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Abhishek Sachdev, CEO of Vedanta Hedging speaks with The Times about a judicial review looking at the decision to exclude thousands of companies from a redress scheme.
Mr Sachdev was in fact the only derivative expert in the UK paid by the FCA to help advise on the initial set-up of the FCA IRHP Review scheme.
Interest rate hedging products which were meant to ‘protect’ clients against rising interest rates resulted in disastrously high interest costs when rates fell following the financial crisis.
The judicial review gives some comfort to many of those who were unfairly excluded from the review or given wholly inadequate redress but it will still be some time before there is a possible resolution to this.Sadly I fear that some SME victims will not even survive long enough to this day. Several of our clients – the ones who couldn’t afford to litigate – have died already.
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