Berg has been contacted by a number of bank customers who have participated in the FCA led Review (the “Review”) without Berg’s assistance and have been offered either little (because they have been offered an alternative product), or no redress.
Whilst something is better than nothing, customers left with an alternative product would consequently remain tied into an interest rate hedging product for a number of years to come, due to important information which has not been provided to the Bank.
From the outset of the Review it has been broadcast that there is no appeals process to the Review, however Berg have managed to creatively get around this obstacle and have been successful in obtaining a re-assessment of these customers cases where there is
merit for doing so.
This is fantastic news for all customers who have been rejected by the Review process and are prevented due to Limitation issues from bringing a claim against the banks in Court. There is indeed a second shot.
For more information about any of the above or for practical advice on this or any other aspect of banking and financial law or interest rate swaps please contact
Alison Loveday by telephone; 0161 833 9211 or