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Often we meet clients, who were expecting a strong level of banking duty of care towards SMEs. Many SMEs face disappointment when they are faced with limitation as a defence. That is why it is more important than ever, to be vigilant to obtain an impartial expert advice on the interest rate swaps and hedging products.
A recent article by Mr Simon Duncan, a legal expert in banking litigation and insolvency from Moon Beaver Solicitors, addresses this matter in detail. Discussing about the case of CGL Group Limited Vs Royal Bank of Scotland (2016) – EWHC 2277 (QB), the Oxford University scholar – Mr Duncan, explains the legal obligation for the banks to provide duty of care can be “more than merely arguable”. In-depth analysis of the article emphasises the importance of having expert advice and support when addressing such disputes.
A claimant dissatisfied with the performance of the review of his particular case could complain directly to the FCA & expect the FCA to act.
Concluding the article Mr Duncan comments that, although imposing the banks to provide the duty of care is arguable, the claimants now has the option of directly requesting the FCA to review the redress process if they are not satisfied with the review by the banks.
Please click here to read/download his full article.
Here at Vedanta Hedging, we pride ourselves on providing leading expert advice and have successfully assisted hundreds of businesses where banks / brokers settle after admitting to their mistakes.
Please contact us if you think you have suffered losses that you still feel a bank has not provided you redress for.
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 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.
