Martin Berkeley, an FSA Authorised consultant at Vedanta Hedging, spoke with Tessa Munt MP following concerns of some of Vedanta’s clients about the approach taken by some Banks regarding the FSA Review process.
This question was raised in Parliament by Tessa Munt MP on 7th March 2013, regarding the FSA Review process into swap mis-selling
This has been reported exclusively by Lianna Brinded of the IB Times following an earlier article about concerns raised by Ali Akram of Lex Law solicitors.
To watch to the question raised by Tessa Munt MP this morning please click below:
By LIANNA BRINDED: Subscribe to Lianna’s RSS feed
March 7, 2013 11:54 AM GMT
A senior Liberal Democrat lawmaker has asked for a debate in Parliament overthe independence of ‘fact-finders’ employed by Barclays to investigate small businesses involved in disputed derivatives sales following an exclusive investigation by IBTimes UK.
Tessa Munt, MP for Wells and Vince Cable’s Parliamentary Private Secretary at the Department for Business Innovation & Skills (BIS), told lawmakers that while the Financial Services Authority’s (FSA) agreement with the bank was to employ independent reviewers to help look into these cases, the methods used by Eversheds and TLT Solicitors – engaged by Barclays’ to ‘fact-find’ small businesses – potentially breached the Solicitors Regulation Authority’s Code of Conduct.
She also challenged claims to Leader of the House Andrew Lansley that Barclays was merely using the firms in a “non-advisory” capacity and that they were being supervised by its independent reviewers.
Munt’s appearance provided an indication of the level of concern that the coalition government had over the number of UK businesses claiming to be mis-sold derivatives.
For the original story and Barclays’ full statement on this matter, click here.
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