("SMEs") in questionable circumstances.

Many SMEs are now facing huge payments under these agreements which they must continue to pay for the full term of the Swaps despite the substantial changes in the economic climate.

Products sold as 'protection' are now crippling businesses who now seek to exit the arrangements and discover that significant exit or cancellation fees are payable, these can be up to 50% of the initial loan.

This may also become apparent when the underlying loans are paid off and the businesses find that the loans and swaps are two separate agreements; meaning that businesses must continue to make payments under the swap agreement even if they have repaid their loan.

If your business is suffering, what can you do? We can help ensure that you are fully aware of your position and what potential claims you might have against the bank.

IRSA Mis-Selling

What has happened?

Interest Rate Swap arrangements involve highly complicated financial products, that were often mis-sold by the banks to Small & Medium Enterprises. 

Who Regulates?

The FCA

The Financial Conduct Authority (FCA) The FCA concluded that swaps were mis-sold, and has ordered the banks to pay "appropriate" compensation for structured collars, though what "appropriate" amounts to is still unclear.

What Can I Do?

Claim

If you or your business are affected by the potential mis-selling of Interest Rate Swap arrangements or other similar products then we can help you improve your position.

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Welcome to Berg - we are a Manchester based law firm providing corporate and commercial, dispute resolution, real estate, employment and family services. At Berg, we think differently and get things done.

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Here we answer a few of the more frequently asked questions, including those about ‘large class actions suits’ and conditional fee arrangements.

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There are a number of funding options available to those wishing to start a claim, all of which can be discussed with us in detail over the phone or in person. Whatever your situation, we will find a funding arrangement to suit you.

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It is important that you seek proper advice and guidance for any dispute with a bank. The FSA has simply ordered the banks to offer appropriate compensation, without defining what "appropriate" means or when this has to be done. Berg has a dedicated Interest Rate Swap litigation team. We have experts who are able to assess the full range of losses suffered as a result of the swap. Not only should you be asking for the money that you paid to the bank to be refunded, but you should also be asking for consequential loss such as compensation for the loss of amenity of that money. It is also important to apply the correct level of interest to your claim, and we can help you in the complex process of calculating what this level should be. A letter of complaint may not be sufficient; Berg can advise and draft correspondence setting out the strength of your claim and the options most appropriate to you. A threat of litigation may also need to be made, and we are experts in following the correct protocols for this process. We must stress to all potential victims of mis-selling that they should seek legal advice and guidance to ensure that they maximise their chances of success, and this should be done as early as possible in the process. It can make the difference between negotiating the right outcome for your business and failing to make any form of recovery.

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