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Taylors' success in interest rate swap casesTaylors' success in interest rate swap cases

» Posted on: 31 March 2014

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The specialist unit at Taylors set up to support SMEs adversely affected by mis-sold interest rate swap products currently has a 100% success rate in obtaining redress for its clients in the Financial Conduct Authority's Review of Interest Rate Hedging Products.

During the past two years, Taylors has acted for businesses located throughout the UK that have been adversely affected by the mis-sale of interest rate hedging products and has successfully settled all of its completed cases with a number of the major high street banks, including HSBC, Barclays and Royal Bank of Scotland. It currently awaits the outcome of further cases which are pending against all of these banks and also with Yorkshire Bank and AIB Group (UK).

Tony Catterall, Senior Partner at Taylors who heads up the specialist unit, said, “Our high level of success in these cases highlights that it is simply unnecessary for businesses that have been mis-sold IRHPs to enter into contingency agreements with “banking consultants” or claims management companies and be forced to share their compensation.”

“Many of the businesses we have successfully acted for were able to take advantage of less expensive funding options rather than entering into these redress-sharing agreements. However, where a business has been so adversely affected by the mis-sale that it requires a no-win, no-fee arrangement, we are able to offer funding options to suit its needs”.

“The success enjoyed by Taylors’ clients demonstrates the effectiveness of our analytical approach to the redress process and they can confidently expect to be compensated for the loss that they have suffered as a result of the sale of these toxic products”.

One such business was Preston-based Oncore Foods Service Solutions Limited, one of the fastest growing independent wholesalers to the foodservice industry in the North West of England. The company found itself caught up in the rate swap scandal after being forced into purchasing one of the products when it obtained a loan to finance a new warehouse.

Robert Coupe, Managing Director, said, “We consulted Taylors in late 2013 and instructed Tony and his team to progress our claim for redress under the FCA scheme. I was delighted to find that in only three months, Taylors secured a redress offer fully compensating my business for the payments made under the swap, plus interest.

“I would thoroughly recommend Taylors to any SME in a similar position. The claim was processed more quickly, efficiently and cost-effectively than I had ever anticipated".

It is still not too late for any SME who believes it was mis-sold one of these products to investigate recovering the associated losses from the banks; for further information and to discuss your business' individual circumstances, get in touch with Tony Catterall on 0844 8000 263 or by email at tony.catterall@taylors.co.uk

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