Today Berg has issued a briefing on the flawed conclusion to the FCA review. Due to a number of challenges being made to its review of mis-sold interest rate swaps, we believe the FCA faces the possibility of a judicial review.
Berg, has called upon the FCA to offer official guidance for firms dissatisfied with review outcomes, after witnessing what we believe to be a rushed conclusion to the process.
The extent of this is such that the FCA could now face a judicial review to look at the amount of redress offered to SMEs, the relationship between banks and top accountants as independent reviewers, and the failure of the review to offer consequential losses
In our Briefing Statement 30 September
we outline the challenges and findings including:
- Incorrect advice to businesses on accepting eight percent interest rather than pursue consequential losses
- Relationships between accountants and banks
- Lack of transparency with evidence based decision making
- and more…
Following on from the Berg Banking Report
SME Banking: Towards a New Dystopia which provides insights, case studies and timelines of the developing issues surrounding SME lending, our latest briefing brings concerns over the flawed conclusion to the FCA Review into focus.
Berg has a long standing history of acting for SMEs, and believes that there is a lot of work to be done if the SME sector is to be given the support it needs – by the banks and the regulators. A lack of transparency and deliberate targeting has shown the SME
market to be an ‘easy target’ and it is important that the balance is redressed.
For more information about any of the above or for practical advice on this or any other aspect of
banking and financial disputes, please contact managing partner Alison Loveday on 0161 829 2599 or email
(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.)