A Tailored Business Loan is embedded into a loan facility which is separate to a standard loan or hedging arrangement. It appears as a standard fixed rate loan with many associated risks, often unexplained by the banks.
This product was mainly marketed and sold by Lloyds Bank, Yorkshire Bank and Clydesdale Bank. The review led by the Financial Conduct Authority (FCA) into Interest Rate Hedging Products (IRHP) excluded Tailored Business Loans as the banks denied that TBLs were embedded hedging products.
Many businesses were mis-sold Tailored Business Loans as bank staff failed to disclose the risky nature of the products, locking businesses into agreements for lengthy periods of time.
How can Seneca help?
When selecting your advisory party, choose a business partner that extends capabilities beyond the claims process. At Seneca Banking, our team are equipped with comprehensive knowledge of the banking sector, structured lending products and the associated contracts.
Utilising our specialist knowledge of banking misconduct, we can review your experience and advise on the next steps. It is essential that you are well advised throughout the compensation process in order to reach maximum redress.
If you suspect that you may have been mis-sold a Tailored Business Loan, get in touch for a free no obligation consultation with a member of the Seneca Banking Team.
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For more information about Seneca Banking and the services that we offer, please do not hesitate to get in touch. Fill in the form below and we’ll call you right back.