The highest payment so far has been secured for a victim of the mis-selling of IRSAs, Slater and Gordon has announced.
Barclays Bank have agreed that they will compensate Landish Consultants Ltd with £1.5 million after more than three years of wrangling.
A team of specialist Litigation Solicitors from Slater and Gordon Lawyers worked with Director of Landish Consultants, Bill Haslam, and his campaign group Bully Banks to secure the win which was one of six agreed by the bank in the last few days.
Mr Haslam who is a holiday resort owner from Cornwall, said, “This is great news for us and it’s just important to hear the bank apologise. I feel that Barclay's are starting to behave fairly to its customers, and treating us with respect."
“To know that we will be getting back all of the £1.3m of payments that were taken, is great news, but sadly it’s still tainted somewhat as despite all of this we will not get any of this money back until we agree our consequential losses as well, which will be complex and will take us some time of course."
"This could take us several months and it seems unfair to agree that someone has suffered and then continue this suffering further. We just want the money back so we can reinvest it in to the business.”
It is estimated that more than 40,000 interest rate swaps were sold to small and medium sized businesses and the Financial Conduct Authority has claimed that more than 90 per cent of these sales did not comply with regulatory requirements.
Companies have seen the value of the products fall and are now in the position of owing banks huge sums of money in interest payments.
Slater and Gordon Head of Group Litigation & Commercial Services Fraser Whitehead, who represents more than 250 victims, has today called on the rest of the banks to follow Barclay's lead and compensate the rest of the victims without delay.
Fraser said, "This is great news for Mr Haslam and gives everyone hope that they will start to see some redress from the banks. It has been a long fight and this is the first significant result anyone has had so we are proud to have been leading the way in securing that.
"But there are still hundred of people waiting to hear from their banks. This is just the tip of the iceberg for us at the firm. This is a great result but just one of many battles we are fighting on behalf of our clients right now."
If you believe you were a victim of interest rate swap mis-selling call our Litigation Lawyers on freephone 0800 916 9015 or contact us online.
Slater and Gordon Lawyers have offices in London, Manchester, Liverpool, Birmingham, Sheffield, Milton Keynes, Bristol, Cambridge, Edinburgh, Cardiff, Halifax, Newcastle, Wakefield, Merseyside and meeting rooms in Bramhall, Cheshire.