Abhishek Sachdev, MD of Vedanta Hedging, was asked by the UK Financial Regulator, the Financial Services Authority (FSA) for his advice on Interest Rate Swap Mis-Selling.
Mr Sachdev first took details of potential Interest Rate Swap Mis-Selling to the Telegraph newspaper in January. Since March, the Telegraph has run a series of articles about this issue, which has directly prompted the FSA investigation.
Vedanta Hedging is fully authorised by the FSA to provide advice on Regulated Derivatives for UK Corporates.
The FSA team comprised of some of the most senior members of the FSA, including those that are responsible for supervising all UK Retail Banks.
The FSA found it useful to understand some of the details behind how these complex hedging instruments have been sold to small and medium sized businesses in the UK.
The FSA is currently requesting information from the UK Banks regarding the hedges they have sold to small businesses over the last several years, and will aim to give its initial thoughts about how it intends to proceed within five weeks.
The FSA fully acknowledges that this is a complex issue, and not as simple as many Solicitors or Claims Management firms may suggest.