Legal Business

Swaps: signs of a shift?

3 Verulam Buildings’ Gregory Mitchell QC and Alexia Knight on what lies ahead for banks

Banks have had a bruising few years. After litigation over bank charges and the payment protection insurance (PPI) scandal, very serious allegations surfaced, regarding the alleged mis-selling of interest rate hedging products (IRHPs) and, more recently, regulatory investigations on LIBOR and forex manipulation. This article considers some of the legal challenges for banks as the Financial Conduct Authority (FCA) review closes.