Get involved: send your pictures, video, news and views by texting IGNEWS to 80360, or email
Ilkley firm warns over claims
3:00pm Tuesday 15th October 2013 in Local news
Ilkley-based legal firm Last Cawthra Feather is warning businesses they risk losing out on compensation if they do not act quickly.
A year after the Financial Conduct Authority reported the widespread mis-selling of interest rate swap agreements or hedging products, thousands of SME businesses in the region could lose out, says the Ilkley firm.
Head of dispute resolution Charles Abraham said: “The swaps were sold to bank customers with loans between 2001 and the onset of the global financial crisis in 2008, as a means of protection from rising interest rates that could cause loan repayments to become unaffordable. The bank has accepted that many of these products were mis-sold and that compensation may be payable.”
He added: “It is estimated that this latest mis-selling scandal has affected up to 30,000 businesses in the UK, many of them in Yorkshire.
“A year on, and many small businesses are still waiting to receive the compensation under the review established by the FCA.”
Recent figures reveal that only ten small businesses have accepted an offer of compensation to date. There is a six-year time limit to bring a claim.