Call now: 01204 322 805

UK’s leading claims advisors with specialisms
from the Banking, Investment and Legal sectors

Testimonial-1TBL SliderSBC-Banner-2015Testimonial-2Seneca Slider design 2Seneca Slider consequential lossesWhat-is-an-interst-rate-swapCan-I-Claim-BannerWe-do-the-hard-workStart-Your-Claim-Banner
£3.5million for one client…
“Nationally SBC has advised more than 1,000 businesses in relation to the complex claims and last month recovered just over £3.5million for one of its clients, a Yorkshire-based property developer.”
Mis-sold Tailored Business Loans
It has recently become apparent that many businesses have been mis-sold Tailored Business Loans (TBLs). Bank Treasury and Sales staff often did not explain the true nature and risks of the products properly, leaving some companies locked into unsuitable products for considerable periods of time.
Currency Swaps
Businesses that trade internationally are often required to protect themselves from currency fluctuations, they do this by entering in to extremely complex hedging agreements with their bank. In some cases banks have taken advantage of the complexity of these agreements and sold highly inappropriate products that weren’t needed.
More client success…
"On behalf of an anonymous client, Seneca has recovered over £1.2m. The Bank rejected the initial complaint but after Seneca’s challenge, the Bank has agreed to overturn their initial determination."
Over £50 million recovered!
Since November 2013, Seneca Banking has successfully recovered over £50 million in cash of direct redress payments on behalf of businesses that were mis-sold swaps. Each settlement was on a full redress basis (i.e. all additional interest payments back plus interest).
Consequential Losses
Consequential losses are easily proven as one party has failed to meet a contractual obligation. Breaches of contractual obligations mean that costs mount up considerably and certain individuals will feel the negative financial repercussions of their inability to adhere to statutory requirements.
What is an Interest Rate Swap?
"Interest Rate Swaps and other Hedging Products are very complex, high risk financial instruments unsuitable for most businesses. If your business has been mis-sold an Interest Rate Hedging Product, our team of specialists can help you today." - Daniel Fallows, Director
Complex Problems.
Clear Solutions.
Mis-sold Interest Rate Swaps and other Hedge claims present complex challenges. Recent case studies have revealed that key elements of claims could be overlooked if a specialist is not consulted.
We do the hard work so
you don’t have to.
We have an established team with excellent commercial and financial expertise beyond just processing claims with unique in-house services and a fee structure aligned with clients’ interests.
For a free consultation, start your claim today.
For a no obligation review of your options, click 'Find out more' to start your claim today.

Interest Rate Swaps

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.

Read More...

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.

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.

Read More...

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.

Seneca give evidence to Treasury Select Committee

Latest News & Views

london-1081820_960_720

Limitation Period Guidelines

June 21, 2016

Recent cases have highlighted the importance of making a complaint against the Banks in relation to interest rate hedging products...

More »

View all news