All Square have just secured another win in the FCA Appeals process for mis-sold Interest Rate Hedging Products (IRHPs). We managed to increased redress from £0 to £360k for our Client.
Background
The Client had a long dated Callable Swap with NatWest maturing post 2030. After the initial review, the provisional outcome determined that the Client had a “preference to fix” and so they were put into a Vanilla Swap resulting in redress (technically) owed to the Bank of £34,075k. Further, because they had suspended the original IRHP payments, they owed the Bank some £90k in repayment of suspended payments.
We took a look at their case, and the bank’s reasoning, and submitted our Appeal Written Submission Report outlining the key reasons why we disagreed with the Banks initial decision. After a nervous 2 month wait, we received a new Provisional Determination offer from NatWest. The offer was structured as a full cancellation of the Callable Swap with a short dated Cap proposed as the alternative IRHP. The net result of the new outcome was an offer of redress of £360,136.42.
With the client delighted with the new outcome, we are now in a much stronger position to start building their consequential loss claim – which could be significant and they seem have the evidence to back the claim up.
Please call our Appeals Team on 0113 323 1950 or email [email protected] to see how we can help.
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