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If you believe that you have been mis-sold a swap agreement then you should seek legal advice. In some cases such as smaller businesses, which are not expected to have a clear understanding of complicated financial products, you may be able to seek redress as set out below. Whilst these cases are currently limited, you should seek legal advice to establish whether you meet the necessary criteria.
Under the FSA Redress Scheme, if you have bought an interest rate hedging product such as an interest swap agreement from Barclays, HSBC, Lloyds or RBS, the bank should contact you to explain whether you fall within the scope of the review (i.e. whether you are considered sophisticated or not).
If you fall within the scope of the review your bank will ask you whether you want the sale to be reviewed. If you do, you may need to respond to further requests for information from the bank.
Where it is appropriate, the bank should then propose fair and reasonable redress. This is decided on a case by case basis and will be reviewed and agreed by an independent reviewer.
If you agree to the redress proposal then you will be issued with a final redress proposal.
For help and advice please contact Phil Alden on 03333 231 586 or email us.
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