Claims for financial mis-selling
Bolt Burdon Kemp can help if you have a claim for mis-selling of an interest rate swap.
These claims arise where a small to medium sized company has taken out a business loan and the lending institution required the company to also enter into an interest rate hedging instrument (also known as “swaps”, “interest rate hedges” or “derivatives”) as a compulsory requirement of the loan being made. The claims typically arise in relation to the period between 2005 and 2008, and a large number of high street banks have been found to have engaged in these practices.
The intention of the swap was to protect companies from future upwards movements in interest rates. Many companies are now suffering as a result of entering into these complex financial products, incurring costs in the thousands and millions of pounds which they were never warned about at the outset, whilst making large profits for the organisations which sold them.
Examples of claims for interest rate swaps mis-selling include lack of information given to the borrower before the interest rate swap was entered into; misleading financial examples of the break costs involved should a company wish to exit the swap; interest rates being fixed at unsuitable levels taking into account the current market and the duration of the customer’s loan.
It is important to note that there are strict time limits governing claims of this nature and if you think you have a claim for interest rates swap miss-selling, you should seek advice as soon as possible.
If you think you have an interest rates swap claim then we may be able to help you. Bolt Burdon Kemp are also able to fund suitable claims on a “no win, no fee” agreement basis. Please contact the professional negligence team and we will be happy to discuss your case in further detail.