Clarion continues to win compensation for clients who have significant interest rate hedging product claims but the situation is not so rosy for those who have not sought legal advice.
Dominic Blakeley, an associate in our litigation team, is managing claims for a number of affected high net worth individuals and businesses across a broad spectrum of business sectors.
“We have been compiling and submitting complaints as part of the FCA Review which are resulting in offers of redress of millions of pounds for clients. Today we received two offers alone totalling over a million pounds (£604,000 and £427,000); these offers contain admissions by the Banks involved that the products entered into by our clients had been mis-sold, represent the return of all payments made by clients under the interest rate hedging agreements plus interest and, further, include the immediate termination of these onerous agreements. Our clients’ right to redress may not necessarily end here, however, and we are now starting to assess whether it is cost effective for our clients to pursue claims for potentially very significant consequential losses.
Unfortunately, however, many customers have not taken legal advice. When customers were initially contacted by their Banks asking whether they wanted to participate in the FCA Review, they were told that the Review had been set up in such a way that customers did not need to seek legal advice; this view was also endorsed by the FCA. In reliance upon those comments, many customers pressed ahead by themselves only to find the Review become a protracted and very frustrating process. We are now seeing many of those businesses and individuals coming to us, either still waiting for an offer of redress or having received offers which they do not believe are fair and reasonable. When we are asked ‘how do we bring a Court claim?’ by these customers we end up having to tell a significant number that unfortunately they have missed important deadlines which mean that any claim through the Courts is time-barred; a situation which could have been avoided if those customers had come to us when we would have negotiated standstill agreements with the Banks which would have effectively preserved and protected their right to bring a claim through the Courts whilst we sought fair and reasonable redress for them through the Review process.”
If you would like to discuss a claim you may have please call Dominic on 0113 336 3365 or via email firstname.lastname@example.org.