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 the inappropriateness 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: