As we have been highlighting for several months, Interest Rate Swap Mis-Selling cases are very complex and far from ‘open-and-shut’ cases.
Many Law firms and Claims Management companies are mis-leading clients that that they automatically have high chances for redress. Although small firms (defined as ‘Retail Clients’ by the FSA) have a greater ability to seek potential redress from Banks, every case is very unique.
These products are called ‘Over-The-Counter’ derivatives (OTC). This means that each derivative is created purely for that client. That means that no two businesses will have the same hedging product, and they will have different circumstances and advices provided to them.
It is imperative that businesses should speak to someone or a firm who fully understands the product, and is FSA Authorised to be able to advise on the selling of these complicated derivatives.