The FT has just published an article about the mis-selling of interest rate swaps to doctors surgeries.
The FCA CEO, Andew Bailey said the FCA were investigating this matter.
This follows the FCA IRHP Review (which was instigated by Vedanta Hedging in 2011) whereby c£3bn in redress was paid out to SMEs who had been mis-sold interest rate derivatives.
The FCA has also paid Vedanta Hedging to advise them on this matter.
Vedanta Hedging were quoted in this article:
Abhishek Sachdev of Vedanta Hedging, a firm that advises corporate treasurers, said it has dealt
with about 20 GP practices that have alleged mis-selling around interest-rate derivatives.
“GP surgeries weren’t targeted any more than any other kind of business, but what we have
noticed is that they were locked into very-long term products — 20 or 30 years — with no ability
to amend them,” he told the Financial Times.
The full article can be seen here:FCA scrutinising interest-rate swap sales to doctors _ Financial Times 12 sept 2018
Vedanta Hedging has assisted approximately 740 borrowers with their disputes on interest-rate hedging (including some of the largest legal swap claims in the UK) including 20 GP practices.
If you would like to discuss an interest rate dispute with us, please contact us.