The Written Submission
Interest Rate Swap Mis-selling Review - the written submission.
Given the pitfalls involved in the interest rate swap review fact-finding meeting, we advise that you opt to be represented by a written submission instead. Fact-finding meetings are recorded and the bank will consider the meeting to be ‘with prejudice’ – that is, the bank could choose to rely on anything you say. Given that the interest rate hedging product sale may have taken place some years ago, you may not recall details, and the bank will be looking for any areas where your story may differ from the paperwork they hold.
So how should you approach the written submission? We would suggest that you first request copies of all paperwork the bank holds on your case. Then you will be aware of the facts on which the bank may base its decision. You may have to request this under the Data Protection Act, which gives you the right to a copy of all information a company holds on you. The bank is entitled to charge you a fee of no more than £10.
How Veritas Treasury approaches the written submission
Veritas Treasury can develop a written submission for your interest rate mis-selling review. Every written submission is as different as the businesses we support. We work with you to understand your business needs, and use our specialist knowledge of the product you were sold, the hedging product market and the regulations surrounding their sale, to set out our view on the suitability of the product for you, the extent of any mis-selling and the effect on your business.
- Scott Cowan Director 07768 902 675 Email me