Seneca success for firms hit by bank mis-selling

SENECA Banking Consultants, which is acting for more than 300 companies which believe they were mis-sold interest rate swap products by banks, has won five cases worth a total of £1m in the last four weeks.

The Bolton-based business, which has offices in Leeds and Birmingham, says the repayments could be followed by more money for the five firms it is acting for.
 
The settlements were all made on a maximum redress basis and saw the customers repaid all premiums and payments in full.  Seneca is now assessing consequential losses for the businesses affected.
 
Director Dan Fallows said: “This is the tip of the iceberg for Seneca Banking, we are still advising more than 300 businesses which represents more than £3bn of hedged debt.

“We continue to engage with new clients every day as they struggle to obtain compensation through the banks’ self-administered redress scheme or have been rejected from the scheme altogether.”

In September the firm said it was on a national recruitment drive for up to 50 staff to source and handle claims.