Interest Rate Hedging Product Mis-selling – Advent Calendar

Daniel Hall

So here it is. A full advent calendar of 24 useful tips for businesses that are seeking information about Interest Rate Hedging Product Review (Swaps) Mis-selling.

There are many questions from businesses about the FCA IRHP Review Scheme, as there seems to be a real lack of information available in the public domain. Hopefully you may find something new here that is useful.

Season Greetings And Wishing Everyone A Prosperous 2015.

IRHP Mis-selling Advent Calendar

#1 Unhappy about Review Determination? Appeal the Decision. There is a clearly defined appeals process but many businesses don’t know this!

#2 You need to lodge intention to appeal your IRHP review outcome to your bank before they close your case.

#3 Deemed Sophisticated in IRHP Review scheme? You can challenge this in a clearly defined appeals process Act NOW before review is closed.

#4 You don’t understand the banks outcome in the FCA review scheme? Did you know you are entitled to a face-to-face rational meeting?

#5 Be sure to get your file from the bank before any appeal meeting. You can do this by SAR or request for information – Takes 40 days & £10

#6 Following the second debate on IRHPs, it was agreed that redress payments and consequential loss payments would be paid in two separate instalments.

#7 Did you know the Bank has 8 weeks from receipt of a FOS complaint to resolve or issue Final Response Letter.

#8 Limitation date approaching? ACT NOW you can do this by entering into a standstill agreement with the bank/protectively issuing.

#9 Bank not resolved your case, are you FOS eligible? Turnover of less than €2m? Less than 10 employees? Raise a complaint with FOS.

#10 Did you know Tailored Business Loans are NOT within the IRHP review scheme? Don’t worry you can still complain directly to your bank.

#11 Did you know Clydesdale and Yorkshire banks have provisioned £442m for mis sold TBL compensation. A 9 fold increase in a year.

#12 Do you know that the banks use Sale Standards rather than COBS when assessing mis-selling in the IRHP review scheme.

#13 Did you know, The Financial Ombudsmen Service is independent from the Financial Conduct Authority?

#14 The Financial Ombudsmen can make decisions binding on Financial firms up to £150K.

#15 Do you know there are 8 Sale Standards that banks use to assess mis-selling in the IRHP review scheme?

#16 Key thing to look for if you have been mis-sold were the features, benefits and risks of the IRHP provided by the bank. If not, mis-sold.

#17 Did you know the more breaches of Sale Standards that you can evidence, the more likely you are to get a full tear up.

#18 Did you know there have now been 3 back bench debates on the Interest Rate Hedging Product mis-selling scandal?

#19 Did you know that an offer for a mis-sold IRHP is valid until such time as the FCA close the review scheme?

#20 The majority of people are not aware of limitation dates. Check all the documents from your Bank NOW.

#21 Having a face-to-face rational meeting with the Bank? Always ensure the independent reviewer is present and always have a recording facility in place.

#22 The FCA review scheme is separate to the banks complaints process. You are able to use both to resolve mis-selling.

#23 Are you litigating against your bank? Did you know you may need ATE insurance in place to cover the bank’s costs if you lose.

#24 It may be that it wasn’t just your IRHP that was mis-sold. Check whether your bank also sold you Foreign Exchange (FX) products as it may that these were also mis-sold and you are able to claim redress.

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