Eduardo Reyes from the Law Gazette arranged a round-table discussion on the complex issue of Interest Rate Swap Mis-selling.
The event was hosted by Collyer Bristow Solicitors.
The participants included some of the earliest solicitor firms working on this issue; Collyer Bristow, Claire Collinson, SRB Legal, and Hugh Jones.
Derivatives Experts Vedanta Hedging and JC Rathbone (both authorised by the FCA) provided technical advice.
Mark Hunt from BDO provided input from the Banks’ Review teams as well as Consequential Losses.
Comments by Abhishek Sachdev of Vedanta Hedging related to how complicated the sophistication criteria were for the FCA review and that the Banks could still use a ‘subjective’ clause to exclude an SME from the Review.
Mr Sachdev also commented on how Vedanta Hedging had observed that Bank’s presentations and correspondence improved substantially over the period from 2006/2007 to 2010/2011 which can be seen as the Banks’ own admission that previous documentation was not up to scratch.
The full printed article can be seen here: Law Gazette swap mis-selling roundtable