£50m milestone on mis-sold rate swap claims

INQUESTA HITS £50M MILESTONE

The value of compensation claims being pursued by forensic accountancy firm Inquesta for businesses which were mis-sold interest rate swap products has reached £50m.

Manchester-based Inquesta has seen the number of consequential loss claims it is handling surge from 50 to 67 in the past four months.

The total value of Inquesta’s caseload has rocketed over the period from £12.3m to £50.5m, and the firm has recruited two members of staff and a consultant to meet the increased demand …

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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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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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