As previously reported, Vedanta Hedging has been asked by the FSA to advise them on this complex issue. Vedanta Hedging is fully authorised by the FSA to advise all types of businesses in the UK about derivatives.
Vedanta Hedging provided the information of interest rate swap mis-selling to the Telegraph, which led to the FSA investigation.
As part of the ongoing advice that Vedanta Hedging is providing to the FSA Investigations Team, the FSA looked at some of the actual Expert Report’s that Vedanta are producing.
The FSA Investigations Team said that they found the Reports to be ‘detailed and explain the products in a clear manner.’ The illustration of the profits generated by the Bank in selling the specific hedge, and the financial analysis of the alternative (often more suitable) products was also very powerful according to the FSA.
The FSA have said they will use some of the information provided in the Reports to help their own internal investigation into Interest Rate Swap Mis-Selling