We were asked by the Rt. Hon Chuka Umunna MP to assist a constituent that may have been mis-sold a derivative by their Bank. Given that it was a Church, we were particularly disappointed to find that a religious institution had been potentially taken advantage of by their Bank.
Patricia Perlman-Dee spoke at length with Ruach Church’s financial management team, and carefully ascertained exactly how their Bank had sold them a swap. This involved detailed analysis from a regulatory perspective of all of the information, guidance and risk warning information provided to them by the Bank.
Since Patricia is FCA authorised to advise on derivatives, she was able to provide in-depth analysis of where the regulatory failings in this process were.
Patricia assisted Ruach Church in making their written submission to the Bank, and Ruach Church have just been awarded £1.85m in redress from their Bank. This is one of the largest redress amounts to be awarded to any SME in the UK within the FCA IRHP Review process.