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.
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.