Today we sent the following briefing email to MPs up and down the country.
Here at Berg we represent hundreds of businesses up and down the country, who will form part of your constituencies. Entrepreneurs and SMEs are the bedrock of the British economy. They have been very badly treated in relation to the sale of interest rate hedging
products, which the FCA has found were mis sold in over 90% of cases. Regrettably, for the reasons outlined in the attached summary, the compensation that has been offered to many affected businesses does not in any way represent "fair and appropriate redress”,
which was the stated aim of the compensation scheme agreed between the FCA and the Banks .
A Backbench Business debate on the Financial Conduct Authority Redress Scheme is being held in the Main Chamber this
Thursday, 4th of December 2014. We would urge you to attend so that you can ensure that SMEs are given the full support of parliament, which they deserve.
A representative of this firm would be very happy to meet with you to explain the issues in further detail and to provide additional case studies, if required. Our managing Partner,
Alison Loveday will be attending the debate.
Please see the below Summary Note.
Summary Note – Issues regarding IRHPs.
Earlier this year we
issued a warning that the FCA could face Judicial Review – Read it here.
full document here, or view separate case studies below;
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
Kalvin Chapman of the Berg Banking Litigation Team on 0161 829 2599 or email him at
You can also download our
2014 Banking Report, which digs deeper into why the SME Lending Landscape is a scary place to be at the moment.
(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.)