Since 2001, thousands of SMEs in the UK were mis-sold interest rate hedging products,
a complex financial instrument intended to protect against rises in interest rates.
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In 2012 the FSA ordered the banks to undertake a large scale review of all IRHP sales post December 2001 to businesses that fit the eligibility criteria. At the beginning of the review out of the 30,000 businesses invited to participate only 125 had initially received an offer of compensation.
Whether or not those offers are reasonable and fully compensate the business for their losses is not known. There are strict criteria for the type of business which is included in the review.
Instructing a specialist firm such as TLW with the knowledge and expertise to negotiate with the banks on your behalf can help make sure businesses receive every penny they are entitled to. Instructing a specialist solicitor can help fully calculate not only your direct losses from the mis-sale but also consequential business losses you may have suffered as a result of the IRHP.
Handling IRHP claims Rachel Burns, specialist Lawyer at TLW advises:
‘If you have received an IRHP letter from the bank inviting you to participate in the review, we would advise that you respond and act swiftly. Many businesses will miss out if they delay in responding to the bank
‘TLW can also help to recover greater losses resulting from the impact of the interest rate swap and we can help recover maximum compensation. We can also assist those firms who have not been included in the review and see if they have any entitlement to redress.’
There are strict time limits which can apply to claims so it is important to seek advice as soon as possible.
For more information on how to claim for a mis-sold Interest Rate Hedging Product and how we can help you please call 0800 169 5925 or email info@tlwsolicitors.co.uk
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