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A great number of potential litigants adversely affected by the interest rate swap scandal were eagerly awaiting the FSA’s report into the bank’s activities but most were sorely disappointed the FSA did not give a clear green light for claims to proceed. There has been much discussion as to where the report leaves potential Claimants, many of whom are still repaying loaned sums and interest they or their business cannot afford.
However, clarity may be at hand as there is a growing movement amongst Claimants and their solicitors that the report will give rise to an application for Judicial Review. Any Judicial Review application will need to be made swiftly to avoid being out of time but assuming it goes ahead and is accepted then the Judiciary will examine the issues and provide a report as to any failings or defects in the FSA investigation. Effectively, potential Claimants and their solicitors will have a second attack at the banks and lending institutions to try and obtain a clear path for claims – something they had hoped the FSA would provide in the first instance.
Paul is our Managing Director in Leicester. All of our staff in Leicester are 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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