Within the past year, the interest rate swap scam has received a great deal of attention and with good reason. Once again banks were misleading customers by selling financial products that were highly complex whilst carrying a great deal of risk. Has your small business experienced difficulties as a result of the
interest rate swaps scandal? If so, perhaps the following information may help you claim redress.
Unlike other countries in the Western World, the UK’s interest rates are set by high street banks. Whereas the United States and the EU have a central bank that sets rates, interest rates are calculated based on what the major banks are charging at any one period of time. There are twelve separate ways in which rates fluctuate and this only adds to the complexity of the problem. The Financial Services Authority (FSA) is well aware of the fact that the average small businessman is highly unqualified to make an educated decision on whether or not to purchase this product alongside a commercial loan.
It is the FSA’s contention that high street banks were fully aware of this and that they knowingly continued mis selling interest rate swaps as a packaged deal with commercial loans to unsophisticated customers who had no way of calculating the risks involved.
As in the case of mis sold payment protection insurance, small businesses are able to make a claim of mis sold interest rate swaps and compensation as well. The problem is that SMEs are operating at a disadvantage when it comes to tackling savvy high street banks. A small business may have an accountant or the services of a solicitor, but the key players in the scam, high street banks, are represented by teams of the world’s best lawyers. If you have been mis sold interest rate swaps in tandem with a small business loan, you may not know where to turn for help.
Real Business Rescue is more than an insolvency service. Our team of financial advisers and insolvency specialists are able to help you determine if you have fallen prey to the interest rate swap scam. We can help put you in touch with the right specialists who are able to take on the big guys and beat them at their own game.
If you have experienced financial distress due to losses incurred from interest rate swaps, we can help make that right. Give us a call on 0800 231 6040 to learn what you can do to be compensated for those losses and to recover what was lost in high interest payments.
Source: http://www.realbusinessrescue.co.uk/articles/interest-rate-swaps/interest-rate-swaps-scam
LIBOR Rate Fixing Is at the Root of the Scam
Unlike other countries in the Western World, the UK’s interest rates are set by high street banks. Whereas the United States and the EU have a central bank that sets rates, interest rates are calculated based on what the major banks are charging at any one period of time. There are twelve separate ways in which rates fluctuate and this only adds to the complexity of the problem. The Financial Services Authority (FSA) is well aware of the fact that the average small businessman is highly unqualified to make an educated decision on whether or not to purchase this product alongside a commercial loan.
It is the FSA’s contention that high street banks were fully aware of this and that they knowingly continued mis selling interest rate swaps as a packaged deal with commercial loans to unsophisticated customers who had no way of calculating the risks involved.
Escalating Number of Interest Rate Swaps Complaints
As in the case of mis sold payment protection insurance, small businesses are able to make a claim of mis sold interest rate swaps and compensation as well. The problem is that SMEs are operating at a disadvantage when it comes to tackling savvy high street banks. A small business may have an accountant or the services of a solicitor, but the key players in the scam, high street banks, are represented by teams of the world’s best lawyers. If you have been mis sold interest rate swaps in tandem with a small business loan, you may not know where to turn for help.
Real Business Rescue is more than an insolvency service. Our team of financial advisers and insolvency specialists are able to help you determine if you have fallen prey to the interest rate swap scam. We can help put you in touch with the right specialists who are able to take on the big guys and beat them at their own game.
If you have experienced financial distress due to losses incurred from interest rate swaps, we can help make that right. Give us a call on 0800 231 6040 to learn what you can do to be compensated for those losses and to recover what was lost in high interest payments.
Source: http://www.realbusinessrescue.co.uk/articles/interest-rate-swaps/interest-rate-swaps-scam
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