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The FCA Review IRHP scheme (for mis-sold derivatives to SMEs) has now all but ended. Vedanta Hedging instigated this Review scheme itself in 2011, and we are disappointed that the FCA and the Banks have not conducted the process in a fair or transparent manner. As a result, approximately £2bn has been paid out, which is only 10% of what the true loss would be if calculated fairly.
The Sunday Times (via Kiki Loizou) features a small business that was mis-sold such a product, and forced into Administration – which the Bank admits was caused by the mis-sold swap. However, they have not been provided adequate redress to put them back into the position they would have been, ‘but for’ the mis-sale of the swap. Abhishek Sachdev from Vedanta Hedging was interviewed for the article.
Due to the scale of such losses across so many SMEs, we are sceptical that any material improvements will be forthcoming from the FCA or the Banks.
The article can be seen below:
ST Vedanta Hedging article 31 Jan 2016
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.
