Have you been sold an Interest Rate Swap or other Interest Rate Hedging Product without it being fully explained to you? Have you paid a large amount of money just to exit an Interest Rate Hedging Product? You may have been mis-sold an Interest Rate Swap, Cap, Collar or other exotic Interest Rate Hedging Product. If so, you are not alone.
The press is full of stories regarding individuals, partnerships, small and medium enterprises (SMEs) and large corporations that have been mis-sold Interest Rate Hedging Products between 2001 and 2012. These products were aggressively sold by Banks to their customers on the basis that they protected them from rising interest rates.
Due to record low interest rates, many of those customers have found themselves paying out far more in interest payments than they would have done if they hadn’t taken out the Interest Rate Hedging Products.
Seneca Banking Consultants (SBC) is an experienced and specialist advisor to individuals, partnerships, SMEs and large corporations on claims for mis-sold Interest Rate Hedging Products. SBC is dedicated to getting back the money you are owed if you have been mis-sold an Interest Rate Swap or other Interest Rate Hedging Product.
SBC is advising over 300 businesses on Interest Rate Swap/Interest Rate Hedging claims with a combined interest rate hedging debt quantum in excess of £1 billion.
Global Restructuring Group
The Global Restructuring Group (GRG) was RBS’s “turnaround division”, where businesses were informed that once in GRG their banking arrangements would be dealt with by a difference division within the Bank. Unfortunately, GRG was used to secure as much as possible in fee’s for the Bank.
Thousands of innocent people suffered at the hands of the Global Restructuring Group’s (GRG) actions. Aggressive debt restructuring, lack of transparency around extortionate fees and debt for equity swaps known as PPFA’s were just some of the ways businesses were destroyed at the hands of RBS and GRG.
RBS strongly denies any wrongdoing, but following a series of leaks in October 2016 from Buzzfeed News and the BBC, the negative claims were proved as true. The leaks highlighted the fact that those working within GRG, were incentivised to put businesses down.
As a result of the leaks, RBS released a formal apology for its actions. In addition, RBS announced a new compensation scheme in which £400m will be set aside for clients who were affected by GRG.
As GRG experts, Seneca have been long pursuing the long awaited FCA report. Now a statement has been released, we are able to offer full support to customers who have been affected by GRG.
Seneca have been at the forefront of winning compensation for businesses mistreated by the Banks. We have previously recovered £2.75m for GRG claims and have also recovered just under £100 million in total compensation for clients.
More on the Global Restructuring Group here.
Tailored Business Loans
Tailored Business Loans (or TBLs) are products which have been sold by some banks as an alternative to separate business loans and hedging product agreements. The banks which mainly marketed and sold TBLs to customers are Lloyds Bank, Yorkshire Bank and Clydesdale Bank.
TBLs are a form of product which masquerades as a standard fixed rate loan by ‘embedding’ a hedge into the loan facility. The Banks have attempted to deny that these are in fact embedded hedging products and as a result of this denial, TBLs have so far been excluded from the FCA review on IRHP mis-selling.
It has become apparent that many businesses were sold TBLs which were entirely unsuitable for them, more and more companies are coming forward with details of their experiences under the TBL mis-selling scandal. Bank Treasury and Sales staff often did not explain the true nature and risks of the products properly and some companies became locked into unsuitable products for considerable periods of time.
There are 1,000’s of businesses that have debts with Yorkshire and Clydesdale Banks and haven’t claimed for a mis-sold Tailored Business Loan (TBL). There have been up to 60,000 TBLs sold by the Banks that have escaped the regulatory review of the FCA.
We have scored success in the ongoing fight with the Banks on behalf of clients who were mis-sold TBLs. We are continuing to obtain redress offers on claims submitted, and we are actively continuing to take on new claims and can advise non-sophisticated and sophisticated clients from all sectors in relation to mis-sold TBLs. We are successfully recovering £millions on behalf of businesses.