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Telegraph interview Abhishek Sachdev on Compliance errors for Interest Rate Swap Mis-Selling

Harry Wilson from the Telegraph has interviewed Abhishek Sachdev, MD of Vedanta Hedging (an FSA Authorised firm providing advice for Interest Rate and Foreign Exchange Hedging) regarding compliance errors at Banks. This comes on the back of further joint investigation by the Telegraph and Vedanta Hedging about theĀ inappropriatenessĀ of some of the complex Hedging products provided to SMEs, leading to potential swap mis-selling:

Abhishek Sachdev, a former derivatives salesman and the founder of Vedanta Hedging, which advises people who think they may have been mis-sold interest rate swaps, said he thought the disclaimer error was a sign of “sloppy compliance procedures” at Britain’s biggest banks.

“Compliance departments have been woefully under-resourced and were no match for an aggressive sales force. In the cases I have looked at, documents often show inconsistencies, which show how sloppy procedures were,” he said.

The full article can be found here:

http://www.telegraph.co.uk/finance/rate-swap-scandal/9205897/Barclays-admits-second-serious-error-on-swap-sales.html

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.