Debate hears of “massive and rampant injustice”
Veritas Treasury and Frenkels Forensic Chartered Accountants co-hosted a Strategic Debate on the IRHP mis-selling scandal. Chaired by Andrew Neil with a VIP panel including: Scott Cowan - Director of Veritas Treasury; John Frenkel, Principal of Frenkels Forensics Chartered Accountants; Mike Cherry, UK Policy Chairman of the Federation of Small Business; Mark Garnier, Conservative MP and Member of the All-Party Parliamentary Group on Interest Rate Mis-selling; Caroline Wayman, Legal Director and Principal Ombudsman of the Financial Ombudsman Service.
Highlights of the debate, stories of businesses battling for compensation, and the full length debate video are available to watch below.
A farmer battling against a ‘corporate machine’
Nick Teesdale, whose family runs an arable farm in Lincolnshire, was sold a swap by Barclays when he took out a loan to convert disused farm buildings into offices for let. He turned to Veritas after running into problems attempting to seek redress on his own.
Listen to Nick’s story:
A property investor excluded from the FCA review
Patrick Hegarty spent decades building up a successful property business and says a mis-sold swaps contract was instrumental in the failure of his company. Despite having no expertise in hedging products, he is automatically excluded from the FCA review because his swap exceeded £10 million which means he is classified as a ‘sophisticated’ investor.
Listen to Patrick’s story:
A hotelier’s business ruined by three swaps from three banks
Khurram Saeed’s problems began when he took out a loan to extend his hotel in Ipswich. He ended up with three separate swaps from three banks and his business went under as he fell behind on swaps payments and his cashflow haemorrhaged. He is pursuing redress and a consequential loss claim against the banks that sold him the swaps.
Listen to Khurram’s story:
Full Video of Debate
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