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Vedanta Hedging exposes new Banking scandal on Channel 4 Dispatches – Councils mis-sold LOBO loans by Banks

Having already exposed the mis-selling of derivatives to SMEs in 2011, Vedanta Hedging has now been instrumental in exposing another banking scandal which can be seen below.

If the below link doesn’t work, please try via the Channel 4 Dispatches site here

Abhishek Sachdev of Vedanta Hedging appeared four times in the programme at 6:19, 12:49, 17:14 and 19:12.

Vedanta Hedging provided extensive analysis and support to the Channel 4 Dispatches documentary, shown on 6th July 2015, about how Banks mis-sold derivative loans to Councils.

Nicholas Dunbar and Debt Resistance UK worked very hard to obtain this information from the Councils via Freedom of Information requests.

These LOBO (Lender Option Borrower Option) loans were hugely complex loans with embedded derivatives.

It is also very concerning that Council officers took advice from what they considered to be Independent Treasury advisers. However, the programme shows that these advisers themselves were receiving commissions from Banks. This created a clear conflict of interest for these hedging advisers. It is essential that you seek truly impartial and independent hedging advice from a FCA regulated firm such as ours.

If you are a resident in one of these Council areas, or work at one of these Councils  (the Nicholas Dunbar website above lists all of the affected Councils)- we may be able to assist your Council with these loans – please contact us.

 

 

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.