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Mis-sold TBLs

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.

Despite this, and because 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.

How can we help?

Here at Seneca, we specialise in mis-sold hedging claims and have taken a very close interest in the TBL mis-selling scandal. Our professional team with industry specialists from the Banking, Legal and Accountancy sectors can assess your individual case and make the strongest possible representations to the Banks with a view to obtaining a settlement. Our financial service includes our unique Pricing Report which is used to obtain maximum redress.

Seneca 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 to the Banks, and we are actively continuing to take on new claims and can advise non-sophistcated and sophisticated clients from all sectors in relation to Mis-sold Swaps, Collars, Caps and Tailored Business Loans.

Recent settlement figures have been in the hundreds of thousands, so if your company has been sold a TBL then get in touch with us at Seneca Banking Consultants today for an initial, no obligation review.

E: daniel.fallows@senecabanking.co.uk

T: 01204 322 805