Another FCA swaps review appeal win for All Square

All Square have just secured another win in the FCA Appeals process for a mis-sold Interest Rate Hedging Product (IRHP) “Swaps”. We managed to increased redress for our Client from £0 to £360k.

Background

The Client had a long dated Callable Swap with NatWest maturing post 2030. After the initial review, the provisional outcome determined that the Client had a “preference to fix” and so they were put into a Vanilla Swap resulting in redress (technically) owed to the Bank of £34,000k. Further, because they had suspended the original IRHP payments, they owed the NatWest some £80k+ in repayment of suspended payments.

We took a look at their case, and the NatWest’s reasoning, and submitted our Appeal Written Submission Report outlining the key reasons why we disagreed with NatWest’s initial decision. After a nervous 2 month wait, we received a new Provisional Determination offer from NatWest. The offer was structured as a full cancellation of the Callable Swap with a short dated Cap proposed as the alternative IRHP. The net result of the new outcome was an offer of redress of £360,000.

With the client delighted with the new outcome, we are now in a much stronger position to start building their consequential loss claim – which could be significant and they seem have the evidence to back the claim up.

Please call our Appeals Team on 0113 323 1950 or email cliams@allsquare.co.uk.

You can also find out more information about the Appeals process on our webiste www.allsquare.co.uk

This was posted in Bdaily's Members' News section by Daniel Hall .