The Financial Services Authority (FSA) will this week be publishing the long awaited results on the interest rate swap redress scheme.
It is anticipated the FSA will announce the results onThursday 31 January 2013 confirming the redress to be provided to small businesses that were mis-sold interest rate swap agreements by banks.
The FSA redress scheme pilot has looked at around 200 cases of mis-sold interest rate hedging products after it found that a number of banks had mis-sold these products.
According to the FSA, the exact nature of redress – in cases where it is deemed appropriate – will vary depending on a number of factors and could include a mixture of cancelling or replacing existing products with alternative products, as well as partial or full refunds of the costs of those products.
The results are eagerly anticipated but are expected to see a balance between those who want to fully recompense affected business and those who fear the redress scheme will cost too much to facilitate.
If your business has been mis-sold an interest rate swap agreement, contact us now on 0116 266 5394 for a no obligation discussion.
Frances Jacobs is one of our Solicitors in Leicester, who are all experts in their fields and dedicated to quality client care. If you would like to find out more about our solicitors in Leicester please contact us.
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