Helping clients get redress from the banking sector
There has been much media coverage on the latest saga of well-known high-street banks mis-selling financial products. The one product we at Adams Moore have been heavily involved with is that of Interest Rate Swap Mortgages (or Interest Rate Hedging Products).
These products have often been sold to businesses as fixed rate mortgages, however in many cases, have cost businesses tens of thousands of pounds in excess charges, as the Bank of England Interest Rate has fallen. In addition these products are very difficult to get out of due to the large termination fees the banks are charging
The Financial Conduct Authority (FCA) has made an agreement with the banks to look into the mis-selling of the products, which is currently only for small firms with nothing in place as yet for larger organisations. However it is our experience that this process is proving to be very slow. We are advising clients to chase their bank aggressively, be sure to speak to the correct department and claim in the correct way in order to encourage the bank to review your case.
Adams Moore has helped a number of businesses to date in getting successful redress from the banking sector. One client, who was within the bank’s scheme of redress, has had their Swap Mortgage cancelled and a six figure compensation package paid into their account.
Another client, who was considered too large for the FCA scheme, has also had their mortgage cancelled and is now saving up to £400 a month on interest payments.
If you have been sold a Swap Mortgage or feel your business has been treated unfairly by your bank, then please get in touch. We would be delighted to help!