Consequential losses on mis-sold interest rate swaps

We have written on numerous occasions about the importance of involving a specialist forensic accountant to quantify consequential losses in relation to Interest Rate Swap claims. Never has this been more important and if you know of anyone who has recently received a redress offer by the bank we urge you to contact us.

In recent months there has been an increase in redress offers from the banks. Following the offer of initial redress the bank allows the claimant the opportunity …

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Mis-sold Hedging Products – Using a forensic accountant to calculate consequential losses

It was reported in the news yesterday that Barclays has recently offered the highest payment so far to a victim of a mis-sold interest rate swap.

The offer relates to the sale of a structured collar, one of the more complex of the hedging products. Barclays has offered to switch the customer to a simpler product, waive the break costs of terminating the swap and repay the interest payments.

Whilst the bank has made the offer, unfortunately the customer will not receive …

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Interest Rate Hedging Claims – Do I need a forensic accountant?

As a forensic accountant, Inquesta has been involved in interest rate hedging claims for the last 12 months instructed by solicitors, but also acting for individuals and companies.

Interest rate hedging products, or swaps as they are now more commonly known, were aggressively sold to individuals and SME’s from around 2001 onwards, 2006 and 2007 being the most prolific time.

They are made up of many different products of varying complexities, including a basic swap, cap and collar. They are complex derivative …

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The advantages of the use of forensic accountants in confiscation proceedings

This article has been provided by Alan Burcombe, Senior Partner at Wells Burcombe Solicitors – www.wellsburcombe.co.uk

The provisions applicable following conviction, and indeed before conviction, such as restraint orders, under the Proceeds of Crime Act 2002 (“the Act”) are well known to be extremely restrictive and harsh in nature. Whilst their effect is designed to deprive a person of the sum they have benefited by from their criminal conduct, such is the nature of the provisions and assumptions which can be made under the …

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Current Fraud Trends

The National Fraud Authority publishes its Annual Fraud Indicator each year.

In the latest version it estimates that  fraud cost the UK economy £73 billion.

This is broken down as £45.5 billion in the private sector, £20.3 billion in the public sector, £6.1 billion to individuals and £1.1 billion in the not-for-profit sector.

Yet small and medium sized businesses continue to ignore the risk of fraud and brush it under the carpet.

In the current economic climate, can businesses really afford to continue to …

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Fraud Review

To help your company assess its risk of fraud, Inquesta has developed a FREE Fraud Health Check.

To complete the Fraud Health Check, go to www.inquesta.co.uk/go/fraud

 

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Mis-Selling of Interest Rate Swaps

An interest rate swap enables the banks to exchange fixed rate interest for variable rate interest over a set period of time. A company typically uses interest rate swaps to limit or manage its exposure to fluctuations in interest rates.

In essence, from around 2005 banks offered interest rate swaps to operate along side a business’s existing variable rate loan.

They were sometimes sold on the basis that it would limit the business’s risk of interest rate swaps rising and in many …

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Claim for mis-sold interest rate swaps

In the last few days, the big four banks, Barclays, Natwest, Lloyds and HSBC have admitted to mis-selling interest rate swaps to small and medium sized businesses.

An interest rate swap enables the banks to exchange fixed rate interest for variable rate interest over a set period of time. A company typically uses interest rate swaps to limit or manage exposure to fluctuations in interest rates.

In essence, banks offered businesses the opportunity to fix the base rate on a loan at …

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The Glasgow Rangers Effect

In the last month or so HMRC have won and lost two different battles which are likely to change the landscape of football insolvency.

The High Court rejected HMRC’s attempt to get the ‘football creditors rule’ abolished. This means that football clubs and players continue to get preferential financial treatment when a football club goes bust.

In the wake of Glasgow Rangers going into Administration and the exit route of the CVA being rejected by HMRC, the company which owned the club …

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FREE FRAUD HEALTH CHECK

In the last few days, CIFAS, the UK’s Fraud Prevention Service announced that fraud committed by staff increased by 14.5% in 2011 compared to 2010.

A quick search over the internet highlights this. By searching for “employee fraud UK” we found the following headlines over only a 5 day period:

Former employee defrauded housing association (21 June 2012)

Bride who stole £200,000 for lavish wedding jailed for 20 months (20 June 2012)

Man jailed for multi-million pound scam (22 June 2012)

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