From early 2012 we have been at the forefront of representing claimants and their action groups in seeking to obtain fair redress for the mis-selling of regulated interest rate hedging products (IRHPs) to SMEs as well as other inappropriate behaviour of the major high street banks.
We have also supported and advised the influencing politicians and journalists who did so much to get the FCA to bring about a review and force banks to pay compensation. Directly, and through the Federation of Small Businesses (FSB) and the All Party Parliamentary Group (APPG) on Interest Rate Swap Mis-selling (now on Fair Business Banking) we lobbied the FCA on the form of its review process.
We are acting for clients involved in the GRG New Complaint Process but have considerable reservations about this process as evidenced by the disparity between the findings of inappropriate behaviour in the S166 report by Promontory and the amount of redress so far paid out by RBS.
As a result of our persistence and success in acting for a client in the FCA review we are now advising the CYBG Remediation Support Group and its members in lobbying Clydesdale Bank who mis-sold tailored business loans (TBLs) and subjected customers to a range of inappropriate behaviours similar to those of RBS GRG, ending for many in 2015 with their loans being sold to the unregulated American vulture fund, Cerberus, where they have been, and in some cases continue to be, brutalised by a range of unreasonable behaviours.
Having tried to engage the bank in a process of remediation and been rejected we are now bringing together a group action against CYBG to hold it to account for the original fraudulent misrepresentations that were made and the subsequent unacceptable behaviours.
From the past seven years’ experience in formulating consequential loss claims against banks we have a depth of knowledge in these matters that has resulted in other bank related matters now being brought to us.
Where as is often the case legal recourse is required, we work with Mishcon de Reya to hold the banks to account and have been successful in a number of cases. Our respective expertise is such that we are yet to lose one.
We continue to support both the APPG on Fair Business Banking and the claimant group SME Alliance who are continuing important work trying to bring access to justice and a level playing field for small businesses who challenge their banks.