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Jenny
Jenny, Solicitor
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I had several interest rate hedging products. i had refund

Resolved Question:

I had several interest rate hedging products. i had refund for two and the most important two which were affecting our business were not paid up.
the reason for that was we had accountants as partners and they would have known.
Whether we understood or not, the requirement for borrowing was to take the hedging and without that we would not be able to go ahead with the purchase.
Banks knew that what they were offering was not right.
how should we complain to financial Ombudsman.
nalini
Submitted: 10 months ago.
Category: Law
Expert:  Jenny replied 10 months ago.
Hello my name is ***** ***** I am happy to help you today. Is it your view then that it is the Bank's responsibility for miss-selling products which were unsuitable or the accountants for failing to properly advise you?
Customer: replied 10 months ago.
I think i did not explain properly.
Our partners were accountants and the bank thinks that being accountants ( who were very young) they should have known not to accept the hedging.But without hedging they would not lend. in other words it was the requirement for lending money.
Customer: replied 10 months ago.
No hedging ,no deal
Expert:  Jenny replied 10 months ago.
So have you followed the bank's internal complaints process?
Customer: replied 10 months ago.
there was an official inquiry for every body who had heding and our claim was declined on the grounds that we had qualified accountants who understood the hedging
but we did not want to take the heding at all. if we did not take it we could not go ahead with the purchase
Customer: replied 10 months ago.
Are you there?
Expert:  Jenny replied 10 months ago.
I'm sorry I'm not very clear on what you are saying. If you did not want to take the hedging why did you do so, was it on the accountant's (partners) advice? I am still not clear on whether your complaint is with the professional advice of the accountants or the bank. there will be slight delays while I type questions or may be dealing with another question. Please be patient.
Customer: replied 10 months ago.
Accountants were our 50% partners.
Bank's facility letter said that we must have hedging.In addition to our normal lending deal.
So we had the Borrowing approved for a specific amount and they would sanction it only if we agreed to Hedging agreement.
Did we have an option?
Either walk away from the deal or agree to what they want.
This was taken out for ten years.so we are paying normal interest on the borrowing plus the hedging.Do you know what is interest rate hedging is?
Expert:  Jenny replied 10 months ago.
Thanks, ***** ***** complaint is that your hand was twisted to accept an inappropriate product. If you have exhausted their internal complaints procedure you are correct that the next step is to contact the Financial Services Ombudsman who will determine whether the bank behaved appropriately. The correct process is to wait 8 weeks from the date of the initial complaint to lodge the formal complaint with the ombudsman. The complaint form to use can be found here https://help.financial-ombudsman.org.uk/help if you have any further questions please do ask.
Customer: replied 10 months ago.
the original complaint was a year or two ago. do you think i can still complain to financial ombudsman?
Expert:  Jenny replied 10 months ago.
It depends on the correspondence from the bank, if it informed you that you needed to complain to the ombudsman within 6 months of the final letter then the ombudsman will normally decline it as out of time (unless the bank will agree to address it which is unlikely). If the letter does not give a time from it should be 3 years from the date you knew about the problem.
Customer: replied 10 months ago.
Thank you . Can you please draft a letter for initial complaint?
Expert:  Jenny replied 10 months ago.
This is a question and answer site so we are not able to draft. It is fairly straightforward though you just need to fill in the form I have sent the link to. I would be grateful if you would kindly take the time to rate my answer before leaving the site. I am happy to answer your follow on questions.
Expert:  Jenny replied 10 months ago.
Hello is there anything further I can help you with?
Jenny, Solicitor
Category: Law
Satisfied Customers: 6305
Experience: Qualified Solicitor specialising in Employment Law and general legal matters. Please start your question For Jenny Only
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