Thursday, May 19, 2022

The Financial Conduct Authority faces a legal threat in the rate dispute

Must Read

Listen to Tame Impala and Diana Ross’ funky collaborative single ‘Turn Up The Sunshine’

Diana Ross and Tame Impala have shared their collaborative single 'Turn Up The Sunshine'. The song, which you can...

Carmen Electra talks joining OnlyFans, taking control of image

Carmen Electra is joining OnlyFans in hopes of taking full control of her image. In an interview with...

Fyre Festival founder Billy McFarland gets early release from prison

Fyre Festival founder Billy McFarland has been released early from prison. McFarland was serving a six-year sentence after pleading...


The city regulator can sue after confirming that it does not require additional compensation for businesses that incorrectly sell toxic interest rate protection products.


The Financial Conduct Authority will be able to take legal action once it confirms that toxic interest rate hedging products do not require additional compensation for businesses that sell them incorrectly.

The Mail on Sunday reported that the FCA had received a letter from the All-Party Parliamentary Group on the Fair Business Bank on Friday, confirming that it had instructed lawyers before a possible trial.

Threat: The FCA has received a letter from the All-Party Parliamentary Group on Fair Business Bank, which confirmed that it had instructed lawyers before a possible trial.

This came after an independent inspection by John Swift QC last month that the regulator concluded that it was wrong to exclude nearly 5,000 businesses from the correction scheme. The FCA later said it would take no further action.

This refusal led the APPG to ask the FCA to reconsider its decision. But he said he was ready to take legal action if he refused.

Mike Lloyd, who took over the management of a pub network in the south of England in 2012, said he had not received any compensation despite losing everything due to an interest rate swap dispute. “It’s been the most horrible decade,” he added.

An FCA spokesman said it was “an organization that is very different from the organization that exists when these products are sold”, but still “additional measures are not appropriate or proportionate”.

Advertising

.

- Advertisement -
Latest News

Listen to Tame Impala and Diana Ross’ funky collaborative single ‘Turn Up The Sunshine’

Diana Ross and Tame Impala have shared their collaborative single 'Turn Up The Sunshine'. The song, which you can...

Carmen Electra talks joining OnlyFans, taking control of image

Carmen Electra is joining OnlyFans in hopes of taking full control of her image. In an interview with People published Wednesday, the 50-year-old...

Fyre Festival founder Billy McFarland gets early release from prison

Fyre Festival founder Billy McFarland has been released early from prison. McFarland was serving a six-year sentence after pleading guilty to multiple counts of...

Yankees’ Luis Gil exits Triple-A start with likely elbow injury

BALTIMORE - The Yankees' pitching depth may have taken a hit on Wednesday, as right-hander Luis Gil left his start for Triple-A Scranton...

Kid Line a big Rangers’ silver lining in loss to Hurricanes

The Kids were perhaps the best Rangers on the ice on Wednesday, a little more than all right, and yes that was a...
- Advertisement -

More Articles Like This