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National Australia Bank faces higher costs for interest rate swap mis-selling

The Times reports today that NAB (parent of Clydesdale and Yorkshire Banks) will have to increase its provisions for interest rate swap mis-selling.

We have argued continually (and stated on national television) that the banks have under provisioned for the true cost of swap mis-selling redress, both to SMEs covered within the FCA Redress scheme, and larger corporates seeking legal remedies.

These costs are likely to escalate further as more SMEs realise that they were in fact sold an interest rate swap as part of their Tailored Business Loan, which the FCA has excluded from its redress scheme.

Times NAB mis-selling swap article 22nd Feb 2014

Nadia Patel

Nadia has a degree in Business Management and a Diploma for Financial Advisers (Level 4). She has ten years of experience in financial services. This includes FSA regulated adviser roles in HSBC, Halifax and Nationwide. As senior manager at Vedanta Nadia is responsible for managing the office, client contact and marketing for the business.

Nadia Patel

Nadia has a degree in Business Management and a Diploma for Financial Advisers (Level 4). She has ten years of experience in financial services. This includes FSA regulated adviser roles in HSBC, Halifax and Nationwide. As senior manager at Vedanta Nadia is responsible for managing the office, client contact and marketing for the business.