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Readers' comments (3)
Ian Davis | 17-Oct-2012 10:10 am
It appears that RJW may not have the expertise to handle the cases as it seems to be looking for advice/information from others.
Surly there must be one case amongst the 225 cases it is handling that is a clear cut case for them to take to Court. Or is this a case of collect money to provide comfort to the the victims..
It has been three months since the banks agreed with the FSA to deal with the matter and to date nothing has been done while the victims are bleeding to death.
Please get a move on before your patient die as the banks want them to do.
Andersons CA
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Richard Perkoff | 17-Oct-2012 4:55 pm
It may not be that easy to identify a test case. There were lots of different hedging products in use and many variations.
Not all I have seen were difficult to understand; long-term or otherwise booby-trapped. Lack of proper explanation and failure to advise of alternative products will be key issues . Another that is showing signs of prominence is that the financial obligations under the hedging product were not always aligned with the commercial borrowing. Pay back the debt, but still find yourself liable for the full term of the hedging product.
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Pranav Bhatt | 18-Oct-2012 10:20 am
I note "Lack of proper explanation and failure to advise of alternative products will be key issues"
But surely there must be one case (amongst the 225) based on this principal to take before the Courts as a test case.
Or is the case going to be based on statistics.
Main point is to take one strong case and put it before the Court to see whether the whole issue of mis-selling stands up to judicial scrutiny.
If it does then the banks will take note and start settling otherwise the whole process is going to be pro-longed for ever.
There are people suffering to make the monthly IRSA payments and may not be there for long to fight on.
Patara & Co - Accountants
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