Abhishek Sachdev, MD of Vedanta Hedging, has been quoted repeatedly in the Final Report of the Parliamentary Commission on Banking Standards. The panel comprised of a powerful group of cross-bench MPs and Lords.
Mr Sachdev has provided on interest rate swap mis-selling and how these products should be sold appropriately.
On 19th June 2013, the Commission issued its final report. This is the most significant and detailed report ever prepared into Banking by the Government.
The full report can be found here: Final Report of Parliamentary Commission on Banking Standards
Mr Sachdev has been quoted in this report explaining how an interest rate swap works (p.90), how it was bundled with a loan facility (p.90-91), how some SMEs did not understand these products (p.95) and that there was nowhere for these businesses to obtain independent advice (p.153).
Mr Sachdev provided oral evidence to the Commission to help them understand the complexities of these products in September 2012 which can be seen here:
Mr Sachdev was also asked to provide evidence about how these derivative products should be sold in the future, and if these should be inside or outside a ring-fenced Bank. The Commission used this evidence here: