McHale & Co. Solicitors Blog

Are they Serious??! (unfortunately, Yes)

We have recently helped a client with an Interest Rate Swap miss selling case. They had taken part in the Review unrepresented and achieved a poor result. We then got involved and used the internal review mechanism to achieve the desired result in relation to their direct losses and compensatory interest. We went on to submit a claim for consequential losses and included a claim for legal fees in that. The consequential losses claim was refused in it's entirety, including the claim for legal fees. Take a minute to think of how outrageous a decision this is. The banks and FCA had effectively discouraged this client from getting advice in the first place. This led to them receiving an unfair first decision. When they then instruct us to successfully appeal that decision , the bank and the so called "independent reviewer" do not believe that our fees should be recovered since they never needed to instruct us since they could have done it themselves! We won't of course leave the matter here and are considering the Financial Ombudsman and Litigation with our client. I am sure we will rectify this bad decision, but it rather begs the question, how many people have already been denied justice by the FCA discouraging them from getting proper advice?

Categories: Interest Rate Swaps

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