Following the high profile investigation and analysis provided in our recently launched
Banking Report 2015: Lifting the lid off lending,
berg clients, the Parsons family, appeared on Newsnight on 23rd July 2015 to discuss their issues in regards to a structured collar and two swaps entered into with HSBC.
Journalist Andrew Verity explained that the Parsons family, who used to run a very successful business known as the Elysia Partnership, received a full redress payment from HSBC, but only £27,000 consequential losses, despite evidencing £7 million of losses.
Mr Verity also interviewed Andrew Tyrie MP of the Treasury Select Committee. Instead of the expected £30 billion compensation bill, just £4.5 billion was set aside by the Banks and only £1.9 billion has been paid out to date.
Andrew Verity challenged Martin Wheatley of the FCA about this who confirmed that he was concerned by criticisms of the review.
Our 2015 Banking Report provides more detailed analysis of the issues raised in last night’s programme including the ‘winners and losers’ in the FCA review scheme, the position regarding consequential
loss and detailed case studies and commentary including the Elysia Partnership – for a full report click
here to download.
For further information, advice or to discuss any issues raised in the Banking Report or BBC Newsnight investigation please do get in touch with the team on
0161 829 2599
(The information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by berg or any of its partners or employees. Professional legal advice should
be obtained before taking, or refraining from taking, any action as a result of this article.)