We advise individual and corporate clients who have been mis-sold financial derivatives by banks relating to the quantum of consequential losses.
Independence from the banks
As a niche forensic firm, as opposed to large multi-disciplinary accountancy firm, we do not have any professional conflicts of interest with the banks. We are therefore able to assist those individuals and businesses that have suffered mis-selling of financial derivatives such as IRHPs. We have recently advised on multi-million pound claims against major high street banks including Barclays and NatWest.
Assessing consequential losses
We review each claimant’s particular circumstances to estimate the level of consequential financial loss that can reasonably be attributable to the Bank’s actions.
We can either provide advice to assist the claimant present their own claim or prepare independent evidence opining as to various aspects of a particular claim.
Our review of a claimant’s loss includes consideration of the following:
- Accuracy of the Bank’s basic redress calculations of payments made under the IRHPs and the compensatory 8% interest charged thereon
- Causation – were losses a consequence of the mis-selling?
- Foreseeability – could the bank have reasonably foreseen that a loss would stem from its actions?
- Quantum – how much consequential loss has the claimant suffered?
- Evidence – what information is available to support the various aspects of the claim?
Types of consequential loss
Each claim includes losses particular to that claimant. In recent claims we have dealt with a range of different losses including:
- Loss of capital value of a property in the event of a distressed sale
- Loss of business opportunities
- Additional taxation burden
- Additional costs incurred
- Professional fees dealing with consequences of the mis-selling
- Lost management time
Flexible scope of our reviews
Depending on the level of assistance a claimant might require we can provide a range of services. We have conducted limited scope reviews commenting on the general areas of strength and weakness of a claim. We have also performed in depth considerations of particular heads of claim, obtaining appropriate documentary evidence as necessary. Such detailed reviews have been presented in formal reports which claimants have provided to the banks in support of their claims.