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Abhishek Sachdev, MD of FCA Authorised Derivative Experts Vedanta Hedging, was interviewed at length by Lianna Brinded of International Business Times as part of a detailed documentary into interest rate swap mis-selling
Mr Sachdev was interviewed alongside Guto Bebb MP, Tessa Munt MP and members of Bully Banks.
Mr Sachdev spoke about several topics including:
what an interest rate swap is
why derivative exposures were one of the biggest problems for the UK Commercial Property Market
how some businesses have gone into Administration, Liquidation or Receivership through having been mis-sold a derivative
how national coverage of the issue began after he provided information to the Telegraph newspaper, which then prompted the FSA to investigate the issue
how the FCA could put in place an appeals process
how the criteria for inclusion having been changed had caused serious implications for some SMEs
why redress is complex and unique in each case. Some redress options could still leave the SME with significant breakage costs
why derivatives can be appropriate for SME’s
why SMEs need to have professional advice in their FCA review meetings due to an interrogative style by some Independent Assessors
the FSA had little option but to use the large accountancy firms, due to the scale of the number of cases involved
The FCA could put in place an appeals process, because the Financial Ombudsman Service only accepts micro-firms, and legal action may not be possible if 6 years have passed from the swap entry date
clients of Vedanta have achieved settlements through the legal process, but have been done so on confidential terms
Its essential to seek qualified (both legally and FCA authorised), specialist advice on these matters. Claims Management Companies who used to work on PPI Mmis-Selling, are now trying to advise SMEs on swap mis-selling
poorly argued legal cases without expert evidence against the Banks will be allowed to go to Court as demonstrated by recent victories by RBS
the amounts set aside by the Banks for provisions are still far too low compared to the eventual cost of this issue
Vedanta is advising large clients, including one property firm that has borrowings of £600m
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.
