McHale & Co. Solicitors Blog

Interest Rate Swap claims and the FSA - where are we up to?

Unfortunately we don’t seem to have travelled very far down the road to redress that was mapped out by the FSA and the four major high street banks in the summer.

In a recent letter to customers (27th November 2012) the FSA say that they will “not allow” the main review to commence until they are satisfied with the results of the pilot of 50 cases.  Where they are up to on the pilot is somewhat of a mystery - what we do know is that “experience” they have gained during the pilot process leads them to the conclusion that it “may take up to a year” to deal with cases when the review proper starts.

“A year from when?” I hear you ask, well quite. We don’t know because the pilot hasn’t been completed. So the poachers and the failed gamekeeper keep delaying matters whilst real businesses (that means “people”) suffer. As they say: you really couldn’t make it up.

So whilst these incompetents fiddle, businesses continue to burn. Delay past April and litigation funding arrangements presently available will cease. Delay at all for some will lead to claims being statute barred. The unintended consequence of this further delay?………Doubt it.

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