Abhishek Sachdev, MD at FSA Authorised Derivative Experts Vedanta Hedging, was interviewed by Katherine Griffiths of the Times newspaper about the continuing cost of swap mis-selling by British Banks.
Mr Sachdev said that the total costs for the Banks could be as high as £20bn (which he also said on Sky News here)
This is includes the out-of-court settlements that have been (and and likely to continue) occurring and the FSA Review Scheme for SMEs.
The costs will of course be skewed by large property firms that are presenting legal challenges to their Banks about mis-sold swaps. Vedanta Hedging is advising some corporates that have hedging breakage costs as high as £145m.
The article can be found here:
or here: https://www.thetimes.co.uk/tto/business/industries/banking/article3726535.ece?CMP=OTH-gnws-standard-2013_03_29