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Many individuals and businesses were forced by banks to buy SWAP products as a condition of obtaining loans. Many of those products were mis-sold and will be part of the current Review. The financial press report that the banks are now setting aside more funds than they have done for PPI claims. There were up to 40,000 mis-sold products – this problem is huge.
It is important that clients are made aware of their rights and get full compensation. Chambers is currently acting for a number of property developers and litigation solicitors in connection with compensation claims both within the current Review and through the courts. Many of those clients are seeking legal assistance early enabling real value and focus to be added to compensation claims.
There are two issues that advisors need to be aware of. First, banks are excluding clients from the Review as a ‘sophisticated customer’ if notional hedging is in excess of £10M. This bites against even small scale property developers. Challenges can be made to a bank’s assessment.
Secondly, where a bank admits compensation should be paid within the Review how a client’s consequential losses are then calculated. A persuasive claim for consequential loss will need forensic accounting reports but there is a risk that clients may hastily agree a settlement that does not properly reflect their loss.
Michael Paget is a barrister at Cornerstone Chambers. First published by Cornerstone Chambers and reproduced with permission.
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