Jojar Singh, Senior Solicitor at QualitySolicitors Knight Polson has acted for a number of small and medium sized businesses in the miss-selling of interest rate swap agreements.
The purpose behind many of the swaps sold to bank’s customers was essentially to fix the customers interest rate at a particular level to ensure that they were not paying huge amounts to the bank in interest if the rate was increased. Very little or no advice was given to customers outlining the position if the interest rates fell or if the customers wanted to exit the swap early.
He believes that the banks take an individual approach to customer’s complaints. When a bank is challenged on its agreement, its initial review is to establish whether the clients are “sophisticated” or “non- sophisticated”. This is a complex issue, so legal advise is recommended from the outset.
The importance of making the right decision whether to follow the review process or litigate at an early stage is important to the success of any claim. QualitySolicitors Knight Polson’s Banking Litigation Team, led by Daniel Cottrell and Jojar Singh would be happy to review any cases and miss selling at no cost to our customers. They will review documents and any reply received from the banks or financial institution to see if a claim can be made.