Mis-sold Rate Swaps Scandal

In May 2013 a number of high-street banks were ordered by the Financial Conduct Authority (FCA) to compensate customers for mis-sold interest-rate hedging products commonly known as Swaps.  Some 19,000 small businesses were invited by the banks to have their files reviewed.  
 
In a recently-published article in the Solicitors’ Journal John Frenkel, our partner in Frenkel’s Westbury Forensics, demonstrated that some businesses will have substantial consequential loss claims arising from, for example:-
 
•         loss of trade because of increased cashflow pressures;
•         loss of opportunity to acquire property; and
•         additional costs and tax liabilities.
 
So whilst the banks may settle the basic charges and costs incurred by the customer without too much fuss , they are likely to dispute consequential loss claims given the potentially-significant sums concerned.
 
It is vital, therefore, to seek early advice from a forensic accountant expert and who better than John who is already handling a number of these cases.  
 
Please contact Keith Graham at Westbury or you can contact John directly on 020 8457 2929 or at john.frenkel@frenkels.com.