I attended a useful briefing from a Barrister this week. He has gone through the current thinking from the Courts on cases re SWAPS that are currently subject to Appeals and will therefore prove to be useful rulings later in the year.
He also shared his views about the FSA/FCA review process where we know that this is still ‘evolving’, not least in respect of who is eligible for the review (the ‘sophistication test’).
Some points worth bearing in mind if you are hoping to go through this process:
- Be prepared. Once you are invited, and accepted to be included, you will get a short time to present your case for adjudication. So start pulling together papers and other evidence (including notes of telephone and face to face meetings) NOW.
- Do not go to a meeting with the bank or the adjudicator without being accompanied by a professional who has knowledge of such products.
- Do not lose sight of the ‘Statute of Limitations’ deadline. The FSA/FCA review will not represent a ‘Stand Still Agreement’ for the purposes of any subsequent or parallel legal action.