It was reported in the news yesterday that Barclays has recently offered the highest payment so far to a victim of a mis-sold interest rate swap.
The offer relates to the sale of a structured collar, one of the more complex of the hedging products. Barclays has offered to switch the customer to a simpler product, waive the break costs of terminating the swap and repay the interest payments.
Whilst the bank has made the offer, unfortunately the customer will not receive any of the money until consequential losses have been agreed.
Under the FCA review process, no payments can be made until the whole process of determining redress has been completed. This means that if a company is claiming for consequential losses on top of the direct losses, it would have to wait to receive any money until the bank has decided the extent of the consequential losses which it will pay out.
This highlights the importance of involving a forensic accountant at the early stages of the claim.
As forensic accountants we are experienced in calculating consequential losses arising from financial damage to a business caused by another party’s wrongdoing.
We believe it is important for a business or individual who haa been mis-sold a hedging product to invest in a forensic accountant to calculate the consequential losses early in the process. Ultimately, a robust, coherent calculation, supported by comprehensive evidence will make it easier for the bank to assess the value of its offer, which in turn will mean that victims will not have to wait as long to receive their compensation.
For a no obligation quote or to discuss a claim, please contact Rob Miller on 0845 223 4700.