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Vedanta Hedging asked to advise FSA on next steps of Swap Mis-Selling

Abhishek Sachdev and Martin Berkeley of Vedanta Hedging were asked again by the FSA to advise them on some of the complexities / issues about providing redress for SMEs who may have been subject to the mis-selling of hedging products.

The FSA reported some initial findings on Friday 29th June. This was as a result of the ongoing series of articles published by the Telegraph, which were originally initiated by Abhishek Sachdev through Harry Wilson.

The FSA has received some clear feedback about the initial proposals it has outlined, and that much more detail is required going forward. Politicians, the Media, reputable Solicitor firms and also campaign group Bully Banks has provided detailed feedback and concerns to the FSA.

Vedanta Hedging’s advice to the FSA was centred around the actual mechanics of providing redress to the SMEs and some of the proposals that the Bank’s and the Independent Assessor’s may be considering, or indeed may wish to consider. Vedanta also discussed the cases involving Yorkshire and Clydesdale customers (part of the NAB Group) where many SMEs were sold Tailored Business Loan products, but still had embedded derivatives in them. There is some confusion about the extent to which these products are covered by FSA rules, which we debated with the FSA.

Whilst parts of the meeting remain confidential, the FSA said they were pleased that Vedanta had provided some very useful advice and guidance to them again.

Vedanta Hedging will continue to work with and advise the FSA to help ensure that appropriate redress is provided to SMEs where warranted.

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.