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Victory for the banks in the first swaps mis-selling case was short-lived. Last week the FSA reported back on pilot cases examined under its redress scheme. More than 90% of sales were made in breach of FSA rules. Compensation is expected to be significant, with the four biggest banks having already made provision totalling £700m between them. Read more
This is the abridged version of "Mis-selling of financial products: a win for the banks", and you can read the full article in knowledge. Green and Rowley v RBS is the first reported case examining allegations of mis-selling of an interest rate swap. Although the claim failed, the decision should not deter other would-be claimants, particularly since it turned almost entirely on its facts. Read more
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