Restructuring & Insolvency in Europe – Mis-selling
The mis-selling of complex financial products such as payment protection insurance (PPI) policies and interest rate hedging products or swaps (IRHP) is not just a UK phenomenon.
Preferential shares in Spain and worthless bonds in Italy are at the heart of similar scandals now being worked through by financial regulators. These are consumer examples, but there has also been mis-selling involving non-sophisticated commercial businesses in other jurisdictions.
The solutions across Europe are similar – substantial justice by regulation and the potential for recourse to the courts – but the detail of the redress arrangements can differ significantly.
Our experience of IRHP mis-selling is supported by appreciating something of the regulations and legal approach to similar problems in other countries, enabling us to be constructive in dealing with insolvency specific mis-selling issues.
Date: 5th November, 2014
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