After the release of the FSA statement on its Pilot reviews for interest rate swap mis-selling, ITV news asked Vedanta Hedging permission to interview one of our clients.
Mr Sanjay Babbar was sold a highly complex derivative (termed by the FSA as a ‘structured collar’) by his Bank in 2007. The Bank have refused to adequately respond to the many complaints he raised with them over recent years.
Until Vedanta Hedging carefully explained how this complex speculative derivative worked to Mr Babbar recently, he did not even understand how the product worked.
He briefly tells his story to Laura Kuenssberg of ITV news: