Bully Banks members angry over swaps redress

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Businesses mis-sold interest rate hedging products are dissatisfied with the time banks are taking to issue redress under the FCA scheme, according to Bully Banks.

The interest group was set up by a group of business owners mis-sold hedging products to bring other similar businesses together against banks’ conduct.

It recently held a conference in Birmingham, where 600 members - including the head of the All-Party Parliamentary Group on Interest Rate Swap Mis-Selling Guto Bebb MP - attended to discuss legal updates, compare experiences of the redress process and share ideas.

Claims specialists All Square Treasury also attended and outlined...

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  • Consequential loss
  • Slowness of the scheme
  • Opt in clause
  • Redress scheme confidence

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About Rachael Power

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19th Jul 2013 07:15

Surely it is very simple ....

If you go to a bank and ask to borrow money (normal loan) then they start the meter running with interest and charges.

On the other hand if you 'accidently' go into an overdraft situation then the charges are penal

Therefore in these circumstances, if the banks have been found in the wrong over swaps, then the meter should be running on the same basis as they would charge a customer (either loan or unauthorised overdraft).

In fact to take it one step further in this case it could be argued that because they are in the wrong it should be likened to 'unauthorised' overdrafts and charged accordingly - using the banks own charging systems as a benchmark

Once these charging rules/guidelines were implemented no doubt the decision making would be immeasurably speeded up

Thanks (2)