On 29 June 2012 the Financial Services Authority ("FSA") issued a press release confirming that they had found systematic mis-selling of IRHPs (interest rate hedging products) by the banks. This mis-selling was primarily to SMEs (small & medium sized enterprises)
however private individuals were also victims of the sales tactics employed by the banks.
In advance of a full review of all IRHPs,or hedging products sold, the FSA launched a Pilot Study. This pilot study found regulatory breaches in over 90% of the 173 IRHP sales it considered.
Working with clients from across the country, Berg have been at the forefront of securing compensation for those businesses and individuals who have been affected by IRHP mis-selling.
Berg Report: Interest Rate Swaps a year on; where are we now?
Berg’s team of Banking and Financial regulation specialists have put together a report that looks at how the mis-selling scandal has developed over the past 12 months and considers what has happened and what you can expect to happen next.
Click here to download your copy of the report