In 2005-2009 a lot of small businesses and entrepreneurs took loans using interest rate swaps. At that time it seemed to be very attractive as it provided protection from increase of base rate. The Interest was fixed and business were benefiting if the base rate was going up. However, the businesses and entrepreneurs often were not property explained the financial implications of interest rate swaps and the consequences of decrease in interest rate. This caused a lot of business to suffer significant financial losses when the base rate dropped in 2008.
Those who believe that they were mis-sold interest rate swaps and other complicated hedging products might now claim compensation from the banks.
The banks started reviewing all the agreements after being pressured by the Financial Services Authority.
We have dedicated lawyers who are dealing with mis-selling claims and who will be happy to advise you as to the merits of your case. Please contact us on 020 8877 3421 or by email to speak to one of our specialists.